GE Life has shaken up its mortgage offerings, cutting the mortgage rate on its lifetime mortgage to 5.89 per cent.
This is the third mortgage rate cut to the lifetime mortgage since May, when the mortgage rate was 7.19 per cent.
Innovation of companies like GE Life has helped lifetime mortgages "come a long way" since the start of 2005, claims the company's marketing and product manager, Simon Little.
The equity release lifetime mortgage is available only through financial advisers and has a no negative equity guarantee.
Interest is compounded on a yearly basis on a mortgage where the minimum loan value is £25,000.
"These latest amendments to our product, particularly the reduction in interest rates and that we will now be paying our own legal fees, make us confident we can offer one of the best lifetime products on the market," Mr Little tells Mortgage Introducer.
Other enhancements to GE Life's mortgage range include a higher maximum loan to value for mortgage borrowers between the ages of 60 and 77.
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