LV= cuts interest rates on Flexible Lifetime Mortgage

The interest rate, which is fixed for the lifetime of the loan, has been reduced from August 14 2008. Overall cost for comparison will be 6.9% APR. Homeowners aged between 60 and 95 can draw down a minimum of £10,000 from the equity release product. Additional withdrawals of at least £2,000 can be made up to the maximum Loan To Value (LTV) amount. The product also includes two further property re-valuations throughout the lifetime of the loan. This allows homeowners to take advantage of house price changes and draw down additional equity if their property is valued at a higher amount in...