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LV= reduces lifetime mortgage rates

LV= is reducing rates across its range of lifetime and flexible lifetime mortgages.

Its lifetime mortgage product for those between 60 and 80 years old will be cut from 6.59% to 6.49%, while the same deal for those aged 81 to 85 will be reduced from 6.69% to 6.59%, and for those aged 86 to 95 it will be cut from 6.79% to 6.69%.

Meanwhile the lender’s drawdown product, its flexible lifetime mortgage, will also see rate cuts of 0.10% across all age bands.

For those aged between 60 and 80, the rate will be reduced from 6.79% to 6.69%.

Vanessa Owen, head of equity release at LV=, says: “IFAs have previously indicated that customers found the guaranteed features of our equity release products, such as clearly defined early repayment charges, really attractive.

“I am confident that this, combined with our new lower rates, makes our equity release product an even stronger offering for advisers and their clients.”


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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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