GE Life has slashed its lifetime mortgage rate from 6.25% to 5.89%.
The cut is GE Life’s third since May when it dropped its rate from 7.19% to 6.69%.
Since then a number of providers have followed suit, increasing value for customers and taking lifetime mortgage rates even closer to their standard mortgage counterparts.
Simon Little, marketing and product manager for GE Life, says: “Lifetime mortgages have come a long way since the beginning of the year, due to the innovation of companies like GE Life.
“With market rates continuing to remain affordable there is no excuse for other lifetime mortgage providers not to pass on these favourable rates.”
Further enhancements to the product include improved LTV rates for those aged 60 to 77. GE Life will also commence paying its own legal fees, saving consumers even more money.
For a limited period only, GE Life has also pledged to continue to pay clients 500 cash back on completion for all applications received by the end of this year.
Little adds: “The response to our product, especially our aggressive stance towards interest rates, has won us many friends in the intermediary world.
“At the same time we have introduced better value products to the market, the real winners of which are the consumers.
“These latest amendments to our product, particularly the reduction in interest rates and that we will now be paying our own legal fees, make us confident we can offer one of the best lifetime products on the market.”