GE Life lifetime mortgage rate reduced
www.moneynews.co.uk > Mortgages > GE Life lifetime mortgage rate reduced
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Money News |
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GE Life lifetime mortgage rate reduced
Fri 24th Jun 2005
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The Equity Release Lifetime Mortgage rate now stands at 6.25 per cent per annum, down from 6.69 per cent.
GE Life has also said it will be continuing its cash back facility, which provides customers with £500 tax-free cashback when they complete their Equity Release Lifetime Mortgage.
Simon Little, product manager for GE Life, said that the company was constantly trying to improve the value of its product for its clients.
"Since we announced our initial rate cut from 7.19 per cent to 6.69 per cent in May, other providers have followed suit and cut their rates, partly as a result of falling money market rates," he explained.
"Due to this, and to further demonstrate our commitment to the market, we have cut our rates again."
The GE Life Equity Release Lifetime Mortgage features a fixed interest lifetime mortgage with interest compounded annually, a minimum loan value of £25,000 and no hidden costs.
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