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Supporting your client conversations with useful marketing materials

Marketing Support Hub

Our Marketing hub will offer you a suite of materials and content which will help you stay up-to-date with the latest trends in the lifetime mortgage market. Here you will find useful infographics, adviser guides, thought leadership articles, market commentary from our knowledgeable Equity Release team, informative webinars and video materials.

Lifetime Mortgages physical property valuations

LV= Lifetime Mortgages property valuations in partnership with Pure Panel Management.

The lifetime mortgage market has significantly changed in recent months. Here at LV= we continue to adapt our processes as the situation evolves and we’re committed to offering advisers and their clients the service they’ve come to expect from a trusted brand.

As a responsible lender, we put our customers at the heart of everything we do. We want to make it easy for your clients to access funds during these uncertain times.

Completing a physical property valuation is a significant part of the equity release journey, so we want your clients to feel reassured that their safety is our main priority. We work closely with our partners from Pure Panel Management to ensure our surveyors are taking all necessary measures. As part of this relationship we have access to a wider range of surveyor firms and are able to tailor our approach on a case by case basis.

Prior to any physical valuation being carried out, a full risk assessment will be undertaken as part of the booking process.

During the booking call, your client will be asked a series of questions to ensure they are not in a vulnerable position or feel uncomfortable.

The Booking Team will be there to guide your clients through the process. During the valuation our surveyors will come prepared with their own PPE to ensure everyone’s safety.

The survey itself will follow the usual structure just by keeping a safe distance.

For more information about our lifetime mortgages, please visit Equity Release or call us on 0800 028 8974.

Our new smarter portal puts people first, not paperwork

Hi, I’m Georgina Oxton and I run the equity release sales team here at LV=. I’m really excited to talk to you today about the launch of our new online equity release portal.

Let me summarise the key benefits:

  • It provides you with greater flexibility and 24/7 instant access to all your cases
  • It delivers a smoother and faster process from quote right through to completion
  • It reduces the time you will spend on an LV= application, so you can focus on what matters to you and your clients
  • It provides safe storage of all your cases and any associated documents
  • It also provides full application tracking to ensure you are one step ahead and can manage your client’s expectations

Our portal will completely transform the way you do equity release business with LV=; we know that time is money! If you haven’t registered to use the portal, please follow the instructions displayed on the screen.

Introducing the new LV= Equity Release Portal, the smarter way to writing and servicing business with us

As a leading Lifetime Mortgage provider we know that serving clients effectively is the key to adviser success.

That’s why we developed a smarter portal which puts people first, not paperwork. A new online servicing system designed with the adviser in mind to help you place and manage more of your business efficiently with LV=.

Our new Equity Release portal provides you with 24/7 access, allowing LV= to fit around your business needs and help you be as flexible as possible with your clients. The new portal presents you with an innovative solution to a faster and intuitive process, helping you save valuable time and give your clients answers sooner.

There’s no duplication of your effort, any information you enter is simply carried forward to the next stage of the application. What’s more, there’s no signature required on the application, helping to speed up the processes.

The new LV= Equity Release portal offers you instant access to all your cases, where you can easily track their progress, enabling you to keep your clients up to date all of the time. So every step of the way, you and LV= can work together in partnership to the benefit of your clients.

Don’t forget to register to use our new online servicing system

Learn more about how to use our new LV= Equity Release Portal.

To help you get familiar with our new online portal, we have created a selection of e-learning videos to show you around. Simply choose a topic as displayed below and the videos will give you a tour of the new online portal to help you navigate your journey.

Helping your clients navigate their way through the long-term care journey in later life

In the Q1 edition of our equity release webinar we explored the changing needs of customers and discussed how lifetime mortgages can help fund long-term care.

Please note at the time of this recording our Flexible Lifetime Mortgage was still available, however on 30 June we closed this product for new business applications. On 5 August 2020 we launched a new flexible solution, our Lifetime Mortgage Drawdown+.

