Just Retirement updates lifetime mortgages

Published: January 21, 2008

Just Retirement has made changes to its products available for homeowners looking to take out equity release products such as lifetime mortgages.

As of today (January 21st) the lender is offering age-banded interest rates, with the rate available on lifetime mortgages starting at 6.05 per cent for those aged between 60 and 65, and rising to 6.35 per cent for the over-80s.

The firm's Roll Up Lifetime Mortgage product will also, for the first time, be available to homeowners in Scotland and Northern Ireland.

"We are absolutely delighted to once again be setting the pace in this rapidly growing area of the market, with what amounts to a double whammy for both customers and IFAs," claimed Paul Cowman, head of equity release at the lender.

"Taking into account the scarcity of products such as ours and these historic house price inflation figures, we believe it makes sound commercial sense to extend this offer to Scotland and Northern Ireland, where customers willnow have the opportunity to access this market leading product."

Figures published last week by Key Retirement Solutions revealed that 2007 saw a 25 per cent increase in the amount of equity released by retirees, totaling £1.4 billion over the course of the year.