LV= is the registered trademark of Liverpool Victoria Friendly Society Limited who previously acquired the equity release business operations of specialist retirement company Tomorrow (formerly GE Life).
The LV= Lump Sum+ Lifetime Mortgage scheme is designed to provide a one-off tax free cash lump sum on commencement of the scheme. This is mainly used by people who cannot foresee the need for additional funds in the future and require one of the lowest equity release interest rates.
Plans start at age 60 & there is a minimum property value of £100,000 with a £10,000 minimum initial withdrawal limit. The maximum loan permitted is £1m.
There are no monthly payments required during the term of the Lump Sum+ lifetime mortgage and the interest rate is fixed for life.
However, as an option the LV= Lump Sum+ plan now includes a Voluntary Payment** option which allows any homeowner to have the ability to make ONE repayment each year back to LV= with NO penalty. This is limited to 10% of the original amount borrowed per annum, in minimum amounts of £1,000 and repayments can start after 12 months from inception of the plan.
**An additional feature of the Lump Sum Plus plan is the inclusion of the downsizing protection feature. This allows homeowners who have held their plan for 5 years, to be able to downsize to another property. However, should the new property NOT meet LV='s lending criteria, the mortgage can be repaid in full with NO early repayment charges.
*LV= equity release plans include an early repayment charge waiver, whereby on joint applications should one party die or move into residential care, then the plan can be repaid within 3 years without a penalty applying.
The LV= range of equity release schemes currently benefit from an offer of a FREE valuation on properties upto £1,500,000 and fixed early repayment charges over 10 years.
Further advances are possible in the future subject to lender criteria and LV= will allow a two further free valuations for this purpose.
**£0 application fee on loans over £50,000, £595 fee applies on loans under £50,000vPlease contact Compare Equity Release for your personalised LV= Lump Sum Plus quotation on FREEPHONE - 0800 678 5169.