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Catch up with the latest press releases from LV=

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LV= offers discount on Lifetime Mortgage

Press release: 19/03/2013

Equity release specialist LV= is reducing rates on its lump sum lifetime mortgage until Friday 12 April 2013.

The interest rates across LV=’s lifetime mortgage have been cut by 10 basis points. For customers up to 80 years old the interest rate is now 5.89% AER, with clients between 81 and 85 years old receiving a rate of 5.99% AER. See table below for full list of new rates.

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.

Lifetime mortgage (lump sum)

Age band

Discount rate (AER)

Standard rate (AER)

60 – 80

5.89%

5.99%

81 – 85

5.99%

6.09%

86 – 95

6.09%

6.19%

If the total loan value is greater than £600,000 a higher rate of interest will apply.

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About LV=

LV= employs 5500 people and serves over five million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF