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Lender says...

Scottish Widows Bank has revised the maximum borrowing on its lifetime mortgage range.

The new totals range from 15 per cent for 60 to 62-year-olds to 45 per cent for those aged 89 and above.

The lender has also revised its early repayment charges. If the loan is repaid or part repaid within 10 years of completion a charge equal to 5 per cent of the original loan amount will be charged.

This will not apply where repayment is a result of a customer going into long term care, sheltered accommodation or the death of the customer.

Adviser says...

David Wright, managing director of Surrey-based advisers Sixty Plus, said: "At first glance these changes are not very exciting. The loan-to-values are on the low side compared with other providers.

"You can get something 10 per cent greater or more in some age groups from other providers.

"The early repayment charge of 5 per cent for 10 years is okay but it is not exciting either. These changes are unlikely to generate too much interest within the industry."

Rating: 2/5 stars