Georgina Oxton (GO)

Andrew Gething (AG)

GO: Good morning everyone and thanks for taking the time to join us on our webinar today; we really do appreciate it. My name's Georgina Oxton and I head up the Equity Release Sales team here at LV=. I'm also joined today by Andrew Gething from MorganAsh.

We have partnered with MorganAsh to provide additional support to our customers in later life, and Andrew will explain more about this partnership later. Before I go through the agenda for today I just wanted to cover a little bit of housekeeping.

You will all be on mute throughout today's webinar which means we won't be able to hear you. If you have questions about what you hear today, you can submit them using the chat function and we've allowed time at the end to answer as many questions as we can.

So, back to the agenda.

I will be covering the learning objectives of the webinar today followed by a little bit of context around how care funding has become such a crucial issue for many clients in later life. I'll then hand over to Andrew from MorganAsh who will introduce you to Care Navigator, explaining how the service can provide much needed support to your clients and more about the partnership between our two businesses.

Andrew will then hand back to me and I will be covering the market context and changing customer needs, together with a short overview of our lifetime mortgage proposition and the added value benefits we can offer your clients. We'll then draw everything together in a summary and have some time for questions at the end.

Okay, so displayed on the screen now are the learning objectives of today's webinar.

Firstly, to allow you to consider the changing client needs and how equity release could support their later life journey. Also to learn more about LV=’s partnership with MorganAsh. For you to learn more about how Care Navigator can benefit your clients who need help navigating their way through the care system and finally to demonstrate how we at LV= can add value to your equity release clients. And the last thing for me on this, obviously we've set learning objectives for this WebEx. We will be sending you all CPD certificates within the next two weeks.

I'm sure you will have spoken to many clients and their families who are concerned about the rising cost of care. According to an article in The Telegraph published in May 2018 a year in a care home can easily cost more than £50,000. There are a number of factors which can negatively impact an individual's ability to fund care and have a financially secure retirement - pension income may be less than hoped for; people are living longer than ever. Many older clients may be providing support for both their children and their parents.

The so-called sandwich generation and many older clients may be asset rich, yet cash poor. For many of these people their home may well be their biggest asset.

So you can see from this slide that social and financial trends mean that older age groups have now become the biggest owners of property in the UK. This changing distribution of property wealth has been partly fuelled by the UK's ageing population. Another related factor has been the growing concentration of home ownership amongst older households. According to the ONS the number of over 65s has increased by 2.1million since 2008, half of the total 4.2 million rise in the entire population.

Nearly two in five UK adults are now aged 55+ compared to a third in 2000. And according to the Silver Spenders Report published by Legal & General in February 2018, the potential to release this asset can benefit individuals by helping them to be self-sufficient in later life and also support the wider economy. With every one pound of equity released, it's estimated to add two pounds and 34 pence to gross UK output.

And in June 2019 the Equity Release Council published a report on the changing role of property in later life financial plans and they found that 72% of the over 45 homeowners want to live in their current property for as long as they can with the home for life mentality more visible in later life. And homeowners aged 45+ are more likely to see property as financially important rather than emotionally important.

So as you can see housing wealth has a critical part to play in providing financial security in later life.

So I'm now going to hand over to Andrew from MorganAsh.

AG: Thank you Georgina and morning all, thanks for joining us. So it's great to be working with LV= and it's incredibly timely that we have this Care Navigator launch with you guys today. I want to take you through what is Care Navigator and the challenge for care. So the first thing is you know this is prior to any virus issues. We all know that people are living longer.

Care needs are increasing. And then also families a lot of families are living remotely. So it's not unusual to have a mum living up in Yorkshire and kids living down in London. And that puts great strain on when families need to find care.

There are care facilities also provided by the NHS and social services. But navigating a way through that and understanding it is difficult, especially when mum or dad may be in a difficult situation. It's distressing on a personal level too. And you know, understandably, you only do it once or maybe twice. So the whole problem of finding care can suddenly be dropped on a family at a distressing time. And that can be hugely distressing for everyone.

