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LV= Drawdown+ Lite Lifetime Partial Payment Mortgage Details

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Drawdown+ Lite

  • Type Fixed
  • Rate 3.13%
  • APR 3.20%
  • Free Valuation
  • Free Application
  • Fixed Early Repayment Charges
  • 3-Year No Early Repayment Charge
  • 10%pa Partial Payments with No ERC
  • 5-Year Downsizing Protection Feature


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 & societies.

LV= offer a equity release plans which include drawdown lifetime mortgages and lump sum plans that are only available on a main residence. The LV= Drawdown+ range comes with a suite of products ranging from Drawdown+ Lite through to the highest loan-to-value product - Drawdown+ Platinum Plus. Dependent upon the amount and size of drawdown facility required, will determine which of the Drawdown+ products is most suitable.


The LV= Drawdown+ Lite Lifetime Mortgage scheme 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 with invariably roll-up and compound annually. However, payment options are available should control over the future balance be necessary.

The minimum property valuation applicable on the LV= Drawdown+ Lite Lifetime Mortgage is £100,000 with an upper maximum valuation of £5 million. Please contact us directly on properties over this figure on Freephone 0800 802 1051.

The property must be a main residence and be located in England, Wales and Scotland.

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 upon application.

To start a drawdown equity release loan with LV=, the minimum initial loan amount is £10,000. The total loan (initial lump sum + drawdown facility) is calculated based on the loan-to-value. This is governed by your age, property value and the version of the Drawdown+ being considered. The maximum loan available on the Drawdown+ Lite is £1,500,000.


The LV= Drawdown+ Lite Lifetime 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 £1,500 a time and attract no further administration charges.

The LV= Drawdown+ Lite 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.

For homeowner's uncertain about their future at the property & maybe considering downsizing in the future, LV= have added a potential early repayment charge waiver called 'Downsizing Protection'. Should any homeowner with an LV= Drawdown+ Lite equity release plan move to a new house after 5 years following commencement of the mortgage, and the property they intend to purchase cannot be ported across as it doesn't meet LV's lending criteria, then the loan can be repaid with NO penalty.

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 specific penalty charge is required then LV='s Drawdown+ Lite Lifetime Mortgage again should be considered.


This LV= Drawdown+ Lite Lifetime Mortgage will allow voluntary payments of upto 10% per annum with no penalty, based on the initial loan amount. Payments may only start once the plan has been in force for 12-months with a maximum of six payments allowed to be made each mortgage year. This is subject to a minimum payment of £250, with a proviso the remaining loan outstanding is greater than £10,000. Once a partial payment has been made, no withdrawals from the reserve is permitted for 3 months after.

Additional borrowing is available should the full cash reserve facility become fully utilised. This is subject to a minimum loan of £2,000 and will require an additional borrowing application with associated valuation and application fees.

To obtain further information, or to request a quotation on the LV= Drawdown+ Lite Partial Payment Lifetime Mortgage plan, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

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