LV= reduces lifetime mortgage rates by 0.1%

LV= is reducing rates by 0.1 per cent 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 per cent to 6.49 per cent, while the same deal for those aged 81 to 85 will be reduced from 6.69 per cent to 6.59 per cent, and for those aged 86 to 95 it will be cut from 6.79 per cent to 6.69 per cent.

Meanwhile the lender’s drawdown product, its flexible lifetime mortgage, will also see rate cuts of 0.10 per cent across all age bands.

For those aged between 60 and 80, the rate will be reduced from 6.79 per cent to 6.69 per cent.

LV= head of equity release Vanessa Owen 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.”