In addition to the higher LTVs, the product is now available to applicants aged 60 and above, and on both single and joint life basis.

30% have or plan to use pension savings to pay off their mortgage.

The Manifesto will call upon UK mortgage professionals to follow several core tenets.

Rates start from 5.84% with products available up to 60% LTV.

The new product, called Interest Reward, will offer discounted rates to customers who commit to a payment plan.

L&G’s API link will allow advisers to manage lifetime mortgage applications through its adviser platform.

The rate is fixed until November 2028.

The number of active customers fell by 31% in 2023 and 47% fewer new plans were agreed.

The specialist lender has increased its maximum LTV for debt consolidation purposes.

Daniel Edmondson, national account manager at Advise Wise, looks at recent innovations and ongoing rate fluctuations in the equity release market, and predicts what new figures will...