Compare LV= Equity Release Quotes Against The Market

Liverpool Victoria, now known as LV=, is one of the UK's most established and trusted financial services providers. With a history stretching back to 1843, they have a strong reputation for customer service and reliable products. In the later-life lending market, LV= is a major provider of lifetime mortgages, consistently winning industry awards for their flexible and transparent plans.

If you’re wondering whether Liverpool Victoria is the right equity release provider for you, get in touch below and one of our advisers will compare their deals against the rest of the market for you.

What is LV= Equity Release?

LV= specialises exclusively in lifetime mortgages, the most common form of equity release. This is a loan secured against your home, allowing you to release tax-free cash while retaining full ownership. The loan, plus the rolled-up interest, is repaid when the last borrower passes away or moves into permanent long-term care.

LV= offers two primary types of lifetime mortgages:

• Lump Sum+ Lifetime Mortgage: This plan provides you with a single, one-off tax-free payment. It's suitable for those who need a specific amount of money for a large purchase, such as clearing an existing mortgage or funding major home renovations.

• Drawdown+ Lifetime Mortgage: This is the more flexible option. You take an initial lump sum and have a reserve "pot" of pre-agreed funds you can draw from in the future. The main benefit is that interest is only charged on the money you have actually released, which can make it a more cost-effective solution in the long run.

Key Features of LV= Equity Release

LV='s lifetime mortgages are known for their flexibility and come with several key features:

• No Negative Equity Guarantee: As a member of the Equity Release Council, LV= guarantees that your estate will never owe more than what your home is sold for.

• Flexible Voluntary Repayments: You can make voluntary repayments of up to 10% of the initial loan amount each year without incurring an Early Repayment Charge (ERC). This allows you to manage the loan balance and reduce the impact of compounding interest.

• Downsizing Protection: If you decide to move to a smaller property after your plan has been in place for a set period (typically five years), LV= allows you to repay your loan in full without any early repayment charges.

• Free Valuation: LV= typically offers a free valuation of your property as part of the application process.

• Inheritance Protection: You have the option to ring-fence a percentage of your home's future value, ensuring that a fixed portion is protected as an inheritance for your beneficiaries.

LV= Equity Release Interest Rates

LV= offers fixed-for-life interest rates, which provides the security of knowing your rate will never change. Their rates are highly competitive and will depend on your age, property value, and the loan-to-value (LTV) ratio you require. You must get a personalised illustration from a financial adviser to see the exact rate you would be offered.

Eligibility Criteria

To be eligible for an LV= equity release plan, you and your property must generally meet the following criteria:

• You must be aged 55 or over. For joint applications, both applicants must be 55 or over.

• Your property must be your main residence and located in mainland England, Scotland, or Wales.

• Your property must be valued at a minimum of £70,000 (or £100,000 for flats/maisonettes).

• The minimum amount you can release is £10,000.

• Any existing mortgage or secured loan on your property must be paid off, which can be done using the funds you release.

LV= Equity Release Reviews

LV= consistently receives positive reviews and wins numerous industry awards for its equity release products (such as from Moneyfacts and What Mortgage). Customers and advisers often praise the company for its strong brand trust, excellent customer service, and the high degree of flexibility built into its plans, particularly the 10% voluntary repayment option.

Pros and Cons of LV= Equity Release

Pros:

• Trusted Brand: A long-established, award-winning, and reputable UK provider.

• Highly Flexible: The 10% penalty-free repayment option and drawdown facility offer excellent control over the loan.

• Downsizing Protection: The ability to move and repay the loan without penalty after five years is a valuable feature.

• Fixed-for-Life Rates: Provides certainty that your interest rate will never increase.

• Free Valuation: This helps to reduce the upfront costs of setting up a plan.

Cons:

• Compounding Interest: As with all roll-up plans, the interest compounds, and the total debt can grow significantly over time.

• Reduced Inheritance: The loan will reduce the value of the inheritance you can leave behind.

• Impact on Benefits: Receiving a cash lump sum could affect your eligibility for means-tested state benefits.

• Downsizing Timeframe: The downsizing protection only kicks in after five years, which may be less flexible than some other providers.

How to Apply for LV= Equity Release

You cannot apply to LV= directly. You must go through a qualified equity release adviser. This is a regulatory requirement to ensure you fully understand the product, its risks, and any alternatives. The adviser will assess your situation, recommend the most suitable plan for your needs (whether from LV= or another provider), and guide you through the application and legal process.

Get started here and we’ll set you up a free, no-obligation chat with one of our advisers who knows LV’s equity release range well and compare them against the rest of the market for you.