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LV= cuts equity release rates
LV= is cutting rates on its lifetime and flexible lifetime mortgages, its second reductions of the year.
The interest rate on LV=’s lifetime mortgage for customers up to 80 years-old has been cut to 6.39% from 6.49%.
Its flexible mortgage for the same age range has been cut to 6.49% from 6.69%.
The announcement follows a rate cut of 0.10% across the board on 3 January 2012.
Vanessa Own, head of equity release at LV=, said: “We are cutting our Equity release rates for the second time in as many months because the underlying cost of funding has fallen, so we are able to pass this saving on to customers.
“Our new lower rate combined with our product guarantees, such as defined early repayment charges and a guaranteed drawdown credit facility, makes LV=’s equity release products a very strong offering in the market.”
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