Savings and retirement specialist LV= is introducing a 1% cashback deal across its Drawdown+ and Lump Sum+ Lifetime Mortgages.
The initial cashback offer, available until 16th April 2021, will be paid to customers on completion. Customers can choose how to use the money, for example, reduce the size of the equity release loan or pay fees and other associated costs.
For Lifetime Mortgage Lump Sum+ customers, this offer is only available for loans over £50,000.
The cashback offer is the latest in a series of improvements LV= has made to its equity release products over the past 12 months.
During 2020, LV= launched a new drawdown product – Lifetime Mortgage Drawdown+. In addition, a new Equity Release Portal was launched, providing advisers with a smoother and quicker platform to submit and track lifetime mortgage applications online.
“Equity release is becoming an increasingly popular tool for retirement planning.
“The equity release market has grown over the past decade and consumers understand that it is an increasingly mainstream retirement planning option for people who want to unlock the value in their home to enjoy the retirement they want.
“We have listened to feedback from financial advisers and launched a cashback option for our equity release products. This development will give more flexibility to advisers and their clients so that cost-effective solutions can make the extra money work harder to achieve their individual goals.
“This initial offer forms part of a series of improvements planned to make LV= more competitive in the equity release market.”
The LV= Equity Release team is hosting a CPD-qualifying webinar on 24th February at 2pm called ‘Lending Criteria for Lifetime Mortgages’. In this session, experts will discuss client suitability and how the lending criteria are applied on the LV= Equity Release Adviser Portal. Advisers can register to attend the webinar.