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.
LV= serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.
When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.
We offer our services direct to consumers, as well as through IFAs and insurance brokers.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.