LV= is entering the equity release drawdown market with the launch of a new product – Lifetime Mortgage Drawdown+.

In uncertain and fast-changing times, having future flexibility is reassuring for clients who want to have control and choice on their income levels in retirement. LV=’s new Lifetime Mortgage Drawdown+ product is designed to be as flexible as the lives of your clients, offering them peace of mind and the stability they need to maintain a comfortable lifestyle.

As the demand from clients and advisers continues for more flexible solutions, the LV= drawdown product allows clients to take out a minimum initial loan of £10,000 with further withdrawals available from £1,500 – £70,000. LV= is offering seven tiers of lending options for your clients to choose from – Lite, Standard 1, Standard 2, Standard 3, Max, Platinum and Platinum Plus. The flexible lending options allow your clients to control the level of the drawdown facility agreed with LV= depending on which product tier they’ve chosen. The interest rate LV= will charge on withdrawals will be the new business rate available at the time the withdrawals is made and will also depend on the level of borrowing agreed up front. So for example, if your client chooses the Drawdown+ Max product, then future withdrawals will be on the Drawdown+ Max new business rate.

Key product features:

  • Fixed and transparent ERCs with no repayment charges after 10 years
  • Six partial repayments per annum of up to 10%* of the total loan advances, ERC free*
  • There are seven LTV levels for your client to choose from
  • Flexible withdrawal facility with a £1,500 minimum and £70,000 maximum for each advance, a maximum of once per calendar month
  • A ‘No Negative Equity’ guarantee
  • The minimum we will lend is £10,000 and maximum up to £500,000

*ERC-free repayment option is available 12 months after completion of the initial loan.

LV=’s lifetime mortgages come with access to their added value services, so you can support your clients and their families beyond their financial needs. They offer LV= Doctor Services and Care Navigator which give access to fast and convenient medical support to clients – this is a unique offering in the equity release market.

The new Lifetime Mortgage Drawdown+ has been 5 Star rated by Defaqto and Moneyfacts for its high quality and features, giving you confidence when recommending the product to your clients.

LV=’s new product is also available on their new LV= Equity Release Portal, so you can submit business and track cases quickly and easily. LV= has created an adviser centric Equity Release online experience and the new portal offers an intuitive, 24/7 instant access with fast and efficient application management. The LV= Equity Release Portal allows you to track the progress of all your cases, store relevant documents safely in the online library and submit applications more quickly with no signatures – giving you and your clients answers sooner.

If you are not registered to use the online portal, you can find out the step-by-step process on LV=’s ‘how to register’ page here.

New flood-check tool

To make things even easier, LV= has created a new flood checking tool, which will give you a reasonable indication whether your clients’ property will meet their lending criteria regarding flood risk before submitting the application, so you can manage their expectations. Find out more about their new flood-check tool here.

To get a quote and find out more about the new Lifetime Mortgage Drawdown+ product visit LV= Adviser Centre .

For the latest marketing support and thought leadership content you can visit LV=’s brand new Equity Release Marketing Hub .

If you have an equity release requirement that you would like to discuss with the LV=, please contact your dedicated support team, using the options below:

Chris Smyth, Business Development Manager on tel 07889 493 825 or email chris.smyth2@lv.com

You can also contact the Sales Desk on 0800 028 8974 (Option 1) or by emailing equityrelease.sales@lv.com