The following changes will be made to the lending criteria for LV= lifetime mortgages.
In summary:
- Our maximum flat roof percentage has increased from 50% to 100%.
- We will now be able to take a more flexible approach to properties in proximity to commercial/non-residential buildings.
Flat Roof
We have increased our maximum flat roof percentage from 50% to 100%.
We are happy to consider 100% flat roof where a durable material, such as asphalt, metal sheet, EPDM, GRP etc., is in place and the roof is in good condition. Our maximum percentage where the flat roof is constructed from felt has increased from 30% to 50%.
Ex-local authority properties are subject to a 50% maximum flat roof, regardless of the construction material used.
Commercial/Non-Residential Proximity
We will now be able to take a more flexible approach to properties in proximity to commercial/non-residential buildings. Non-residential properties, such as schools, places of worship, healthcare premises, care homes etc., may be permitted where adjacent or in close proximity to the subject property and subject to a satisfactory valuation.
For properties in close proximity to commercial premises e.g. pubs, shops, restaurants, offices, petrol stations etc. we are happy to consider these subject to surveyor comments. Please note that we are still unable to accept a property which is adjacent to or above commercial premises or in close proximity to a large-scale industrial site.
When submitting an application through our Equity Release Portal, there is already a question which asks whether the subject property is within 50m of commercial premises. If this is the case, you should answer this question appropriately and provide any relevant additional details in the notes section on the decision page. This will then be reviewed by our Underwriters before the valuation is instructed.
For more information, contact the LV= Equity Release team:
Call: 0800 028 8974 (option 1)
Visit: www.lvadviser.com/equity-release
Email: equityrelease.sales@lv.com
