Prudential announced earlier this week that its Property Value Release Plan and online mortgage calculator will be available from October 17th.
The Property Release Plan offers a rate of 6.64 per cent AER and customers have a choice of two products - Flexible and Flexible Plus.
Flexible Plus offers customers the option of increasing loan to value by up to 35 per cent over the lifetime of the loans.
A spokesperson for Prudential said: "The Pru’s Property Value Release Plan has already been well received by advisers.
"Implementing the processing capability on the 17 October marks the start of a series of service innovations for advisers."
The online calculator compares different loan amounts and interest rates so that customers, or their advisers, can work out how much they can save.
According to Prudential the loan is ideal for those aged 60 to 84 and allows customers to draw money when they need and gives them the option to borrow a larger amount each year.To read more about Mortgage Calculators, click here.
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