For anyone who's done it you know they all come out to say "yes, it's a nightmare". There's a gap between social services and the NHS and trying to bridge that and understand it, can be very difficult. Especially at the present time; people are self-isolating and they're going to be even more worried I think. Also, if we were talking to sort of 50 and 60 year olds and they have elderly parents, looking after mum and dad it is a really high priority in our sort of Maslow's Hierarchy of Needs.

Our parents are typically the most important thing to us and we look after them more necessarily ourselves. So, obviously with the present problem with the virus (Coronavirus) that's going to put extra stress on families. We don't want necessarily people going and visiting care homes, care homes are under a lot of stress and being prepared is a big part of the service.

So let's look at what Care Navigator is.

So Care Navigator is a concierge type service. It's about first of all understanding the needs and then helping people find suitable care and that care can be in a care home or it can be at home so-called domiciliary care. It's an unbiased assessment and a bit like in finance where we do the fact find first and then we do the recommendation, and data fact find is a sort of the boring part, but is actually the most important – it’s absolutely the same here.

We need to understand the needs of the individual and what their likely outcomes are going to be. So the first thing we do is what we call the care assessment report which we assess their needs and it’s all done over the phone. All assessments are done by qualified nurses. We do that and then the second stage is then to go out and make a recommendation. Some of that can involve a bit of what we call tough love and that may be to the family, maybe to all or the person that needs care as well.

And this can be some quite difficult conversations. As part of that will also help navigate all the way through NHS and social services which is all the red tape and the confusion, and it's totally independent. So we don't take commission for many care homes of anything of that nature. Our focus is purely on the people on who are needing care. We also give quite a lot of support to the whole family during that time because that can be very distressing for them and indeed we'll talk through that in one of the case studies. It's a phone based service primarily.

We do sometimes send people out but primarily it is phone based.

At the moment most people don't know that these sort of service exist, so they just stumble into either going to Age UK or something like that and getting some information, but they don't know that they can get help. So from that point of view it's great to have that into the wider market. I should say it's not an emergency service.

So if there aren't emergencies particularly in the present virus situation then hospitals and NHS would be the better place to go.

So how does that support advisors?

In our view looking after mum and dad and looking after the emotional side is often the most important aspect and care and worrying about that is of high concern and a lot of cases money is secondary to pay for that care or it's secondary to pay for the house which will then enable each of you to look after yourselves. Care itself is frightening and most people don't know much about it. And indeed there are a lot of variable situations in the care world.

Also many care solutions that are care committees are trying to fill beds so they have financial advice to go with that. So you may find that there's other people involved. So, if you advisors can provide part of that care solution. Care Navigator we’re all medical, although we serve the financial sector we serve financial advisers. Indeed we are FCA regulated. We actually do not do any advice and we just don't know much about money.

It's all about care and all about people. So we'll never pinch your customers from that point of view. We will very much be helping you to help your customer. And if there’s an issue about affordability we'll be coming back to you as the advisor to say, you're the person who will help on the finance side. Also with regards to equity release of course come the end of the loan, if there’s going into care then we can help at that point.

So let's look at a couple of case studies.

So the first one Mark - not his real name. He was carer for his older mum. He lived up in the North and was offered a new job actually down in London and is worried about if he moved away, how would he then look after his mum. So he immediately started searching online for care homes and then got really confused. Fortunately his manager introduced him to us and then he came on to us. We assessed his mum's health. It became pretty clear to us that she didn't have to go into care homes she could stay at home.

So we arranged for an occupational therapist to visit and do a full assessment at home. Once we've done that then came up with a recommendation on the adaptations and those were put in place. Mark's comment went from start to finish the whole journey did nothing but brilliant.

AG (reading a quote): Prior to talking to the team I was stressing and overthinking everything about my mother going to home and how she'd cope once I'd moved away. Once I spoke to a nurse, I felt like a weight had been lifted off my shoulders. I didn't realise how stressful finding the right care would be. The nurse was great and I'd highly recommend the service if you’re looking to find the care for mother or father.

