LV= offers 0.1% discount on lifetime mortgage

Equity release specialist LV= is reducing rates on its lump sum lifetime mortgage by 0.1 per cent until Friday 12 April.

For customers up to 80 years old, the cut of 10 basis points takes the rate down to 5.89 per cent while clients between 81 and 85 years old will receive a rate of 5.99 per cent.

LV= head of annuities and equity release Vanessa Owen says: “Clients now have much more choice about how their retirement income is structured, and during 2012 we saw a considerable rise in demand for equity release. We believe that the equity a client has in their home should be taken into consideration when planning for retirement. We hope that our equity release discount serves as an incentive for advisers to discuss equity release with their clients.”