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L&G cuts rate on equity release mortgage

Legal & General Mortgages has cut the fixed interest rate on its equity release product to 6.95 per cent from 7.19 per cent.

The rate is fixed for the life of the mortgage. Borrowers must be 60 years old or over and have a home worth at least £40,000 to qualify for the mortgage.

Customers make no monthly payments, instead interest is compounded monthly and added to the outstanding loan to be repaid when the whole mortgage is repaid.

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