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.”