This is the third cut in this rate since May when GE Life dropped its rate from 7.19% to 6.69%.Since then a number of providers have followed suit, boosting 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 this year. With market rates still affordable there’s really no excuse for lifetime mortgage providers not to pass them on.” Further enhancements to the firm’s product include improved LTV rates for those aged between 60 and 77. The company has pledged to continue to pay clients 500 cashback on completion for all applications received by the end of this year.
GE Life has slashed its lifetime mortgage rate from 6.25% to 5.89%.