A major lender has announced significant cuts in their mortgages that could prove attractive to buyers.

Mortgage Express is now offering a lifetime mortgage package that incorporates a lifelong fixed-rate of 6.29 per cent as well as a product fee of £599, and carries a loan to value (LTV) of up to 45 per cent.

Kirsty Jackson, head of lifetime mortgages at Mortgage Express, said: "Our best-buy lifetime mortgages are ideal for customers aged 60 or above who are looking to unlock equity from their homes."

She added that a reduced interest rate that is "fixed for life" provides a sense of security for the customer as they are fully aware of the extent of their commitment at any time in the future.

There is no age limit imposed on these products meaning older customers can reap the benefits too, she concluded.

In related news, research by MoneyExpert has shown that nearly half a million homeowners missed a mortgage payment in the past six months.

Long term fixed rates: a good idea?

Are you buying property? Compare thousands of different mortgages here