292016Mar 4 4.99% lifetime mortgage now available By The Bower Team / In News Bower Private Clients are delighted to offer our customers access to a market leading lifetime mortgage, charging just 4.99% APR. The Premier Flexible Lifetime Mortgage from Legal & General is the first equity release drawdown product offering an interest rate under 5%. The features of the drawdown lifetime mortgage include: • Available to homeowners with properties worth over £533,000 • A minimum loan amount of £200,000 is required • The plan is accompanied by a 1% cashback deal • Best suited to those seeking high value loans L&G said that the low interest rate of the Premier Flexible Lifetime Mortgage will provide equity release clients with substantial savings. It has been calculated that a couple aged 77 releasing £1 million from a property worth £5million would save close to £8,000 in interest in the first year, and save £70,000 in interest over 15 years compared to if they used L&G’s Flexible Lifetime Mortgage*. The plan also features an inheritance protection option. At no extra cost, homeowners can select to leave an inheritance to their beneficiaries by protecting a percentage of the eventual net sale proceeds of their home. It is thought that this plan may be popular with clients in the south east of England due to higher property prices. According to property website RightMove’s House Price Index, properties in the region are currently averaging £392,621, compared to the national average of £299,287 – a difference of £93,334. Nigel Waterson, chairman of the Equity Release Council, said: “This type of development could be a genuine game-changer for our sector. Product innovation of this sort – together with the industry standards – will further mainstream equity release in 55+ financial planning.” Geoff Charles, CEO of Bower Retirement said: “Products coming to the market such as L&G’s Premier Flexible, the first 4.99% drawdown product available, represent a landmark moment for the equity release industry; one that will hopefully lead to further decreasing rates for our clients.” Whilst the 4.99% rate is indeed a landmark moment, homeowners should seek the guidance of an independent specialist in retirement lending before making a decision. An impartial adviser will be able to search the entire market on your behalf to find the best financial option for your individual circumstances, which may or may not include this plan. Bower Private Clients deal exclusively with homeowners wishing to tap into their housing wealth without the need to sell their home. Our specialist advisers are expertly trained to carry out their work for you in the most professional and discreet manner. Your dedicated specialist will take the time to explain everything thoroughly, including how – by its very nature – equity release will reduce the value of your estate and the amount of inheritance you leave. If you decide to proceed with a plan, then we can take care of absolutely everything for you.