New Life Mortgages is rebranding as ‘Newlife – home related finance’.
It says the move is to reflect its forward business strategy as it expands into a wider range of home related finance products.
The first products in its new range – the Optimum and Options Home Reversion Plans – have also been unveiled today and will join the existing stable of NewLife – home related finance products.
With Optimum Home Reversion Plan, the minimum release is £25,000 and the maximum £250,000. 100% of the property value is sold.
With Options Home Reversion Plan, the minimum release is the lower of £25,000 or release based on sale of 25% of the property value, to a maximum £250,000. Between 25% and 95% of the property value may be sold.
The Home Reversion Plan complements Newlife’s existing Lifetime Mortgage range which already includes Lifetime Lump Sum and Lifetime 2nd Home mortgages.
As with all of Newlife’s equity release products, the new Home Reversion Plans are fully compliant with SHIP (Safe Home Income Plans) guidelines.
Peter Lucas, chief executive of Newlife, said the new brand better represented its offering as well as its aspirations for growth.
“The Home Reversion facilities that we are launching today as part of our rebrand