Health-impaired home owners aged 60 or over, may be able to benefit from a new equity release scheme from Partnership.
Partnership has just launched a new product for cash-poor older home owners who have a property worth at least £70,000, but find themselves with lifestyle or health problems.
The lifetime mortgage will offer enhanced benefits to people suffering from long-term illnesses like cancer, diabetes or high blood pressure, and better terms will be available to smokers.
Consumers will be able to obtain a minimum £25,000 cash release and no fees will be payable for application, valuation or completion. There is a no negative equity guarantee and the 7.65% annual equivalent interest rate is fixed.
Partnership’s MD for equity release, Ged Hosty, said this enhanced lifetime mortgage product provides exceptional terms for qualifying homeowners. The underwriting process has been simplified and eligibility can be confirmed online, within minutes, simply by answering a short set of medical questions.
He went on to say that Partnership had researched the market and found that about 40% of equity release mortgage applicants might be able to qualify for better terms due to medical reasons and no other UK company offers the outstanding benefits of the new Partnership product.
Before taking advantage of this, or any other equity release scheme, home owners are advised to talk to a mortgage specialist or independent financial adviser.
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