Portman increases LTVs on equity release mortgage

The revised amounts are as follows:

Age

65-69=25% (+3%)

70-74=30% (+4%)

75-79=35% (+3%)

80-84=40% (no change)

85+=45% (no change)

Portman's Associate Director for Intermediary Sales, Paul Howard said: "We recently entered the broker market with equity release on a pilot basis and are building our presence in this sector of the market. By increasing the LTV amounts, we can offer greater flexibility for borrowers and have further strengthened our position as a competitive provider of equity release".

Portman's Equity Release Mortgage:

6.75% (6.9% APR) fixed for the life of the mortgage

Lump sum advance against the value of the property

£495 Acceptance Fee

Minimum Advance £25,500

Maximum Advance £200,000

Minimum Valuation £100,000

Repayment Fees: 6 per cent of capital sum from completion and then for the first five years

Property criteria: Must be main residence, of conventional construction and in good repair, mortgage free (or use part of the loan to repay any outstanding mortgage) and if leasehold, have at least 85 year of the lease remaining

Interest is compounded on an annual basis, which is more advantageous for the borrower than daily interest