Lifetime Mortgage Lump Sum Lifestyle Interest Reward
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Servicing
Lump Sum Lifestyle Interest Reward features
A lifetime mortgage that rewards our customers with a discounted rate, in return for making regular interest payments.- Your clients can choose to pay 25%, 50%, 75% or 100% of the interest each month, for a period of 5, 10 or 15 years.
- Customers can stop their payments at any time and may miss up to three payments in each anniversary year without losing their discounted interest rate.
- The discounted interest rate is fixed for the life of the loan, provided they continue to meet the agreed payment terms.
- On death or move into long-term care of the last surviving borrower, the discount rate applies until the loan is repaid, with no further repayments required.
- Customers can pay up to 11% of the initial loan amount each year (including interest servicing payments), with no early repayment charges (ERCs) applied. Minimum £50 payment.
- Additional borrowing may be available (it is not guaranteed).
- Downsize protection in place from day 1 for full repayment.
- Inheritance protection option available.
- For joint mortgages, repayments are ERC-free if made within four years of first death or move into long term care.
- Added value benefits included: LV= Doctor Services and Care Navigator.
- No negative equity guarantee.
Product details
Find product details, interest rate discounts, loan amounts and repayment charges here.
David's story
Take a look at our illustrative case study, which shows how a Lump Sum Lifestyle Interest Reward product could help David manage his interest roll-up.
- The amount of interest being repaid and the term cannot be changed by the client after completion of their loan.
- Your client can repay more than the agreed interest repayments or repay their entire mortgage at any time, but an early repayment charge may apply in the first eight years.
- Additional borrowing is not guaranteed and will depend on our lending criteria at the time. There will be no committed interest payments or discounted rate on further advances.
- It's important that your client speaks with their family before taking out an Equity Release product, particularly any beneficiaries in their Will.
- 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.
- This is a lifetime mortgage, a loan secured against the client's home.
David's story – making interest payments
This case study shows how your clients could benefit from making interest payments with our Lifetime Mortgage Lump Sum Lifestyle Interest Reward product.
Please note this is an illustrative example only and does not contain our latest rates or rate discounts. View our latest discount rates here.
David, age 60, has a property value of £275,000.
He takes a lifetime mortgage of £61,000 to pay off the remainder of his interest-only mortgage.
This table shows the impact on David’s balance, and how much he saved after 20 years, if he paid 100% of the interest each month.
This table shows the impact on David’s balance, and how much he saved after 20 years, if he paid 50% of the interest each month.
Our application process
Please note an illustration is valid for 10 business days to allow for the application to be fully submitted. To make sure the rate applied for is protected, the offer will then need to be issued within 30 calendar days of the application submission date.
The offer will be withdrawn by LV= if not completed within 90 days of the offer date.
In the event of either the 30 or 90 day timescale being 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.
Supporting your clients
Our support goes beyond offering quality lifetime mortgage products. We understand the need for quality and convenient medical services grow as your client's needs change.
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
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.
Let's talk
0800 028 89749am - 5pm Mon-Fri
TextDirect: first dial 18001. We may record or monitor calls for training and audit purposes.