LV= 2nd/Holiday Home Lifetime Mortgage
Roll up Lifetime Mortgage
Rate: 3.80%
APR: 4.00%
Exclusive Deal:
Features: Free Valuation Offer | Fixed Early Repayment Charges Over 10 Years | 3 Year No ERC Feature* | Voluntary Payments of 10%pa** | Downsizing Protection**

LV= is the recognised trademark of Liverpool Victoria Friendly Society Limited who acquired the equity release lending arm of specialist retirement company Tomorrow" (formerly known as GE Life).

The LV= lump sum & drawdown lifetime mortgage schemes have been adapted to suit people who own second properties or holiday homes for personal use. Either of the drawdown or lump sum options can be chosen for these second property types, which require no monthly repayments to be made.

LV= equity release schemes start at age 60 with a minimum property value of £70,000 & a £15,000 minimum initial lending limit.

The drawdown plan offers the flexibility of taking an initial tax free lump sum from the creation of a cash reserve facility. Any funds not taken immediately are held in reserve for whenever further funds are required in the future. The drawdown plan has a higher lifetime fixed interest rate than the LV= Lump Sum+ plan.

The lump sum option is an single cash lump sum equity release scheme, whereby a one-off lump sum is taken, where it is known no further funds are required in the future.

The big advantage of LV='s equity release schemes is the clarity of their early repayment charges. These are fixed at 5% for the first 5 years, 3% for the next 5 years and have NO early repayment charges after 10 years. Great if repayment is a possibility in the future due to receipt of an inheritance or possible downsizing.

LV= accept equity release applications on second properties & holiday homes subject to a 10% reduction in their standard loan-to-values.

If the Lump Sum+ plan is being used for 2nd/holiday home purposes, then the plan comes with two additional features over & above that of the flexible plan: -

**One important feature is the inclusion of a voluntary payment option, whereby the homeowner can elect to make upto 10% per annum repayments back to LV=. The ability to make repayments commences 12 months after the plan starting & is limited to one payment each year with a minimum amount of £1,000.

**A downsizing protection option, which means that should the homeowner wish to move the loan to a new property after 5 years, & that property does not meet LV='s acceptable lending criteria, then the loan can be repaid in full with NO early repayment charge.

*They now also include a sensible early repayment charge waiver whereby on joint applications, should one partner die or move into residential care, the loan can be repaid within 3 years without ANY penalty.

Contact Compare Equity Release on 0800 678 5169 if you would like further information or quotation for your second home or holiday home.

These are lifetime mortgages and home reversion plans. To understand their features and risks, ask for a personalised illustration.

 

  • All schemes are authorised and regulated by the FCA
  • Continued ownership of 100% of your home
  • Interest rates sourced from the whole of the market
  • Continued benefit from future house price increases
  • Exclusive deals to save you money
  • Free advice with no commitment or credit checks

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These are lifetime mortgage & home reversion plans. To understand the risk & features of these plans, request a personalised Key Facts Illustration.

CompareEquityRelease.com helps you to compare and arrange equity release schemes with the following equity release companies:

Aviva | Bridgewater | Hodge Lifetime | Just Retirement | LV= | more2life | One Family | Retirement Advantage | Pure Retirement