LV= is perhaps one of the most reputable providers of retirement products, including equity release schemes and lifetime mortgages. Liverpool Victoria as they are also known, has earned a number of awards, including those for Best Provider for Adviser Support, Best Equity Release Provider, and Best Lifetime Product Provider. LV= is a lender that prides itself on lending responsibility and maximising your assets.
One of the many straight forward and reliable products offered by LV= is their lump sum lifetime mortgage. This product is best used by those who are looking to borrow a one-time lump sum without having to agree to a maximum loan.
Through this lump sum lifetime mortgage, you are able to release a sum of money to use however you wish. The money can be used to pay off debt, increase your current standard of living, pay for university for your loved ones, or make home improvements.
The interest rate on this plan is fixed for life and calculated starting on the date of your mortgage. The interest is added to how much you owe each day and is then compounded on a yearly basis. This will continue to occur until the loan is repaid. There are absolutely no repayments that need to be made until the loan is repaid. For most consumers, the loan is only repaid once they have entered into long term care or have passed away.
This product does typically have a lower interest rate as well as lower fees when compared to other lifetime mortgages because it does not actually have a guarantee of a maximum loan.
In order to take advantage of this product, you do need to borrow at least £10,000. You also need to be at least 60 years old and have a property that is valued to be worth at least £70,000. This product may be eligible for a free valuation for those properties worth up to £500,000. LV= are one of the few lenders who will consider property values over £1 million and loans in excess of £500,000. Special terms can be negotiated on such equity release deals.
The LV= lump sum lifetime mortgage is perfect for those consumers who are looking to borrow through a one-time lump sum. It may be possible to borrow more in the future, should you need it, but that is not always guaranteed with this lifetime mortgage. If you need future advances, LV= will allow two more free valuations. Should you already think that you may need to borrow more in the future, LV= does provide other lifetime mortgages that may best suit your individual needs.