Just Retirement cuts lifetime mortgage rate

Just Retirement has reduced the interest rate on its Roll-Up Lifetime Mortgage rate from 6.5% AER to 6.4% AER, with effect from January 12.

The change will be available for new customers. All applications received will be processed on the terms on which the customer applied.

Steve Lowe, external affairs and customer insight director said: "With food bills, energy costs and inflation on the rise, now may be the right time for advisers to consider equity release products for their clients as a way to top up their retirement income. We believe that equity release market will expand significantly in coming years such that thousands more individuals may attain the lifestyle improvements that equity release provides to increasing numbers of retirees today".

The move follows competitor LV='s decision to decrease interest rates on its lifetime and flexible lifetime mortgages by 0.1%.