LV= cuts Equity Release rate

LV= has further reduced interest rates on its lifetime and flexible lifetime mortgages.

The lifetime mortgage rate for customers aged 60-80 will fall from 6.59% to 6.49% AER from 3 January 2011, while the flexible lifetime mortgage rate will now be 6.69% (from 6.79%) AER.

Vanessa Owen, head of equity release said: “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.”

Advisers that have submitted an application, but whose client has not yet been offered a mortgage will be eligible for the new rates.