LV=’s new desktop valuation solution for Lifetime Mortgage Lump Sum+ is now live.
You can now submit your client applications and they will be considered for a desktop valuation.
Please be aware that desktop valuation is not available for LV=’s Flexible Lifetime Mortgage product.
Submissions for desktop valuation eligibility
To enable LV= to review any new enquiries for desktop valuation eligibility, they will need you to complete a short document containing some simple property questions. You can find the document on their dedicated coronavirus hub here. (please link to https://www.lv.com/adviser/coronavirus-update/equity-release
Once completed, please email this to their Sales team at EquityRelease.Sales@LV.com and they will be in touch with you to confirm eligibility for a desktop valuation. If the property fits their criteria, LV= will send you a KFI for a desktop valuation, so you can proceed with the usual application process.
If the property is not suitable for a desktop valuation, LV= can still quote for a physical valuation if you have requested this and your client is prepared to wait.
Lending criteria
As part of the desktop valuation process there will be some temporary modifications to LV=’s lending criteria concerning – location of the property; LTV; value of the property; construction and build of the property; property type. The changes are clearly explained in their FAQ document which should answer most of your questions. (please link the FAQ to https://www.lv.com/lifeassets/assets/documents/lifetime-mortgage-lump-sum-plus-desktop-valuation-faq.pdf )
LV= is continuously reviewing their Equity Release processes and lending criteria to increase their flexibility and better support your clients. LV= understands that client needs are also changing and they are committed to supporting them during these challenging times.
In addition to the new desktop valuation solution, LV= also removed the end date to their special £0 application fee offer for Lifetime Mortgage Lump Sum+. Your clients with loans of £50,000 or more can benefit from not having to pay the standard LV= fee of £595. However, if the loan is below £50,000 the fee will still apply.
For the latest news and updates on LV=’s proposition including details on their new desktop valuation solution please visit their dedicated page of the LV= Adviser Centre. (please link to https://www.lv.com/adviser/coronavirus-update/equity-release
