Responsible Lending launches 2.98% lifetime mortgage rate

The 2.98% rate is available on a sliding scale of LTVs dependent on age. For example, a customer aged 70 could access the rate with an LTV of up to 24%.

The product is available with or without drawdown on a minimum loan amount of £10,000.

Customers can repay up to 10% of their loan each year without incurring an early repayment charge.

Responsible Lending’s new product is available through the company’s sister broker firm Responsible Life.

Keith Haggart, managing director of Responsible Lending, commented: “Lifetime mortgage interest rates are now at an all-time-low and we are extremely pleased to be topping the table.

“Equity release customers are spoilt for choice with the range of products on offer and, to top it all off, they are seeing rates fall repeatedly.

“Rates on lifetime mortgages are now at historic lows and that’s partly because of their increased popularity but also the way they attract a lot of interest from those managing investments on behalf of annuity providers, as they seek stable, low-risk, long-term returns.”