Legal & General reduces rate on equity release product

The interest rate charged on Legal & General&#39s equity release mortgage has been reduced from 7.30% to 7.19% (APR 7.6%).

The rate is fixed for the life of the loan and interest is added to the loan each month with the total being repayable only when the customer dies or moves out of the property permanently.

The equity release mortgage carries the SHIP guarantees including no repossession and no negative equity with customers able to remain in their property.