"It’s gratifying to be able to offer a new market low rate to consumers and continue to stand out in an increasingly competitive marketplace."
Available from age 55 and open to both single and joint lives applications, the product suite accepts properties from £70,000 with no maximum valuation cap.
In addition, Sovereign products continue to offer flexible property criteria, such as being able to accommodate 100% flat roofs.
Head of products, Brendan Gilligan, said: “As a company committed to innovating and enhancing its products, it’s gratifying to be able to offer a new market low rate to consumers and continue to stand out in an increasingly competitive marketplace.
"While this new market low sits on a product best suited to those wanting to release a lower amount of equity from their homes, it nonetheless gives people options when it comes to retirement planning.
"While we’re undoubtedly proud to offer a new market-low rate, our focus as always is to offer products that can be tailored to customer needs, ensuring advisers can help their clients to find the right product for them.”
