LV=’s lifetime mortgage interest rates have been cut by 20 basis points.
For customers up to 80 years old the interest rate is now 5.79% AER, with those between 81 and 85 years old receiving a rate of 5.99% AER.
|Lifetime mortgage (lump sum)|
|Age band||New rate (AER)||Old rate (AER)|
|60 – 80||5.79%||5.99%|
|81 – 85||5.89%||6.09%|
|86 – 95||5.99%||6.19%|
Vanessa Owen, LV=’s head of annuities and equity release, said: “Demand for equity release has risen considerably over the last 12 months, and the majority of advisers predict that it is soon to become a mainstream financial product.
“We believe that the combination of lower rates and our product guarantees, such as defined early repayment charges, makes LV=’s lump sum lifetime mortgage a very strong offering in the market.”