Freephone 0800 802 1051
Freephone 0800 802 1051
Compare Deals BTL/Second Home Flexible Lifetime Mortgage

LV= Flexible Lifetime Mortgage Details (Buy-To-Let)

Your summary includes any incentives, special offers and product details. Click 'get a quote' to request your personalised illustration!
Compare Deals BTL/Second Home Flexible Lifetime Mortgage

Flexible Lifetime Mortgage

  • Type Fixed
  • Rate 5.11%
  • APR 5.40%
  • Free Valuation
  • Second/Holiday Home Plan
  • Guaranteed 15-Year Drawdown Facility
  • Fixed Early Repayment Charges
  • 3-Year No Early Repayment Charge


LV= is the brand name of Liverpool Victoria which exists as a mutual for the benefit of its members, not shareholders. Formed in 1843 in Liverpool to meet the financial needs of working class families, LV= have grown significantly by acquiring other mutuals and societies.

LV= offer a suite of equity release plans including drawdown and lump sum lifetime mortgages which are available on a main residence, but also second homes and holiday homes. Traditional in its nature, LV= offer steadfast plans that provide guarantees that most other equity release schemes don't include. Therefore, if elements of security with regards to repayments, low rates or permanence of access to future funds is required, then LV= Equity Release are a company to be considered.

The Liverpool Victoria Flexible Lifetime Mortgage can be taken out on a second or holiday home with certain restrictions as detailed below.


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=, thus the balance will invariably roll-up & compound annually over the life of the loan..

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 can offer their equity release schemes on not only a main residence, but also holiday homes and 2nd homes in the UK.

This second home must be available for the sole occupancy of the applicant, or let out for no more than four weeks at a time. The property must also be used by the applicant for a minimum of four weeks every year. Whilst the property should not have any prominent signage, LV= may consider some advertisement on a site such as AirBnB, or similar.

Should the second/holiday home be situated within close proximity to the applicant’s main residence, then LV= may not accept the property. Contact us directly if the 2nd home is in the same postcode area as your main residence on Freephone 0800 802 1051.

If the LV= Flexible plan is acceptable on a second home or holiday property, then LV= will reduce their standard Flexible plan's loan-to-value (LTV) figure by 10%. Therefore, if the standard LTV at age 75 was 35%, then on holiday and 2nd homes, the maximum equity release that could be borrowed would be 25% of the property value.

LV='s Flexible Lifetime Mortgage on 2nd homes is available on both single and joint life basis, with a minimum age of youngest homeowner being 60 and a maximum age of 95.


The LV= Flexible Lifetime Drawdown Mortgage is a drawdown scheme that offers homeowners an overall cash facility from which they can withdraw an initial capital amount for immediate use, with any unused cash element remaining with the lender. No interest is charged on these cash reserve facility funds, only on any capital actually withdrawn.

The LV= drawdown mortgage scheme is suitable for homeowners needing a specific cash lump sum from the outset, but with an option for still having access to a future cash pot in the future. These additional withdrawals can be in as smaller amounts as £2,000 a time and attract no further administration charges.

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.

The USP for the LV= Flexible Lifetime Mortgage is the 15-year guaranteed cash reserve facilty. Therefore, the maximum equity release loan calculated at inception is guaranteed for 15 years & cannot be withdrawn unlike every other equity release scheme. Thus, if drawdown was of high importance then the LV= plan should be a major consideration.

LV= offer a free valuation upto £1,500,000. However, for properties valued higher this can be referred to LV=, hence please contact the Equity Release Supermarket team directly on Freephone 0800 802 1051 for properties over this figure.

This drawdown lifetime mortgage comes with a fixed lifetime equity release interest rate on the initial lump sum which is charged annually. Future cash withdrawals would attract the interest rate applicable at the time of each withdrawal.

LV= are members of the Equity Release Council, hence their plans incorporate the no-negative equity guarantee. This means that following sale of the property on death or long term care, the beneficiaries cannot be left with a debt owing to the equity release company.

For joint applicants there is an added protection feature for the remaining survivor of the plan. Should one homeowner die or move into care, the surviving partner has the option to repay this lifetime mortgage back to LV= within 3 years of this event with NO penalty.

Early repayment charges are always an important feature of any equity release mortgage. LV= are one of the few companies to offer a fixed early repayment charge strategy. For the 1st 5 years of the loan period, LV= would charge 5% of the capital repaid, the next 5 years it would be 3%, with NO penalty after the 10th year.

Therefore, if a fixed penalty early repayment charge is required, with low interest rate and a flexible borrowing facility, then LV='s Second/Holiday Home Flexible Lifetime Mortgage should be considered.


This LV= Flexible Drawdown Mortgage enables any homeowner to spend their tax-free cash as they wish, with no need in having to make any repayments. However, LV= will allow partials repayments, albeit restrictively and with potential early repayment charges The minimum repayment amount that can be made is £5,000 with a proviso that the remaining loan outstanding is greater than £10,000.

Additional borrowing is available should the full cash reserve facility become expired. LV= allow two further re-valuations in this regard, with no charge for the first two additional borrowing applications.

To obtain further information or to request a quotation on the LV= Flexible Second Home Drawdown plan, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

Get quote Back