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The broker will compare options from the following brands only:
Aviva, Hodge Lifetime, Just (Just Retirement), Legal & General (L&G), LV (Liverpool Victoria), More2Life, OneFamily, Pure Retirement, Retirement Advantage.
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Lets Get Started: LV= Our Equity Release Review
- LV is a leading retirement services provider having won numerous awards for their equity release services.
- Unlike many other providers who compound interest monthly, LV equity release compound the interest annually, saving borrowers on interest fees.
- LV is one of the few UK lenders to allow equity release on second homes within the UK.
If you’re considering equity release, this LV review will help you compare what’s on offer. For a more thorough comparison of equity release options completely tailored to your situation, get in contact with 1st UK today!
What to Know about Liverpool Victoria / LV=
LV is the abbreviation used for Liverpool Victoria. They are a leading provider of financial services, serving over 5.8 million customers throughout the UK with cost-effective insurance solutions, investment choices and a wealth of retirement solutions.
Since 2002, LV= has specialised in equity release funding, are regulated by the Financial Conduct Authority and are voluntary members of the Equity Release Council, giving reassurance that when they promise a no negative equity guarantee, they stand by it, alongside all other rules and principles that members of the Equity Release Council are obliged to uphold.
In addition to offering solid protection backed by unequivocal guarantees, they also have a string of awards to their brand, including:
- The Gold Standards Awards for retirement services in 2015
- 5 Star Award from MoneyFacts.co.uk for Equity Release Services through their Flexible Lifetime Mortgage
- The most recommended insurer by YouGov
- Financial Advisor Service Awards in 2015 for outstanding achievement
Suffice to say, when it comes to equity release LV= are ahead of the curve, know what financial solutions people want and are well-positioned to offer market leading financial services.
The Options LV Equity Release Provide
LV= have two products, both straightforward to understand.
- The Lifetime Mortgage - Lump Sum+
- The LV Flexible Lifetime Mortgage
How much you can borrow from both plans will depend on your age and your home’s value. A prerequisite for both products is that you must get financial advice from a financial adviser who’s certified to provide advice on equity release products.
1st UK has the experts at hand to provide solid financial advice on all aspects of equity release and can compare the whole of market, reviewing all offers and advising you on the best custom solution suited to your needs. Contact us Today
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The Lowdown On Each Of The LV Equity Release Products
Lifetime Mortgage Lump Sum+
The Lifetime Mortgage Lump Sum+ Offers homeowners the option to release a lump sum payment based on their age at the time of application and the current value of the property. The minimum lump sum you can release is £10,000 with the possibility of borrowing more later and the amount you’ll be eligible to borrow ranges from 25% of your property’s value for applicants aged 60 years old, rising to 55% for homeowners aged 90 years of age to 95 years of age.
The single lump sum payment of £10,000 can cost less in comparison to the Flexible Lifetime Mortgage. Furthermore, interest is compounded annually, bringing even more interest savings. Future borrowing may be available depending on individual circumstances.
Who’s it for?
The Lifetime Mortgage Lump Sum+ is suited to those who need to pay for a one-off expense, be it home improvements, to clear outstanding debts, pay for family tuition fees, take a holiday or a buy a new caravan.
Flexible Lifetime Mortgage
LV’s Flexible Lifetime Mortgage has the same minimum loan amount of £10,000, but instead of it being released as a lump sum, it’s released in stages of at least £2,000 per withdrawal. It can be more cost-effective than the Lump Sum+ product as you’d only be paying the interest on money released and not what’s on reserve for withdrawal at a later date.
The amounts you can borrow is determined by your age at the time of application and your home’s valuation. 20% for customers aged 60, rising to 50% of homeowners aged 90 to 95.
When a Flexible Lifetime Mortgage is arranged with LV=, the remaining loan amount on reserve is valid for 15 years with a restriction of one withdrawal per year.
As the minimum you can release is £2,000, it would mean if you were to borrow the minimum £10,000, you could release £2,000 per year for the next five years, or every three years from the date of approval, taking your loan validity to the maximum 15-year term. Interest rates are variable and based on the time you release the funds. No interest is paid on money you have on reserve to release at a later date.
There is the option to increase your loan amount during the term of the loan; however it will be subject to a home revaluation.
As with all LV= equity release options, you do need to consult with a qualified financial adviser to be considered for any of the LV= Lifetime Mortgage products.
Speak to our friendly advisors certified to discuss equity release products with you and compare the various offers from the whole of the market to find the most cost-effective solution to meet your financial requirements.
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The Eligibility Criteria For LV Equity Release
- Homeowners need to be aged between 60 and 95
- Joint homeowners require a joint application
- The minimum home valuation is £70,000
- The property must be a freehold
- Long-leaseholds are considered but must have a minimum term remaining
- All properties must be in good condition, be well-maintained and built with conventional materials. Specialist buildings can be considered.
- Any existing mortgages remaining in place must be paid in full from the funds released
- Properties must be within the United Kingdom (inclusive of Isle of Wight and Anglesey)
The Small Print of LV= Equity Release Schemes Reviewed
- Adequate buildings insurance must remain in place
- Your property has to be kept in a good state of repair
- Before others occupy any part of your home, you need the express permission of LV=
- If your properties Title Deeds are in joint names, both names need to be on the LV Equity Release agreement
- If you sell your home, you can either
- transfer the Lifetime Mortgage product or
- repay the outstanding mortgage
- A joint applicant can be added to the product at a later date, provided they meet the eligibility criteria
- Early repayment fees are applied to loans repaid within the first ten years.
- Interest is compounded annually
One thing that’s’ noteworthy of LV= is they’re one of a select few lenders prepared to arrange equity release funding on second homes with the only requirement being they’re in the UK and not an overseas holiday home. That’s rare to find.
Compare Equity Release Schemes
While our LV= Equity Release review covers the need-to-know aspects and whether you’d be eligible, comparison of the whole of the market is even more beneficial.
As LV stress in all their documentation, it’s essential you get the best advice on equity release from a certified financial advisor to ensure you are aware of all the implications and the total costs.
1st UK are specialists in equity release, able to advise on a range of products from a multitude of lenders and will compare the whole of market, getting you the best key illustration fact sheets from the most competitive products available.
Get in contact with our team today to find out how we can help you release the cash tied up in your home on the most favourable terms at the best rates.
Please note that the LV= logo is a trademark of Liverpool Victoria, to which we have no direct affiliation. The equity release firms we work with provide quotes from many providers.
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