The interest rates across LV=’s lifetime mortgage have been cut by 10 basis points bring the rate for customers up to age of 80 to 5.89% AER and clients between 81 and 85 years old will receive a rate of 5.99%.
Vanessa Owen, LV= head of annuities and equity release, said: “Clients now have much more choice about how their retirement income is structured and during 2012 we saw a considerable rise in demand for equity release. We believe that the equity a client has in their home should be taken into consideration when planning for retirement. We hope that our equity release discount serves as an incentive for advisers to discuss equity release with their clients.”
To qualify for the discount LV= must receive a completed equity release application before 12 April 2013.
Advisers that have already submitted an application, but whose client has not yet been offered a lifetime mortgage, will automatically receive a mortgage offer at the new discounted rate.