The product has fixed and defined early repayment charges.
Lifetime mortgage provider Responsible Lending has today unveiled a market leading interest rate.
The 2.98% MER is available with or without drawdown and has a minimum loan amount of £10,000.
The product has fixed and defined early repayment charges (ERC), with customers able to repay up to 10% of their loan each year without incurring an ERC.
The completion fee is £500, with the 2.98% rate available on a range of LTVs dependent on age.
Keith Haggart, managing director of Responsible Lending, comments: “Lifetime mortgage interest rates are now at an all-time-low and we are extremely pleased to be topping the table.
“Equity release customers are spoilt for choice with the range of products on offer and, to top it all off, they are seeing rates fall repeatedly.
“Rates on lifetime mortgages are now at historic lows and that’s partly because of their increased popularity but also the way they attract a lot of interest from those managing investments on behalf of annuity providers, as they seek stable, low-risk, long-term returns.”
The new product is available through the company's sister broker firm Responsible Life.
