A new range of equity release products for owners of buy-to-let properties has today been launched by Retirement Advantage.
The new products are designed to allow buy-to-let landlords to release cash from their properties, without the need to sell part, or all, of their entire portfolio.
Retirement Advantage’s Landlord Options range consists of three product options available to landlords, which offer customers the freedom to choose whether they pay off any of their lifetime mortgage balance, with no affordability checks on these products.
Landlord Lifestyle Options will provide a cash lump sum upfront, with interest rolling up for the duration of the loan.
Landlord Interest Select Options will allow the customer to choose to service some or all of the interest.
Landlord Voluntary Select Options lets customers make a contribution of up to 10% of the initial loan amount each year without facing an early repayment charge.
Buy-to-let landlords can take out a product on one or multiple properties, on any property in England, Scotland and Wales worth between £70,000 and £6m. Properties above £6million are reviewed on a case by case basis.
Tom Evans, managing director at Retirement Advantage Equity Release, commented: “We are thrilled to be launching our new range of buy to let products. It is a further signal of our intent to deliver innovative new solutions for customers and advisers alike.
“As with our broader product range, these new offers will give customers real flexibility in deciding whether they service just the interest, make interest and capital repayments, or let the interest roll-up.
“These are exciting times for the equity release market, with growth at record levels. With demand increasing, innovation of this kind is integral to meeting the needs of people across the country. We have listened to customers and to advisers, and these new products will allow owners of Buy to Let properties greater ability to make the most of their property wealth to live the retirement they want.”