For customers up to 80 years old the interest rate is now 5.79% AER, with those between 81 and 85 years old receiving a rate of 5.99% AER and those between 86 and 95 getting a rate of 6.19%.
Vanessa Owen, head of annuities and equity release at LV=, said: “Demand for equity release has risen considerably over the last twelve months and the majority of advisers predict that it is soon to become a mainstream financial product.
“We believe that the combination of lower rates and our product guarantees, such as defined early repayment charges, makes LV=’s lump sum lifetime mortgage a very strong offering in the market.”
