Bristol & West has announced that it is entering the equity release market with a new Lifetime Mortgage product.
The lender plans to expand its specialist strategy and has released the new product in response to a recent Council of Mortgage Lenders (CML) report that predicted equity release lending of between £2 billion and £5 billion annually over the next five years.
Equity release is one of the fastest growing niche mortgage markets in the UK and Bristol & West is keen to meet customers changing needs and demands.
The Lifetime mortgage offers a rate of 6.65 per cent fixed for the life of the loan, a lump sum release, a no negative equity guarantee, highly competitive LTVs across all age bands, and portability within criteria.
Dominic Toller, Bristol & West Mortgages' head of marketing, said: "With a reputation as The Specialist, the equity release market is one where Bristol & West Mortgages should have a presence. We have recognised the clear need in the market and we have developed a competitive product designed to meet the changing needs of intermediaries and their clients."
As members of Safe Home Income Plans (SHIP) Bristol & West Mortgages stresses that it belongs to an organisation dedicated to the fair and proper marketing of equity release plans.To read more about mortgages click here.
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