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 60 – maximum age 95.
- 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 and £70,000 maximum.
- 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.
- Six repayments per year totalling up to 10% of total advances after 12 months, 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 and rates
Find product details, loan amounts and repayment charges here.
Lifetime Mortgage Drawdown+ Product Details and RatesHere are some important things to know about our Lifetime Mortgage Drawdown+:
- 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.
- All further withdrawals are on request – limited to a £1,500 minimum and £70,000 maximum. 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.
- Additional borrowing will be subject to a minimum of £2,000.
LV= Equity Release Portal
Our online portal is designed with you in mind. It helps you place and manage more of your Equity Release business efficiently with us. The smarter portal fits around your business needs – giving you 24/7 access and the flexibility to support your clients when they need you most.Rates
Our rates are based on level of the cash facility your client chooses. The table shows the rates for each level of initial borrowing only. See the full list of our LTVs for each level.
The table shows the rates for each level of borrowing. Rates apply for initial borrowing and further withdrawals from the pre-agreed facility. The interest rate applied to any further advances will be dependent on both the total LTV and prevailing interest rates at the time of the advance. It’s likely to be higher than the rate applicable to new customers.
Interest is compounded annually. If a repayment is made partway through the year, we charge interest daily to calculate the amount owed.
The table shows the rates for each level of borrowing. Rates apply for initial borrowing and further withdrawals from the pre-agreed facility. The interest rate applied to any further advances will be dependent on both the total LTV and prevailing interest rates at the time of the advance. It’s likely to be higher than the rate applicable to new customers.
Interest is compounded annually. If a repayment is made partway through the year, we charge interest daily to calculate the amount owed.
Highly rated for Equity Release
Moneyfacts and Defaqto conduct an annual assessment of the market. We’ve been highly rated on the quality of our Equity Release products.
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 when they take out our Lifetime Mortgage Drawdown+ at no extra cost. They can access six medical services:
- Prescription services – private prescriptions, without needing to visit their GP.
- Remote GP 24/7 – 24/7 access to 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.
We’re a mutual
We’ve been providing financial stability since 1843 – and we’re fully committed to the intermediary market. As a mutual, we’re owned by our members - anyone who holds a product with us, including fixed term annuities and pension drawdown.
Our membership model means we don’t focus on generating profits for shareholders. This lets us take a longer-term view on focus on doing what’s right for our customers and members.
Our membership model means we don’t focus on generating profits for shareholders. This lets us take a longer-term view on focus on doing what’s right for our customers and members.
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