Prudential Cuts Lifetime Rate
by Gill Montia
Story link: Prudential Cuts Lifetime Rate
Prudential has decreased the interest rate on its Lifetime Mortgage, with immediate effect, from 6.38% monthly (6.57% AER, 6.80% APR), to 6.17% monthly (6.35% AER, 6.60% APR). The Lifetime Mortgage allows borrowers to continue to own their property for the duration of the plan, on condition that they are resident. There are no monthly repayments, the mortgage being repaid when the property is sold, which is usually when the borrower dies or moves into permanent long-term care. There are no restrictions on the use of funds raised through a Lifetime Mortgage, however no other charges can exist against the property.
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