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LV= Equity Release, your partner in later life

Lifetime Mortgage Lump Sum +

To help you identify whether our Lifetime Mortgage Lump Sum+ is the right solution for your clients in later life, we have produced the table below which sets out our product suitability criteria at a glance.

Lifetime Mortgage - Lump Sum+

Type of loan

Lump sum

Eligibility

Must be a UK resident, with a property in mainland
England (including Isle of Wight), Scotland and Wales
(including Anglesey)

Minimum age attained at entry

60

Maximum age attained at entry

95

Minimum starting loan

£10,000

Minimum property value

£100,000

Loan to Value Scale

The maximum loan to value is determined as a percentage
of the property value, using the age of the youngest
applicant

Find our loan to value scale here

Early repayment charges structure

We believe that customers should know on the day they proceed with an application exactly what the financial consequences will be, if they decide (or need) to redeem the lifetime mortgage early. LV= was the first lender to offer fixed early repayment charges. This allows us to offer complete transparency and certainty for customers.

Our approach to early repayment charges is very simple. We charge a set percentage of the original loan amount which does not include any accrued interest as detailed in the table

Year of early repayment

% of the amount repaid

1-5

5%

6-10

3%

10+

0%

Early repayment charges do not apply if:

  • The borrower moves house and transfers their mortgage to the new property
  • The last surviving borrower dies
  • The last surviving borrower moves permanently into long term care
  • The total debt is reduced or fully repaid using the money from the insurance company following damage to the property
  • A borrower (on a joint mortgage) passes away or moves into long term care and a repayment is made within 3 years of the date of death or move.
  • Up to six repayments per year totalling up to 10% of the original loan advance, once the lifetime mortgage has been running for 12 months
  • Downsize protection included for full repayment from year 5 onwards*

*Terms and conditions apply

Unsure if the product is right for your client?

If you’re unsure if the product is right for your client, you can speak to the Equity Release Desk on 0800 028 8974 or email us at [email protected] and we’ll be happy to help. Our lines are open from 8.30am to 5.30pm Monday to Friday. For TextDirect, first dial 18001.

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.

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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

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