LV= has cut the rate on its lifetime and flexible lifetime mortgages.

The interest rate on LV=’s lifetime mortgage for customers up to 80 years old has gone from 6.59% to 6.49% AER.

There is also a new rate of 6.69% (from 6.79%) AER for the same age range on its flexible lifetime mortgage.

Vanessa Owen , LV=’s head of equity release, said: “IFAs have previously indicated that customers found the guaranteed features of our equity release products