While other financial institutions have over a century of experience offering financial products, Newlife is actually more of an infant to the financial market. Newlife started offering equity release products like their Newlife 65+ Mortgage in 2003. Since they have opened their doors they have offered innovative and flexible mortgage products to help retirees. Newlife uses intermediaries to sell their products ensuring that all providers are authorised and approved for offering retirement mortgages to those who need it.

65+ Mortgage
The 65+ mortgage is not a lifetime mortgage. It has a maximum loan term of up to 25 years. It is for individuals who are 65 years or older. These individuals also have sufficient income to make monthly payments on their equity release yet require a few funds for a comfortable retirement. The maximum loan to value provided by Newlife is 50%. They have a maximum in cash terms set at £350,000. Newlife requires a remaining equity in the home to be at least £150,000 at completion.

Qualifications and other Factors
The 65+ Mortgage is available in England and Wales only. Acceptable income includes earned, rental, investment, and pension. Income will be verified to ensure the homeowner meets qualification criteria. The mortgage is awarded based on loan to value, affordability, and credit history. In terms of age qualifications, while there is the minimum age of 65 for the youngest homeowner, there is no maximum age set by Newlife. All homes will undergo a valuation to determine current value before a decision is made on the retirement mortgage offer.

Early Repayment
Interest only or interest and capital repayment is a must with this loan. However, there are early repayment charges should a homeowner try to repay more than the allotted repayment for the year.

Since repayment is a must with this loan it opens up different options for homeowners. Lifetime mortgages can be limiting in required a home sale to cover the capital and interest of the loan at the end of life. With this retirement product, Newlife allows the entire loan to be repaid within the set amount of terms. There is a possibility of retaining ownership of the home after the mortgage is repaid. For homeowners who do not wish to sell their family home and wish to leave it for their offspring, a retirement mortgage such as Newlife can be beneficial.

Current Offers
Newlife Retirement Mortgage has a free re-mortgage legal package as well as early repayment charges for 1 year.