GE Life reduces lifetime mortgage rates - News at Best UK Mortgages - Thursday, 23rd June 2005

GE Life has announced that it is dropping its lifetime mortgage rates by 0.44 per cent.

The move, which will see rates drop from 6.69 per cent to 6.25 per cent, places GE Life as the most competitive mortgage provider in the lifetime market.

In addition to the new rate, GE Life will continue its cashback facility, whereby all customers will receive a £500 tax-free cashback on completion of their Equity Release Lifetime Mortgage.

Simon Little, product manager for GE Life, said: "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.

"Due to this, and to further demonstrate our commitment to the market, we have cut our rates again."