Flexible Lifetime Mortgage

With pension income often being less than hoped for, and the cost of living still on the rise, it can be difficult to set money aside for special occasions, or savings to fall back on should their circumstances change.

Our Flexible Lifetime Mortgage lets your client borrow a percentage of their property value, in the form of a set lump sum initially, with guaranteed access to further withdrawals, should they need it. Your client could use this to fund their grandchildren through university, to pay for that special family occasion or to cover any sudden changes in circumstances, giving your client the security of knowing they can borrow more if and when needed.

Cover features

No interest payments are required throughout the life of the loan
The minimum we will lend to start with is £10,000
You can take withdrawals of £2,000 or more when you need them up to the amount of your maximum loan.
A maximum loan amount is set up at the same time as the initial loan
Guaranteed access to further withdrawals
Interest is fixed throughout the loan

Important information

There may be a charge for early repayment in the first 10 years
The maximum you can borrow depends on your age and the value of your property with LV=, this ranges from 20% of your property value if you’re 60, to a maximum of 50% if you’re aged 90-95.
Each time your client makes a withdrawal, it will be based on the interest rate and their age at that time
The maximum loan facility is guaranteed for 15 years

This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.

Fixed interest

The interest rate is fixed for the life of the loan. Interest is compounded annually and added to the loan. Please remember that the loan plus interest can add up very quickly. Each individual withdrawal may have a different interest rate, as it will depend on the interest rates available at the time of the withdrawal.