Norwich Union (NU) has revamped its lifetime mortgage range, including the launch of a new product.
The Lifestyle Lump Sum Max is a new equity release offering with a high LTV for those who want to borrow more.
The provider will also replace its Cash Reserve Option and fixed-rate lifetime mortgage with the Lifestyle Flexible Option and Lifestyle Lump Sum respectively.
NU says the changes will give customers higher LTVs for all age groups, combined legal and application fees, the option to take all products from the age of 55 and no waiting period for further borrowing.
Anthony Rafferty, head of marketing at NU’s post retirement division, comments: “[Advisers] told us that they want products that offered more flexibility and were easy to understand - and that’s exactly what we’re delivering with these changes.
“The equity release market is changing fast. Customers and advisers now want more flexibility and choice when it comes to choosing when and how they release equity from their home.”
Changes take effect from today.
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