Lower Lifetime Mortgage Rates

Published / Last Updated on 11/10/2006

According to the Safe Home Income Plans body, interest rates for lifetime mortgages are now lower than the standard variable rates for many normal mortgage products.

Jon King from Safe Home Income Plans said: “This research delivers a solid rebuff to critics who claim this type of lending is prohibitively expensive and an option of last resort”.

The independent body said that it found the average lifetime mortgage rate was 6.14% as opposed to the average mortgage lending standard variable rate of 6.49%.

Our view

Lifetime mortgages have become more and more competitive over the last few years. This research from Safe Home Income Plans has proved that there can be value for money in such an area of finance.

Lifetime mortgages are not right for everyone but for some they offer a new lease of life through increased capital and income. Plans are flexible and can change to the customer’s needs.

We do not believe that anyone should ever disregard the possibility of equity release simply because it is too expensive. It is definitely not.

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