The recent price war between two of the heavyweight lenders in lifetime mortgages is great news for consumers.
Aviva have been trying to regain back market share from Legal and General and as I write I don’t think we have hit the bottom yet!
Fixed interest rates are now available below four percent with L&G’s headline rate at 3.65% and Aviva at 3.74%
From a client point of view this means the roll up plans will not accrue as much interest over time and making repayments becomes cheaper if clients opt to service the interest.
Existing plans could also now be moved to a lower interest rate with a new lender which saves interest over time thus benefiting any beneficiaries.
The new and improving rates are now becoming comparable to residential mortgages and can only help to continue to grow the sector and improve its appeal to customers.
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