Let's move on to another case study. I’m normally well up when I talk through this one because I did speak to this lady myself.

So a lot of what we're doing is helping people through that emotional time so this is a story that doesn't end necessarily well.

And the person didn't end up going to care but it does show a great amount of empathy for what it's all about.

I'll read her story.

AG (reading a quote): I received a flyer from LV= offering a support. I needed help in caring for my very sick husband John, who had been discharged from hospital at the end of February. My husband was quite poorly with multiple conditions and about to be discharged from hospital. The lady on the LV= helpline offered me the Care Navigator service. I received a phone call from Kay of MorganAsh one of the lovely nurses.

Together we discussed all our John's medical conditions, my health conditions and the impact it was having on me and explored different types of care in the home for when John returned from hospital. The doctor at the hospital advised me to look for a Nursing Home for him. I was dreading the thought of doing this. Once again Kay reassured me and told me they would do the research for me. Kay is wonderful, a gentle, kind, professional, empathetic lady. Unfortunately John's journey ended there in the hospital. In July, the day after our 45th wedding anniversary John passed away peacefully with me and my daughter by his side.

I'm so grateful to MorganAsh for their support through a very difficult time for my family, especially Kay. I felt they were there for me, by my side. Thank you both so much, your help and kindness will never be forgotten. LV= agreed to pay for John's funeral, which I was otherwise funding difficult to afford. Thank you to LV=, particularly Samantha for introducing me to MorganAsh. Your company gave me a wonderful service. I'll never forget, I didn't realise there was so much kindness in the world.

AG: That shows the whole emotional side which is the most important part we tend to talk about.

The actual service side and what we actually practically do and the next slide “service options” talks through that in a bit more detail which you'll certainly need when talking to people.

We break it down into several categories. And if you see the service option slide you'll see that. The fees on there are the full fee you get at any adviser who has worked with LV in any capacity and is entitled to a 10% discount. So let me just take you through each of those steps.

So the first part is the care need assessment. So a bit like the fact find we do for everyone and the care assessment report is the outcome of that. For some people they want to just take that if it's a relatively simple case. Now they may say well I know the care homes in my local area, I'll go and do that. So they can do that and that's perfectly fine and that works very well.

Further on from that then we'll liaise with clinician; family; we will arrange discharge arrangements and we can arrange interim care. But essentially you pay more for those that you see with the platinum service and then we do the Full Care recommendation report. So the full doing everything then is what we call the platinum service and that's the most expensive but there's the three options there. And customers can choose, they can start with just the silver and then they can progress and upgrade if they want to later on and if advisers want to bundle them with a service with something else they're doing.

We're very happy to do that. Equally you can just recommend to us and we will charge the consumer directly. So, just to talk about what are other options in the market?

So there are many existing services out there. Also, the social services you can go on to charities Age UK is probably the best one and you can get information from that. They tend to be information only if people go on the Internet they will also be led onto care homes who will also add to financial advice.

There are also some very good local services but they tend to be local and lack scalability where we cover the whole of the UK.

So we're totally independent from that point of view. There's no commission. It's a straight handoff from that point of view so liability and all of that stuff is with us. We are ISO twenty seven thousand one and it's all about human empathy with a digital view. So we are sort of fintech with empathy which allows us to do these things at scale and cost effectively while providing empathy to that. In our view it's a great way to add value to your customers. Empathy and the way we feel is probably the hardest thing and one probably generally lacking in financial advice. Also just like to add a lot of people come to us at that time of need or pretty close to it. But we also and we'd love to do a lot more where we're planning on doing things in advance so we can help elderly parents.

Another case study.

She's 90 she's driving she lives at home, she's absolutely fine, she's quite frail, she's brilliant but her kids live away from home and she's slightly concerned. So the kids are slightly worried. In that case we've got all information should something happen and it will happen sometime over the next 10 years. Then we will help her we'll be on hand to pick her up and help because we'll know we have all her preferences, have all the details on file and will be able to help with that point and so we'd like to do more of that that. But now reality is a lot of people are just reactive from that point of view and I think that's all for me.

