LV= has cut the rates on its lifetime and flexible lifetime mortgages and will no longer charge a higher rate of interest for loans over £600,000.
The interest rate on LV=’s lifetime mortgage for customers up to 80 years old has dropped to 6.19 per cent AER from 6.39 per cent, with a new rate of 6.39 per cent, from 6.49 per cent, for the same range on its flexible lifetime mortgage.
Advisers that have submitted an application but whose client has not yet been offered a lifetime or flexible lifetime mortgage will automatically receive a mortgage offer at the new lower rate.
LV= head of equity release Vanessa Owen says: “The certainty our equity release products provide advisers and their clients through defined early repayment charges and guaranteed drawdown facility has been well received by advisers. The lowering of our rates combined with the removal of higher interest rates on high value loans further strengthens our equity release proposition.”