Lifetime Mortgage Lump Sum+
- Maximum lending of £1.5m
- Additional borrowing may be available (non-contractual)
- Standard application fee is £595. Currently there is no application fee for clients with loans of £50,000 or more. However, if the loan is below £50,000 the fee will still apply.
- Unlimited repayments of minimum £50 totalling up to 10% of the original advance each year, free of any early repayment charge.
- Downsize protection included for full repayment from year five onwards
Update on Flexible Lifetime Mortgages
From 30 June 2020, LV= has withdrawn their Flexible Lifetime Mortgage product for new business.: They have now launched a new Lifetime Mortgage Drawdown+ product. Please see details below.
- 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 £1.5m (including any additional borrowing)
- Unlimited repayments of minimum £50 totalling up to 10% of total advances each year, free of any early repayment charge.
- Currently zero application fee, regardless of loan amount.
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.