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Lifetime Mortgage Lump Sum+

For most homeowners their property is one of their biggest assets, so it’s critical that your clients are fully aware of the options available to them. A lifetime mortgage can help your clients unlock the equity tied up in their home, so they can achieve their financial objectives in later life.

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
  • Additional borrowing may be available (not guaranteed)
  • Maximum lending of up to £1.5million
  • 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 the original advance. Free of any early repayment charge
  • Downsize protection included for full repayment from year five onwards
  • Support your clients and their families with LV= Doctor Services and Care Navigator, our added value benefits

Important Information

  • Further advances will depend on our lending criteria at the 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 4 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 age and LTV. The below table shows the rates based on LTVs available for a 70 year old. For a 60 year old, the LTVs would range from 15% to 27%, with the same distribution of rates. See the full list of our LTVs.

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

LTV Scale at age 70

AER (fixed)

Monthly equivalent

25%

2.46%

2.43%

26%

2.46%

2.43%

27%

2.46%

2.43%

28%

2.46%

2.43%

29%

2.46%

2.43%

30%

2.57%

2.54%

31%

2.57%

2.54%

32%

2.60%

2.57%

33%

2.60%

2.57%

34%

2.92%

2.88%

35%

2.92%

2.88%

36%

3.39%

3.34%

37%

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.

On a joint life basis, the interest rate for the lowest age will apply. We charge interest daily to calculate the amount owed if a repayment is made part way through a year.

Rates correct as at 26 August 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