Additionally, the fixed rate is being reduced, bringing its monthly equivalent rate (MER) to 6.09%.

Paul Bridgwater, head of lending at OneFamily, said: “We’ve made a number of changes to our Super LTV Lifetime Mortgage that we believe will make this an attractive product for customers.

“We’re now offering one of the highest LTVs in the market which, along with our cashback feature, means customers can realise more value from their homes whilst still protected by our no negative equity guarantee.

“As always, we’ll continue to provide advisers with all the product information and support they need through our online Lifetime Mortgage Knowledge Hub or our helpline which has direct access to our underwriters.”