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Lump Sum+ features
Your client’s home is likely their biggest asset. A lifetime mortgage can help unlock the equity tied up in their home – meaning they can achieve their objectives in later life.
There are many features available, including:
- 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.
- Additional borrowing may be available (it is not guaranteed).
- Maximum lending of up to £1.5million.
- For joint mortgages, ERC free repayment within 3 years of first death or move into long term care.
- Interest rate linked to age and LTV.
- A ‘No Negative Equity’ guarantee.
- Fixed early repayment charges ending after 10 years.
- Six repayments per year totalling up to 10% of the original advance, free of any early repayment charge.
- Downsize protection included for full repayment from year five onwards.
- 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 Lump Sum+ product details and ratesBeing aware of the options available is crucial – here are some important things you should know about our Lifetime Mortgage Lump Sum+.
- Your client can repay some or their entire mortgage at any time, but an early repayment charge may apply in 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. Please remember that 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.
- Further cash advances will depend on our lending criteria at the time.
Rates
Our rates are based on age and LTV. The table shows the rates based on LTVs available for a 70-year old. For a 60-year old, the LTVs would range from 15% to 27%, with the same distribution of rates. See a full list of our LTVs.
These rates apply for initial borrowing only. The interest rate applied to any further advances will depend 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.
On a joint life basis, the interest rate for the lowest age will apply. We charge interest daily to calculate the amount owed if a repayment is made part way through a year.
Rates correct as at 8 December 2020.
These rates apply for initial borrowing only. The interest rate applied to any further advances will depend 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.
On a joint life basis, the interest rate for the lowest age will apply. We charge interest daily to calculate the amount owed if a repayment is made part way through a year.
Rates correct as at 8 December 2020.
Award winning Equity Release
We’ve been expert rated 5 stars in the 2020 annual assessment of the equity release market by Defaqto, and 4 stars by Moneyfacts.
Supporting your clients
Our support goes beyond offering quality lifetime mortgage products. We understand your clients – as their lives change, the need for quality and convenient medical services grow.
At no extra cost, LV= Doctor Services gives your client 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 – access to 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
Considering care options can be stressful. To help your clients navigate the care system, we’ve partnered with MorganAsh to offer Care Navigator.
- Designed to help people looking for care options later in life.
- Provides specialist support and guidance for those facing the challenge of care needs, for your client or their loved ones.
- 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 drawdown products.
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.
Let's talk
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