The interest rate on LV='s lifetime mortgage for customers up to 80 years old has dropped to 6.19% AER from 6.39%, with a new rate of 6.39% (from 6.49%) for the same age range on its flexible lifetime mortgage (see table below for full list of new rates).
Vanessa Owen, LV= Head of Equity Release said:
"The certainty our equity release products provide advisers and their clients through defined early repayment charges and guaranteed drawdown facility has been well received by advisers. The lowering of our rates combined with the removal of higher interest rates on high value loans further strengthens our equity release proposition."
Advisers that have submitted an application, but whose client has not yet been offered a lifetime or flexible lifetime mortgage will automatically receive a mortgage offer at the new lower rate.
