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GE Life slashes lifetime mortgage rate to 6.69%

GE Life is cutting its lifetime mortgage interest rate from 7.19 to 6.69 per cent, making it one of the most competitive products in the market.

The firm is also offering 500 cashback on completion, regardless of the size of the loan. The mortgage, which was launched in November 2004, includes automatic deduction of application fee on completion and annually compounded interest rates.

Product manager Simon Little says the changes came after consultations with mortgage advisers since the product’s launch and a new funding agreement with Stroud and Swindon Mortgage Company.

Little says: “We have teamed up with Stroud & Swindon to offer this great rate. With a combination of their strength and our commitment to the market, we can come in aggressively and be seen as a significant player.”

Key Retirement Solutions business development director Dean Mirfin says: “It looks like this is going to be the best rate in the market. We have been waiting for somebody to make a move on interest rates. It will be interesting to see if anyone follows.”

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