information

We use cookies to give you the best possible experience online. By continuing to use our website, you agree to receiving our cookies on your web browser. Visit our cookie policy page to find out more and how to change your cookie settings.

skip to main content

Catch up with the latest press releases from LV=

Large green heart

LV= cuts equity release rates

Press release: 10/09/2012

Equity release specialist LV= has cut the rates on its lifetime and flexible lifetime mortgages and will no longer charge a higher rate of interest for loans over £600,000.

The interest rate on LV=’s lifetime mortgage for customers up to 80 years old has dropped to 6.19% AER from 6.39%, with a new rate of 6.39% (from 6.49%) for the same age range on its flexible lifetime mortgage (see table below for full list of new rates).

Vanessa Owen, LV= Head of Equity Release said: “The certainty our equity release products provide advisers and their clients through defined early repayment charges and guaranteed drawdown facility has been well received by advisers. The lowering of our rates combined with the removal of higher interest rates on high value loans further strengthens our equity release proposition.”

Advisers that have submitted an application, but whose client has not yet been offered a lifetime or flexible lifetime mortgage will automatically receive a mortgage offer at the new lower rate.

Notes

Lifetime mortgage (lump sum)

Flexible lifetime mortgage (drawdown)

Age band

New rate (AER) as at 03/09/12

Old rate (AER)

New rate (AER) as at 03/09/12

Old rate (AER)

60 – 80

6.19%

6.39%

6.39%

6.49%

81 – 85

6.29%

6.49%

6.49%

6.59%

86 – 95

6.39%

6.59%

6.59%

6.69%

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 trades 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. www.LV.com.