Back to Georgina.

(GO): Thanks Andrew. I don't think I'm alone in saying how relatable those case studies were and how much value I can see that the Care Navigator service can add on a daily basis.

I think the slide you may have in front of you may say that it's Chris talking to you now.

I'm sure you've detected it's not actually Chris, it’s me but just bear with me. We're now going to go through how LV can add real value to your equity release advice process.

So what you should see in front of you now is some reason for loan data.

So this is internal LV= data that just shows what our customers are doing with the equity that they’ve released.

So a common misconception about equity release is that it's used as an option of last resort or by clients who are struggling financially. Whilst that is accurate for some, there are very many other reasons why customers might choose to release equity. Their home will be the biggest asset often that they have. So not considering that in the round with their other assets at retirement, you know could be a missed opportunity. So looking at the data here you can see 31% nearly a third of our customers are clearing mortgages or debts with equity release.

That's definitely increased year on year over the last two or three years and what we are seeing growing rapidly is gifting to family. Currently at 16%, actually that has doubled in the last three years and of course a secondary benefit of gifting to family perhaps to help them onto that the property ladder or help them out of our financial situation as there may be some inheritance tax benefits as well medical treatment and providing care.

Total 4% of our releases but we would certainly expect that to increase with an ageing population combined with you know increasing longevity and obviously that the confusion that exists around how to navigate the care system and the care options.

So we're moving on now just to talk a little bit about the LV= Lifetime Mortgage proposition.

So what you should see in front of you now is the Lump Sum product features. So the Lump Sum plan is our flagship product at present and is primarily there to release a one off lump sum to customers. Rates start at 2.75% and go up to 3.05% a year currently depending on age and LTV.

It is a conventional roll-up mortgage and additional borrowing may be available beyond that one off lump sum but that is non-contractual. Interest rate is fixed for life and our maximum loan is now £1.5 million. And interestingly for those larger loans we are not quoting higher interest rates for that business. It is our standard interest rate across all of our loans. We're currently offering a zero application fee for loans of £50,000 and above, say for loans below that the application fee would be £595.

So that offer is currently in place for up to the 30th of April with the application deadline being the 14th of May.

So other product criteria - the minimum property value currently £70,000 with no maximum property value. Minimum loan which is pretty similar across the market actually is 10,000. And our starting age for a lifetime mortgage at LV is 60 maximum age 95.

Moving on to the Flexible Lifetime Mortgage.

So it is uniquely the only lifetime mortgage in the market with a fully guaranteed drawdown reserve. And that guarantee runs 15 years from the completion of the initial loan. As you might expect there is a cost associated with that guarantee and our interest rate is currently 5.11%. Again it is a roll-up mortgage interest rate is fixed for each tranche of the loan said the initial loan will be fixed and then any subsequent drawdowns will be fixed.

Maximum loan on this plan is a £1 million rather than £1.5 million. We are refreshing our Flexible Lifetime Mortgage and we hope to be coming to market with a new and improved drawdown mortgage in the summer. But currently minimum property value like the lump sum plan a £70,000 minimum initial loan £10,000 minimum further drawdown is £2,000 per drawdown.

And again minimum and maximum ages are the same. So please do watch this space because there's exciting things to come with our drawdown mortgage.

So just wanted to highlight early repayment charges we led the way here, we were the first equity release lender to have fixed and defined early repayment charges which we believe creates transparency and certainty for your clients. The market has moved alongside us now and there are many other lifetime mortgage contracts out there with a fixed ERC structure.

Just to go through that in a little bit more detail. Year 0-5, our early repayment charge is 5% of the initial amount borrowed. And importantly that does not include accrued interest. So where you may see other lenders with arguably a similar percentage early repayment charge, do check the small print for some of those will include accrued interest and that will cost your clients more in the long run. For year 6 to 10, our early repayment charge drops to 3% of the initial amount borrowed and again doesn't include accrued interest.

