Dunfermline release a new equity release lifetime mortgage

The Dunfermline Building Society has announced the launch of a new equity release lifetime mortgage. Equity release lifetime mortgages allow those over the age of 55 to take a mortgage on their property and not make any monthly payments, with the interest charged being added to the loan and rolled up.

The Dunfirmline scheme is particularly welcome as it is one of the few schemes available which will allow the borrower to take the mortgage as a smaller lump sum and a regular income rather than as a single lump sum. The advantage of this is that interest is charged only on the amount actually received, and will therefore roll up at a slower rate.

The Dunfirmile is launching the product to the intermediary market today, and will be extending access to its retail network over the coming months.

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