With age-related interest rates starting from 6.29% AER (the overall cost for comparison is 6.3% APR) the new offering removes set-up and valuation fees on all applications. This will save applicants an average of £700.
David Cooper, marketing director at Just Retirement commented: “We know consumers are feeling the pinch enough at present, so we hope this gesture will help those looking to reduce outgoings and boost income in retirement. This is especially true when you combine this with the flexibility offered by Just Retirement’s drawdown product, which means individuals only pay interest on the amount they draw down and not on the overall agreed amount.”
