1. Removal of all 2-year fixed products from new business
  2. Variable rate product changes: The CPI has decreased to 0.5% and the new rates on new business Variable lifetime mortgages will be:
  • Variable Lite Interest Roll up with Voluntary Payment: 2.80% MER
  • Variable Lite Interest Payment: 2.80% MER
  • Variable Standard Interest Roll up with Voluntary Payment: 3.20% MER
  • Variable Standard Interest Payment: 3.20% MER
  1. Alternative construction methods (applicable to all OneFamily Lifetime Mortgages) –

We are pleased to announce the inclusion of alternative construction methods to our lending criteria, considering properties containing environmentally friendly materials and a low-impact sustainable building technique. This includes:

  • cob construction
  • wattle and daub
  • thatched roofing

For all applications where these materials are used, the property construction must be deemed suitable by the valuer. If a property has a thatched roof, a specialist building insurance that specifically covers thatched roofs will be required prior to completion

  1. Restriction to Spray Foam applications:

We have changed the criteria regarding Roof Spray Foam and, as long as the installation company is currently trading:

  • They will consider open cell spray foam only
  • The customer will be required to provide evidence that the foam conforms to the British Board of Agreement (BBA) certification, along with an explanation of materials used from the manufacturers and/or installation company at application stage
  • A valid long-term Roof Spray Foam Guarantee will also be required
  • The current condition of the roof foam will be subject to valuer’s comments

Find out more at https://www.onefamilyadviser.com/lifetime-mortgages/