So what you hopefully can see here with this early repayment charge structure is we are providing guarantees and peace of mind compared to those variable gilt linked to our sales which could be particularly powerful for customers who may need care in the future. And one last point on here. So after 10 years there is no early repayment charge at all. And importantly for joint mortgages we offer an ERC free window which runs for three years from first death or move into long term care.

So that allows customers who have been bereaved or who have lost a spouse or partner into permanent residential care just some breathing space to think about their options and not have to incur an early repayment charge should they wish to fully repay.

So what you should see now is a slide covering our 10% ERC free repayment option. Now this currently applies only on our Lump Sum+ lifetime mortgage and we've recently made some really exciting changes to this option to allow customers to have more flexible repayments so once the plan has been running for twelve months a client can choose to make up to six partial repayments totalling up to 10% of the original loan advance completely free of early repayment charges and what we've also done is in decreased the minimum partial repayment amount from a £1000 down to £250.

So we've increased the number of repayments that will allow to decrease the minimum amount so offering customers far more flexible options there.

So I just wanted to dwell a little bit on our added value benefits. So things that LV can offer your clients that no other lender can. So first of all we have LV= Doctor Services. So this gives you your customers immediate access to more than 5000 UK medical professionals all registered with the GMC. So this is accessible via an app available on smartphones. Or there is a telephone service and we're partnered with a company called Square Health.

Again that is a non-contractual service but it is completely free of charge.

So any of your clients who have taken out any of our lifetime mortgages or indeed retirement products can make use of each services available, each service available through this value added benefit. So because it's non-contractual it can be changed or removed any time. And as I say we are partnering with Square Health.

The box at the bottom there just highlights that normally private GP services can cost around £20 a month. Second Opinion services alone can average to around £700.

So customers could save around a £1000 per annum through this free benefit that we're offering.

So we will go into the component parts of the Doctors Services offering in bit more detail. There's a remote GP service which offers telephone consultations within a fixed window. There are certain service levels attached to that but that's really allowing particularly if you think about the demographic for equity release customers that maybe cannot drive anymore can actually have access to a GP remotely in their home. There's also remote physiotherapy consultations up to five free sessions per year.

There's also some mental health counselling services as well again limited to five free sessions a year private prescription services. There's also a second opinion service and also discounted health MOTs. So all of those things there is obviously a cost for the health MOT, but it is discounted if you're an LV= lifetime mortgage customer. But you know this is a non- contractual service that you're getting that you won't get anywhere else.

So just moving on to how else we can add value to your advice process.

What we hear from advisors a lot is that we're very easy to recommend because very many customers will have either had some kind of LV= product at some point during their life, perhaps it's home insurance, pet insurance, car insurance or even one of our original funeral plans. So there is a certain amount of familiarity and trust there already with the LV= brand. However there are other key areas where we can support your advice and ultimately help you deliver better customer outcomes.

So my team in Hitchin we have a dedicated and knowledgeable desk there to provide you with any kind of technical product support and also case consulting support. So I'm sure you'll all be aware you would often get one of those very strange cases on your desk where perhaps the property might not fit anybody's criteria or the particular client's circumstance may be unusual something that you haven't experienced before. What my team could do for you is to support you and liaise with our underwriters and our new business teams to see if we can find a solution for those unique cases.

And in terms of pricing I'm sure you will have experienced unprecedented numbers of rate adjustments in the market in the last year or so. We're seeing huge amounts of rate adjustments features are changing as well. And we work very closely with our Pricing and our Proposition teams to make sure that the information that we're providing you allows you really to support your customers whatever their needs. One thing we are extremely proud to say is that we are the Most Trusted Life Insurance Provider as voted by Moneywise for seven years now in a row.

