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Lifetime Mortgage Drawdown+

With pension income often being less than hoped for, and cost of living on the rise, we know that control and choice on income levels in retirement is important for your clients. Our Lifetime Mortgage Drawdown+ product is designed to be as flexible as the lives of your clients and it can offer peace of mind and stability.

Our Lifetime Mortgage Drawdown+ allows your clients to borrow a portion of their property value in the form of an initial loan, with the option to release further withdrawals from the pre-agreed reserve.

Key features

  • No interest repayments throughout the life of the loan – the loan and rolled-up interest is repaid when your client dies or moves into long-term care
  • Minimum age 60 – maximum age 95
  • The minimum we will lend to start with is £10,000
  • Further withdrawals are on request but not more than once per calendar month, with a £1,500 minimum and £70,000 maximum
  • Additional borrowing may be available (not guaranteed)
  • Maximum lending of up to £500,000
  • For joint mortgages, ERC free repayment within 3 years of first death or move into long term care
  • Interest rate linked to LTV
  • A ‘No Negative Equity’ guarantee
  • Fixed early repayment charges ending after 10 years
  • Six repayments per year totalling up to 10% of total advances after 12 months. Free of any early repayment charge
  • Support your clients and their families with LV= Doctor Services and Care Navigator, our added value benefits

Important Information

  • Access to the cash facility is not guaranteed and there are certain circumstances when it will be reduced or removed. See our Terms and Conditions for full details
  • Additional borrowing will only be considered when the existing reserve has been exhausted and a new property valuation has been undertaken
  • Additional borrowing will be subject to a minimum of £2,000
  • All further withdrawals are on request and have a £1,500 minimum and £70,000 maximum, and only one withdrawal will be permitted each month
  • Each time your client makes a withdrawal, it will be based on the new business interest rate applicable at that time
  • Your client can repay some or all of their mortgage at any time, but an early repayment charge may apply in the first 10 years
  • It's important that your client speaks with their family before taking out an Equity Release product, particularly any beneficiaries in their will
  • The interest rate is fixed for the life of the loan. Please remember that the loan plus interest can add up very quickly
  • LV= Doctor Services is a non-contractual benefit which can be changed or removed at any time
  • This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration

Register for our new online equity release portal

To obtain an illustration, register to use our new LV= Equity Release portal

Our Ratings

We have also been rated as the following by Moneyfacts and Defaqto, following their annual assement of the equity release market:

Moneyfacts 2020 Equity Release 5 star logo

Moneyfacts 2020 annual assessment of the equity release market

Defaqto Equity Release 5 star logo

Defaqto 2020 annual assessment of the equity release market

This means that if you're advising consumers on our equity release products, we have a high rating for the quality of our product features.

Rates

Our rates are based on the level of the cash facility your client chooses. The below table shows the rates for each level of borrowing. See the full list of our LTVs for each level.

Use our new online portal to get an accurate quote for your customer.

Borrowing level

AER (fixed)

Monthly equivalent

Drawdown+ Lite

2.44%

2.41%

Drawdown+ Standard 1

2.46%

2.43%

Drawdown+ Standard 2

2.54%

2.51%

Drawdown+ Standard 3

2.57%

2.54%

Drawdown+ Max

2.87%

2.83%

Drawdown+ Platinum

3.39%

3.34%

Drawdown+ Platinum Plus

3.55%

3.49%

The rates above will apply for initial borrowing only. The interest rate applied to any further advances will be dependent on both the total LTV and prevailing interest rates at the time of the advance and is likely to be higher than the rate applicable to new customers.

Interest is compounded annually. We charge interest daily to calculate the amount owed if a repayment is made part way through the year.

Rates correct as at 8 October 2020

Remaining in your home

Your client can continue to remain in their home as it’s their legal right, as long as they meet the terms and conditions of the mortgage.

It’s important that your clients understand how the terms and conditions of their lifetime mortgage will affect them. They'll need to:

  • Keep adequate building insurance
  • Keep up the maintenance of the home so it remains in the condition it was when the lifetime mortgage was taken out
  • Obtain permission from us before they allow any other person to live in any part of their home

Find out more about 'remaining in your home'

Product details and rates

An overview of our product details and rates

Online services

Key documents

0800 028 8974

TextDirect: first dial 18001

8.30am - 5.30pm Monday - Friday

We will record and/or monitor calls for training and audit purposes.

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Equity Release Marketing Hub

A variety of useful materials and supporting content to help with your client conversations.

Search our Equity Release Marketing Hub

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Support

By working with us, you will get the support you can expect from a respected provider.

View the support available to you

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Awards

We've won a range of awards for the service and quality of our Equity Release products.

More on the awards we've won

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Contact us

Find your dedicated support for quotes, help and product information

Contact our equity release experts

Connect with us

About retirement

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