LV= cuts rates on its Lifetime Mortgage (lump sum)

LVThe interest rates across LV=’s lifetime mortgage have been cut by 20 basis points.

For customers up to 80 years old the interest rate is now 5.79% AER, with those between 81 and 85 years old receiving a rate of 5.99% AER.

New rates.

  Lifetime mortgage (lump sum)
Age band New rate (AER) Old rate (AER)
60 – 80 5.79% 5.99%
81 – 85 5.89% 6.09%
86 – 95 5.99% 6.19%

LV=’s Head of Annuities and Equity Release, Vanessa Owen, said: “Demand for equity release has risen considerably over the last twelve months, and the majority of advisers predict that it is soon to become a mainstream financial product.

“We believe that the combination of lower rates and our product guarantees, such as defined early repayment charges, makes LV=’s lump sum lifetime mortgage a very strong offering in the market.”

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