Lifetime Mortgage Drawdown Lifestyle

Lifetime Mortgage Drawdown Lifestyle:

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Drawdown Lifestyle features

We understand that your clients’ circumstances may change throughout retirement.

Our Lifetime Mortgage Drawdown Lifestyle comes with a range of flexible features to adapt to their needs, helping them to live confidently in retirement.

Your client can 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. They can also protect a set percentage of their property value to leave as a guaranteed inheritance.

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 90.
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 £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 £1.5million.
For joint mortgages, ERC free repayment within four 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 eight years.
Unlimited number of repayments with a minimum of £50 totalling up to 11% of total advances each year, free of any early repayment charge.
Downsize protection included for full repayment from year five onwards.
The option to protect up to 99% of the equity of the property by adding Inheritance Protection.
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.

Read the product details

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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The offer will be withdrawn by LV= if not completed within 90 days of the offer date.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.

Important information

Here are some important things to know about our Lifetime Mortgage Drawdown Lifestyle:

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 Lifestyle Terms and Conditions.
All further withdrawals are on request - limited to a £500 minimum. Only one withdrawal will be permitted each month.
Each time your client makes a withdrawal, it will be based on the prevailing interest rate applicable at the time.
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 £5,000.

Your client can repay some or their entire mortgage at any time, but an early repayment charge may apply within the first eight 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.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Inheritance Protection can be reduced or increased in the future if needed, but can’t be added to your client’s mortgage after it’s completed.

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.

Launch the LV= Equity Release Portal

Lifetime Mortgages Cashback

Even more flexibility for your clients, with our cashback option. Available on our Lifestyle product range.

Terms and conditions and apply.

Highly rated for our Lifetime Mortgage Drawdown Lifestyle

Defaqto conducts an annual assessment of the market. As a result, our Lifetime Mortgage Drawdown Lifestyle 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 gives your client and their spouse/partner, fast and easy access to medical services:

Prescription services – clients can get a private prescription, without needing to visit their GP.
Remote GP 24/7 – unlimited consultations with a UK doctor by phone or video.
Second opinion – clients can check a diagnosis and get advice on treatment options.
Remote physiotherapy – clients get free sessions with a trained UK physiotherapist.
Discount health MOTs – 25% off services that identify health risks, offering areas for improvement.
Psychological services – clients get free sessions of mental health support, from counselling to Cognitive Behavioural Therapy.

LV= Doctor Services is a non-contractual benefit which can be changed or removed at any time.

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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