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GE reduces lifetime loan rates

GE Life is upping the ante in the equity-release rate war, unveiling improved rates on its lifetime mortgage offering and calling for greater transparency in the market.

The firm is reducing its ann-ual lifetime mortgage rate from 6.25 per cent to 5.89 per cent.

The firm is also calling for the lifetime mortgage sector to compound interest rates ann- ually instead of monthly, saying that monthly calculations claim a lower headline rate which can mislead customers.

Marketing and product manager Simon Little says its 5.89 per cent annual rate on a typ- ical 15-year loan of 76,000 could be marketed as a headline rate of 5.74 per cent a year if written as a monthly compounded figure.

Little says: “With market rates continuing to remain affordable, there is no excuse for other lifetime mortgage providers not passing on these favourable rates. There is no reason why providers should not show an APR. In this market, APR is king.”

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