LV= has reduced the number of age bands applied on its equity release products.

It has also made a rate cut on its lifetime and flexible lifetime mortgage.

LV= has simplified both its lump sum and drawdown products by halving the number of age bands to three: 60-80, 81-85, and 86-95.

The interest rate now charged on LV=’s lifetime mortgage for a customer aged up to 80 is 6.69% AER, with a rate of 6.79% AER for the same age range on its flexible lifetime mortgage.

Advisers that have submitted an application, but whose client has not yet been offered a lifetime or flexible lifetime mortgage will automatically be offered a mortgage at the new lower rate.

Vanessa Owen , LV= head of equity release, said: “The feedback we received from IFAs indicated that customers found the guaranteed features of our equity release products