If you need any more information about our proposition how we can support you supporting your clients, there is a web link on this particular slide and if you'd like more information about Care Navigator specifically, again there is a web link there. We have got a dedicated landing page which will cover some of the information and just really help you understand what this proposition is and how you could support your customers better. And obviously if you've got any new inquiries, anything that you'd like to speak about in terms of specific cases as ever you know that you can speak to my team or email my team at any time and we'll be delighted to help.

So we're now at the point where we delivered the vast majority of our WebEx content. I just wanted to summarise what we've walked through today in terms of the learning objectives that we have displayed at the start.

I introduced you to a little bit of context around the later life market and why care funding is really high on clients agendas. I talked a little bit about the changing role of property in later life financial plans and we then had a great session from Andrew talking about the partnership between LV= and MorganAsh and how Care Navigator can really help you to support clients through what can be a very difficult and distressing time.

We gave you some information around the changing context to intergenerational support, reasons for loan and customer needs and I’ve then whizzed through our current lifetime mortgage proposition. The key parts of that, I think the most important thing for me was the value added services that we talked about at the end. We're so excited to be able to partner with MorganAsh and offer this Care Navigator system. And it's really a very logical step for us to build on our journey of a value added proposition following the launch of Doctor Services.

Thank you very much for listening today. And we're now going to set up a short pause and we will go on to mute while we have a look at the questions that we’ve had submitted. So just bear with us for a couple of moments.

Okay. Thanks ever so much for your patience. And the first question that we've had is - Will this presentation be available for us to review at late today?

Answer: Yes absolutely. You will receive an email with the WebEx recording within a week from today. So you'll be able to save that presentation. You'll be able to listen to this content again at your leisure.

We have a couple of questions for Andrew regarding the Care Navigator - If a client starts on the silver package but later needs either the gold or the platinum option, do you just charge the difference? How does that work?

Answer: Yes absolutely. So it's just the difference, so it's quite common for people to start on the basis of silver and then upgrade later on.

GO: And that's a relatively simple process to do?

AG: Yes. So I think one of the two case studies demonstrated there's actually a huge variety in what we do and no two cases are the same. So the most difficult first thing actually is to predict what the cost is going to be so the actual know the silver gold and platinum packages all helped to set expectations. But in reality everyone is different. So it's a good idea. Let's say for example the first case study whether there's an occupational therapist came round and actually we know that that was done and actually it's never a problem when we speak to people when they get involved and what the fees are and we adjusted greatly from that point of view.

GO: So it sounds like it really is truly customised experience for customers.

AG: Yes. We employ all nurses and I couldn't stop them being patient focused if I tried.

GO: Okay. Fantastic. There is another question for you Andrew which is which level of care did the second case study used?

AG: So it was actually that platinum one and we did actually an awful lot of work finding because we thought the gentleman's going to go into a care home and we did locate that and find options. So he did an awful lot of work finding out that and looking at actually that work you know obviously what wasn't needed. So the answer was yes, it was the platinum from that quantity. And it's another great example of that it's not technically what we do. It's about the empathy from that point of view. So even though you know you look at it, go well it's a disastrous outcome actually from the customer's point of view they said that we really appreciated what we did.

GO: Okay great. Thanks. So we do have some other questions which I can pick up.

GO: The first one - Is LV= Doctor Services free of charge aside from the discounted health MOT, it is completely free of charge and if you go online using the web link on one of those final slide you'll be able to see far more detail about the component parts and how that all works, but yes we are bearing the cost of that aside from the discounted health MOT.

I've got another question here about would we consider age restricted properties for an example an over 60s development where they're looking for funds to pay for domiciliary care. So the answer to that currently is yes as long as the development is more than three years old. So we currently can't lend on a brand new age restricted property there are also some limits around the lease term the service charges and any kind of sinking fund again all of that information is in our lending policy which you'll find online.

So just to recap we can lend on age restricted property but only if they meet our criteria and they were built more than three years ago. And the reason for that as a bit of background is that our experience has shown us that the value of age restricted property drops significantly in the early years. Customers are often buying those at a premium with white goods. So we have had to unfortunately take the decision that we will only land on developments that are three years old or more.

