Partnership launches impaired life equity release product

The enhanced lifetime mortgage is available to property owners aged 60 and over whose property is worth at least £70,000. Minimum cash release for the mortgage is £25,000 and homeowners will not be charged a fee when they take out the product. There will be a fixed annual interest rate of 7.65%. "We did customer research and we found that the cost of paying for the valuation up front and then the other charges was proving a real barrier to sales in a market where people are short of cash," says Partnership's managing director - equity release Ged Hosty. "It seemed counterproductive to...