Coronavirus - Equity release

Covid-19 information for LV= equity release

At this extraordinary time, our thoughts and concerns are with the ones we love and everyone’s health and wellbeing. Also if you have an LV= equity release policy, or you're considering taking one out, you may be thinking about how it could be affected. 


If you’re thinking about taking out an LV= Lifetime Mortgage here are some answers to your questions.

We’ve covered just a few but if you have any more questions please get in touch.


Due to Covid-19 we’ve added to the ways we can value your property

Your safety is our top priority, so we’ve now got two different ways we can progress your application. We'll work this through with your adviser, but here are some questions you may have right now.

Answers to other questions you might have 

Will my current lifetime mortgage with LV= be impacted if my property value drops due to Covid-19?

During these uncertain times it’s only natural to worry about your finances. Although the exact economic outcome following Covid-19 is unclear, you may be concerned that the value of your property will fall.

If the value of your property does drop the amount you owe will account for a higher percentage of your overall property. For example, if your house was worth £250,000 at the time of taking out the lifetime mortgage, and you took out £50,000, this would mean the lifetime mortgage accounts for 20% of the property value. If your property value then falls to £200,000 that same £50,000 lifetime mortgage would equate to 25% of the property value, not including any interest which may have accrued. This means if you were to pay off your loan, there would be less equity in your house for you or your beneficiaries. Please speak to your financial adviser if you’re unsure how this will impact you.  

Please remember that we're a member of the Equity Release Council, so all of our products include a no negative equity guarantee. This means that you will never owe more than the value of your property, including accrued interest.

What happens if I want to borrow more?
We’re still processing additional borrowing applications. If we can do a physical valuation of your property we’ll be able to process your application as normal. If for some reason we can’t, we’ll be in contact with your financial adviser about what this means for you. 
I’m worried about fraud and scams - do you have any advice?

Criminals never sleep and they are sadly using Covid-19 as another opportunity to benefit.

Please check out our information on fraud and scams.

I applied for a new LV= product but I haven’t heard anything. What should I do?
We’re still accepting new business and processing any applications but it may be taking us slightly longer to do this. We’ll be in touch as soon as possible. If you’d like to know the progress of your new product please contact us.
I can’t contact my financial adviser as they're in self isolation. What should I do?

Most financial advisers have set up alternative contact details so try these first.

However if you have a query about your LV= policy application, please contact us and we’ll respond as soon as we can.

I want to understand more about my policy?
Of course. You can take a look at your terms and conditions to see the features of your product. Or you can contact us and we can tell you. If necessary you can also talk to a financial adviser about what plans you could put in place for the future.  
I’ve got a policy with LV= but can’t find the policy documents
Please contact us by email or phone and we can send out new documents to you.
I’ve just had a call from LV=. How do I know it’s genuine?
Sometimes we’ll call our customers to resolve a query. However it is right to be wary of calls that might be bogus. The best thing to do is take the caller’s name, hang up and ring back using our  switchboard number which is 0800 678 1680. If the call has come from one our team here at LV= the switchboard operator will be able to transfer your call over to them.

Please bear in mind that we will never ask you to confirm your bank account details over the phone. You should never clarify or give your bank details to anyone over the phone.
I’m struggling to make ends meet. Can you help?

There is a lot of support out there which you can read about and we have a Member Support Fund which might also be able to help. 

Get in touch

The first person you should contact is your financial adviser

If you haven’t got one you can find a list of professionals, who specialise in equity release, in the link below.

You should know that they do charge a fee for their services and obviously they won’t be able to come to your home until the Covid-19 lockdown is lifted.

Existing customers can contact us about their policy