I've also had a question about the 10 percent partial repayment option. It is six repayments per year?

So we were until a month ago at one repayment per year and that has now gone up to 6.

So that gives customers a huge amount of additional flexibility.

And as I said the minimum repayment has now dropped to £250.

I've got another question here about whether a client has to have an LV= plan or a mortgage to be able to access Care Navigator. So the answer to that is - no. So you can access Care Navigator via our website.

Perhaps I can hand that over to Andrew.

AG: As long as you have done some work with LV then they qualify for the 10 percent discount.

GO: Fantastic. So yes really important point. You know actually when you look at the costs that that the example costs that Andrew displayed on his slide they really struck me as extremely good value for money and if you then apply a 10% discount on to that as a result of having worked with LV= that really is providing great support at a very competitive price for customers.

I've got another question here about is further borrowing available on our products. So if I take lump sum first. Yes. Absolutely is. It is non contractual though. So the lump sum lifetime mortgage is designed primarily to provide that one off cash injection for a customer. But if their circumstances change for whatever reason they can apply for additional borrowing. Now we will at the point at which they apply assess how much they owe on their existing lifetime mortgage.

We will look at the value of their property and their current age and look to see whether there's any headroom to advance any further funds.

But it's important to say that it is non contractual. So we don't necessarily have to agree to additional borrowing. Now if I look at the flexible lifetime mortgage I mentioned the 15 year fully guaranteed reserve.

So within that 15 year period the customer can take any withdrawals within up to. That's agreed reserve once that reserve has been fully utilized. We are then in a situation just like we are one lump sum where we could consider non contractual further borrowing. But there are no guarantees that we would make that money available. Okay. So that's got us through the vast majority of the questions. So thank you very much for your active participation.

What we will do is pick up any other questions that people have submitted directly with them after the WebEx and just a quick reminder your CPD certificates will be wending their way to you within the next two weeks. So thanks ever so much for your participation today. Hope you found it useful. We look forward to speaking to you again see

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Lifetime Mortgages Adviser Guide

This adviser guide will give you a general overview of our Equity Release proposition and product specifications. The guide also highlights the key features of our lifetime mortgages and our policy lending criteria.

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A client guide to Lifetime Mortgages

This guide will help your clients to understand the difference between our Lifetime mortgage products. Your clients will find important information about the benefits of the products, how the process works and what they should know before taking out a lifetime mortgage.

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Lifetime Mortgages client suitability guide

The purpose of this guide is to help you better personalise your service and match your client’s needs to the most suitable LV= Equity Release product. The client suitability guide will also give you relevant examples of typical client scenarios where we’ve matched the emotional need of your client to the practical need, so you can help them realise their financial objectives.

The changing customer needs require a more flexible approach to equity release

The changing customer needs require a more flexible approach to equity release

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Giving financial advisers confidence when selecting a provider

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The transformation of the Equity Release Market

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Equity Release research shows it can become mainstream

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Lifetime mortgages are a popular way for people to clear debt

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The outlook for the equity release market in 2020 and beyond

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We like to do things differently, so we can help you help your clients. Here is a short infographic which illustrates the 5 key things you should know about LV= Equity Release.

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How do you support and identify vulnerable clients

Vulnerability can take many forms, including ill-health, literacy or financial capability. To help you identify when an equity release client may need extra care and support, we’ve developed an infographic which covers some of the most common conditions. This document is specifically designed to provide insight on how to treat clients fairly and guide them through their financial journey.

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Our top tips on how to support your equity release clients

Spotting the right opportunity and where equity release can be the most effective solution for a potential client is key. This document covers the main steps of the process which will help you support your clients throughout the various stages of their equity release journey.

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LV= Doctor Services client guide

We understand later life and retirement is a lot more than just financial security, that’s why we offer your clients LV= Doctor Services as an added value benefit. This will give your clients access to fast and convenient medical support.

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Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237. County Gates, Bournemouth, BH1 2NF, UK