Types of Equity Release
There are two main equity release options
Equity Release options
And these are...
Lifetime mortgage
This lets you take out a loan against the value of the property. The loan will typically not be required to be repaid until you or your partner (if a joint mortgage) die or permanently enter into long term care
At LV= we only provide Lifetime Mortgages.
Home Reversion Plan
Making the right choice
Choosing the most suitable option will depend on a number of considerations, like...
- How much equity needs to be released
- The value of the property
- What the need is, for example a cash lump sum
- The age of the homeowner
- How much, if any, the homeowner wants to leave as an inheritance
- Whether the homeowner is prepared to give up full ownership of their home
Please note that the information given on these pages should not be seen as advice to take out this product.
Our lifetime mortgage products
We know that your home is very important to you, that’s why our lifetime mortgages are clear and straightforward
Our Lump Sum Lifetime Mortgages
Our Drawdown Lifetime Mortgages
Specifically designed for people who wish to release some equity from their home now and expect to want to borrow more in the future.
Comparing our lifetime mortgage products
| Lifetime Mortgage Lump Sum+ | Lifetime Mortgage Drawdown+ |
Lifetime Mortgage Lump Sum Lifestyle | Lifetime Mortgage Drawdown Lifestyle | |
|---|---|---|---|---|
| Tax-free cash lump sum |
 |
|
|
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| Borrow from £10,000 upwards | |
|
 (Borrow from £30,000) |
|
| Interest rolls up annually (not monthly as in many other plans) |
|
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| Loan set aside for you to drawdown from as and when you choose to | |
|
|
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| Interest charged on money you release | |
|
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| Typically no monthly repayments |
|
|
|
|
| Interest is repaid from the final sale proceeds of the property |
|
|
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| Retain full ownership of your home | |
|
|
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| ‘No negative equity’ guarantee | |
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| Plan can be transferred if you move house | |
|
|
|
| Lifetime Mortgage Lump Sum+ | Lifetime Mortgage Drawdown+ |
Lifetime Mortgage Lump Sum Lifestyle | Lifetime Mortgage Drawdown Lifestyle | |
|---|---|---|---|---|
| Tax-free cash lump sum |
|
|
|
|
| Borrow from £10,000 upwards | |
|
(Borrow from £30,000) |
|
| Interest rolls up annually (not monthly as in many other plans) |
|
|
|
|
| Loan set aside for you to drawdown from as and when you choose to | |
|
|
|
| Interest charged on money you release | |
|
|
|
| Typically no monthly repayments |
|
|
|
|
| Interest is repaid from the final sale proceeds of the property |
|
|
|
|
| Retain full ownership of your home | |
|
|
|
| ‘No negative equity’ guarantee | |
|
|
|
| Plan can be transferred if you move house | |
|
|
|
Why Choose us
Our lifetime mortgages conform to strict principles
As a member of the Equity Release Council we’re bound by their Statement of Principles, a group of safeguards and guarantees that give you confidence in the products we offer and the information you receive
Alternatives to a lifetime mortgage
Whatever your particular reason for wanting extra cash, remember lifetime mortgages are not right for everyone, so before you go ahead it’s important to have considered the alternatives
Options could include:
- Selling your home and buying a less expensive property. Although this may mean you moving to a different area or having a little less space, and paying the moving costs, your new home could be mortgage free
- Using savings or other investments
- Checking that you are claiming all the state benefits that you’re entitled to
Your equity release specialist will help you consider these and other alternatives
Make an ENQUIRY
If you are an existing lifetime mortgage customer with us please call:
Mon to Fri 8:30am-6pm
For TextDirect: First dial 18001
We will record and/or monitor calls for training and audit purposes
To start an equity release enquiry, contact your independent financial adviser, or find one specialising in equity release through the Equity Release Council (ERC).
Here are some common questions about Equity Release