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OneFamily launches lifetime mortgage comparison tool

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OneFamily has launched a lifetime mortgage calculator that enables advisers to instantly see which lifetime mortgage product is most suitable for their client.

OneFamily’s innovative range of products include an Interest Payment Lifetime Mortgage which allows homeowners to pay off up to 100% of the interest on a monthly basis, a Voluntary Payment Lifetime Mortgage whereby homeowners can pay off interest as and when they wish1, and an Interest Roll-up Lifetime Mortgage. All the products are available at fixed or variable interest rates.

The free online tool requires just the number of applicants, the age of the youngest applicant and the value of the property. It then gives an instant illustration of the maximum loan amount the homeowner can take out and a comparison of costs across all OneFamily’s innovative Lifetime Mortgage products.

The calculator takes just seconds to give results and enables advisers to tell their clients the impact of the borrowing over the estimated term of the mortgage, versus what might happen to the house value. Furthermore, it also shows how choosing a monthly payment option enables homeowners to access the cash in their property but avoid roll up costs.

Georgina Smith Managing Director at OneFamily comments,

“Lifetime mortgages are increasingly popular amongst homeowners wanting to unlock cash in their property. Our data shows homeowners are using this cash for a wide range of reasons including home improvements, purchasing of second homes, helping other family members, or just using the additional money to have a more enjoyable retirement. Recent figures show that in 2016 the market surpassed £2 billion for the first time and we expect this to continue this year.

“We’ve designed our Lifetime Mortgage products to be as flexible as possible to ensure we can help a wide range of homeowners. We have developed this tool to enable advisers to see instantly which product works best for their clients and give them the best possible solution.”

The OneFamily lifetime mortgage calculator provides on screen results as well as the ability to print out a PDF which clients can keep. Try it today.

1 Up to 10% of the initial loan amount each year.