The LV= Flexible Lifetime Mortgage Plan offers a competitive interest rate with drawdown facility affording access to a tax-free cash reserve in the future. No repayments are required to be repaid back to LV=, thuis the balance with invariably roll-up & compound annually.
The minimum property valuation applicable on the LV= Flexible Lifetime Mortgage is £70,000 with no upper maximum, however LV= may reduce loan-to-values for properties valued above £1.5m. Please contact us directly on properties over this figure on Freephone 0800 802 1051.
For the property to qualify with LV's underwriting it must be located in England, Wales and Scotland. LV=, again uniquely LV= can offer their equity release schemes on not only a main residence, but also will consider holiday homes and 2nd homes in the UK. If they do accept such a property, LV= will reduce the standard loan-to-value (LTV) figure by 10%. Therefore, if based on a client's age the standard LTV was 40%, then on holiday and 2nd homes it would be 30% of the property value.
LV='s Flexible Lifetime Mortgage is available on both single and joint life basis, with a minimum age of youngest homeowner being 60, and a maximum age of 95 for entry onto their plans.
To start a drawdown equity release loan with LV=, the minimum initial amount that can be taken is £10,000. The total loan (initial lump sum + drawdown facility) can only be a maximum of 3 times the initial loan. Therefore, if £25,000 was taken upfront, then the maximum drawdown facility permitted would be a further £50,000. This can be reviewed again in the future should additional financial needs arise.