¹ For example a customer aged 70 borrowing 25% of their property value would be offered a rate of 4.55% compared to a rate of 5.20% if they wanted to borrow 35% (maximum loan to value for age 70).
|Home and / or garden Improvements||31%|
|Top up your income (for example, to help pay bills)
|Clear mortgage, loans or debts
|Treat or help family and friends
|One off purchase (such as a car or caravan)
|Essential repairs to your property
|Provide care at home
|Switch from another provider
|Inheritance tax planning
Reason for loan % based on case counts for initial loans, further withdrawals and additional borrowing on all LV= Equity Release products across 2016 (total loans: 2,960). Customers were asked to give the main reason they planned to use the money for.