LV= has launched a range of lifetime mortgage products that come with an age banded interest rate system.
The financial institution claims that the move will allow it to offer more attractive terms to many lifetime mortgage
The new interest rates
, which start from 6.29 per cent for a flexible lifetime mortgage for someone aged between 60 and 65, and go up to seven per cent for someone aged 86 or older follow news from Just Retirement that the equity release market can expect to see a boom during the recession.
Commenting, Vanessa Owen, head of equity release
at LV= said:
"We understand that the current economic downturn, along with falling house prices, is influencing the increasing number of older people choosing to stay in their homes longer, as opposed to downsizing into a smaller property.
"For those who consider equity release a viable solution to help maintain a comfortable lifestyle in retirement and fulfill their aspirations, our new age-banded interest rates will help."
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