After only a year since launch, the Prudential’s Property Value Release Plan has made it a hat trick of awards for 2006. Having won awards with Moneyfacts and Mortgage Strategy already this year, the Prudential has now been awarded the best lifetime mortgage provider at the 2006 Equity Release Awards.
Ali Crossley, Pru’s Director of Lifetime Mortgages, says: “We are delighted to win this award. It’s satisfying to see that Prudential has again been recognised by financial advisers as the best provider in the market, offering good value for customers and giving advisers innovative products to recommend to their clients. Flexibility is key to customer value, and in that respect, our product leads the pack. Our lifetime mortgage plan gives people flexibility and control in allowing them to take their money as and when needed rather than in a single lump sum.”
The Prudential Property Value Release Plan is a lifetime mortgage product. It enables the customer to release money from their home, without having to make any repayments during the period of the loan. As with normal lifetime mortgages, repayment tends to happen when the last borrower dies or goes into long term care, although other events for instance, the sale of property, can also end the mortgage. The interest rate is fixed for the period of the loan. The customer benefits from a no negative equity guarantee, so their estate will never owe more than the house is worth.