LV= cuts rates on lifetime mortgages
Thursday, 05 January 2012 01:16
An interest rate cut has been announced for the lifetime mortgages offered by equity specialist LV=.
As of this week, customers up to 80 years old will benefit from a reduced AER on lifetime and flexible mortgages.
For example, the rate paid by someone aged 60 to 80 on a lifetime mortgage has fallen to 6.49 per cent from 6.59 per cent, while the new rate for the flexible lifetime mortgage will be 6.69 per cent, down from 6.79 per cent.
LV= head of equity release Vanessa Owen said: "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."
In November 2011, LV= - which employs 5,000 people and serves more than five million customers - announced the launch of its new Pension Income Plus Annuity to allow customers to benefit from a high level of initial income and a minimum income guarantee.
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