Prudential will launch its lifetime mortgage product at the end of September with key facts illustrations available to intermediaries from the end of August.
The provider has also announced the details of the product which will be available in two options to provider customers with as much flexibility as possible, says the provider. The first option is a increasing loan facility with a maximum loan to value (LTV) of 15% starting as age 60 an increasing 1% per year up to a maximum of LTV of 35% at age 82. The increasing LTV is also guaranteed and is based on the value of the house at time the original loan was taken out. The second option allows the customer to borrow an initial 20% at age 60 but once the loan is agreed it will not increase...
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