Lifetime Mortgage Drawdown+:
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Drawdown+ features
We know that control and choice on income levels in retirement is important for your clients - particularly as the cost of living continues to rise.Our Lifetime Mortgage Drawdown+ allows your client to borrow a portion of their property value in the form of an initial loan, with the option to release further withdrawals from the pre-agreed reserve.
The product key features are:
- No interest repayments throughout the life of the loan – the loan and rolled-up interest is repaid when your client dies or moves into long-term care.
- Minimum age 55 – maximum age 84.
- The minimum we will lend to start with is £10,000.
- Further withdrawals are on request but not more than once per calendar month, with a £1,500 minimum.
- Additional borrowing may be available (this is not guaranteed). Any additional borrowing will only be considered once the facility is exhausted and will be in the form of a one-off advance, not a facility extension.
- Total maximum lending of up to £1,500,000.
- For joint mortgages, ERC free repayment within 3 years of first death or move into long term care.
- Interest rate linked to LTV.
- A ‘No Negative Equity’ guarantee.
- Fixed early repayment charges ending after 10 years.
- Unlimited number of repayments with a minimum of £50 totalling up to 10% of total advances each year, free of any early repayment charge.
- Support your clients and their families with LV= Doctor Services and Care Navigator, our added value benefits.
Product details
Find product details, loan amounts and repayment charges here.
- Access to the cash facility is not guaranteed - there are certain circumstances where it will be reduced or removed. For full details, see our Lifetime Mortgage Drawdown+ Terms and Conditions
- Additional borrowing will only be considered when the existing reserve has been exhausted and a new property valuation has been undertaken.
- Additional borrowing will be subject to a minimum of £2,000.
- All further withdrawals are on request - limited to a £1,500 minimum. Only one withdrawal will be permitted each month.
- Each time your client makes a withdrawal, it will be based on the new business interest rate applicable at that time.
- Your client can repay some or their entire mortgage at any time, but an early repayment charge may apply within the first 10 years.
- It's important that your client speaks with their family before taking out an Equity Release product, particularly any beneficiaries in their Will.
- The interest rate is fixed for the life of the loan. The loan plus interest can add up very quickly.
- LV= Doctor Services is a non-contractual benefit which can be changed or removed at any time.
- This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Updates to our application process
Please note that applicants will have 30 days from submitting a full application to progress to offer in order to qualify for the illustrated product rate.
The offer will be withdrawn by LV= if not completed within 90 days of the offer date.
In the event either timescale is exceeded, we will refer the applicant back to their adviser. Their chosen product may no longer be available meaning a new product may need to be selected from the range available at that time.
LV= Equity Release Portal
Our online portal puts people first, not paperwork. You can obtain personalised illustrations and submit new business applications through the portal.Lifetime Mortgages Cashback
Even more flexibility for your clients, with our cashback option.
Terms and conditions apply.
Our highly rated Lifetime Mortgage Drawdown+
Defaqto conducts an annual assessment of the market. As a result, our Lifetime Mortgage Drawdown+ has been 5 Star rated.
Convenient and effective medical advice
We put your clients first – from quality lifetime mortgage products, to expert medical advice – when it’s needed.
LV= Doctor Services is available to your client and their spouse/partner when they take out our Lifetime Mortgage Drawdown+. They can access six medical services:
- Prescription services – private prescriptions, without needing to visit their GP.
- Remote GP 24/7 – unlimited consultations with a UK doctor by phone or video.
- Second opinion – check a diagnosis and get advice on treatment options.
- Remote physiotherapy – free sessions with a trained UK physiotherapist.
- Discount health MOTs – 25% off services that identify health risks, offering areas for improvement.
- Psychological services – free sessions of mental health support, from counselling to Cognitive Behavioural Therapy.
Care Navigator
As your client’s consider their future, they may find themselves looking for care options. We’ve partnered with MorganAsh to offer Care Navigator:
- Helps your clients look for care options for later in life.
- Offers support and guidance if your client or their loved ones are facing the challenge of care needs.
- 10% discount on the services offered.
- Free, no obligation initial consultation.
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