Lifetime Mortgage – Lump Sum+
- Maximum lending of £1m (we will consider on a case by case basis lending to up to £1.5m)
- Additional borrowing may be available (non-contractual)
- £595 application fee
Update on Flexible Lifetime Mortgages
From 30 June 2020, LV= has withdrawn their Flexible Lifetime Mortgage product for new business. They will however be launching a new lifetime Mortgage Drwadown+ product soon, so watch this space.
- Access to their cash reserve is still guaranteed under their Terms & Conditions.
- They should continue to contact LV= as normal if they wish to request a withdrawal.
- If your client has exhausted their cash reserve and needs access to additional funds, they can still apply for additional borrowing as before.
To get a quote of discuss any pre application enquiries call the LV= Equity Release Desk on 0800 028 8974 or email them on [email protected]
Brand new Lifetime Mortgage Drawdown+
- Min age 60 - max age 95
- The minimum we will lend to start with it £10,000
- Further withdrawals are on request but not more than once per calendar month with a £1,500 minimum and £70,000 maximum
- Roll-up mortgage
- Additional borrowing beyond the agreed reserve may be available (not guaranteed)
- Interest rate fixed for each drawdown
- Maximum lending of up to £500,000
- Six repayments per year totalling up to 10% of total advances after 12 months. Free of any early repayment charge £695 application fee
Both LV= products are available on their new LV= Equity Release Portal, so you can submit business and track cases quickly and easily. The new portal offers an intuitive, 24/7 instant access with fast and efficient application management. The LV= Equity Release Portal allows you to track the progress of all your cases, store relevant documents safely in the online library and submit applications more quickly with no signatures – giving you and your clients answers sooner.