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Lump Sum Lifestyle key features
Our Lifetime Mortgage Lump Sum Lifestyle can support your clients ever changing later life needs, helping them to enjoy their retirement now, with the option to leave a legacy for their loved ones through our Inheritance Protection feature.
Clients who would be suitable
Typically, our Lifetime Mortgage Lump Sum Lifestyle is suitable for clients who:
- Are age 55 to 90 years old
- Own a property worth more than £100k which is in England, Wales or Scotland
- Wish to release a modest-to-significant amount of equity from their home
- Would like the option of protecting some of their equity for their beneficiaries
- Do not intend to repay the loan during their lifetime, and,
- Would like the certainty of knowing upfront what the charges would be if they did.
Clients who wouldn’t be suitable
Our Lifetime Mortgage Lump Sum Lifestyle is not designed for clients who:
- Are under 55, or couples where one person is under 55
- Feel it is important to maximise the inheritance to their beneficiaries or leave their property as inheritance
- Need a facility or credit limit they can draw on in future.
For further information read our Equity Release Product Profile.
Meet Claire
Meet Claire
Claire has had a successful career as a solicitor. She’s divorced and lives in South West England – her detached home is worth £500k, and is mortgage free. She’s been enjoying her retirement for a few years, spending time with her family and making time for hobbies. Claire’s health has recently started to deteriorate and paying for in-house care to keep her independence is proving costly, impacting her savings. She is very proud and mentally well, but her physical health means she needs a lot of help.
Our Lifetime Mortgage Lump Sum Lifestyle would help Claire to cover home alterations and medical bills for ongoing care costs. She can also raise the cash without the need to move house, downsize or go into a long-term care home. Claire can also benefit from our wellbeing support with LV= Doctor Services and Care Navigator, any time she needs.
Standard lending criteria for clients
We’ll lend to an applicant who:
- Is aged between 55 and 90.
- Is a UK resident with a UK address history covering the last 36 months, and has a permanent right to reside in the UK.
- Is able to prove their identity.
- Has a property valued between £100k and £6m (properties valued £1.5m or over will require individual underwriting).
- Is the sole or joint owner of the property if married/civil partnership/co-habiting couple. Standard joint occupancy requires both borrowers to be on the deeds of the property and the lifetime mortgage application.
- Is low risk on our credit search report.
For more information, please refer to our Lending Policy Guide.
Lifetime Mortgage client suitability guide
Help personalise your service and match your client’s needs to the most suitable LV= Lifetime Mortgage. Our suitability guide helps identify when equity release is the right solution, finding the most appropriate lifetime mortgage.
Keeping clients in their home
Your clients can stay in their home - as long as it’s their legal right, and they meet the terms and conditions of their mortgage.
Your clients need to understand how the terms and conditions of their lifetime mortgage will affect them. They'll need to:
- Keep adequate building insurance.
- Keep up the maintenance of the home so it remains in the condition it was when the lifetime mortgage was taken out.
- Obtain permission from us before they allow any other person to live in any part of their home.
Other people living in the property
If your client is living with their partner, civil partner, or spouse, they'll both need to be named on the property deeds and in their Lifetime Mortgage Lump Sum Lifestyle application.
- If there are friends or family living in the property, or children aged 17 or over they’ll need to sign an occupancy waiver releasing their rights to the property.
- Those who are incapable of signing a waiver, for example due to disability, may have an occupancy waiver signed by a suitable power of attorney. The attorney must not be an applicant for the loan.
- Individuals under 17 do not need to sign a waiver of occupancy.
- If your client has any tenants or lodgers living with them, you'll need to contact us first before an application is submitted.
Moving home
Your client can move when their lifetime mortgage is up and running. The new home will need to meet our lending requirements at that time.
- If the new property is less expensive, we may ask your client to pay back part of the outstanding mortgage.
- If your client needs to pay back part of the outstanding mortgage, there won’t be an early repayment charge.
- If your client chooses to pay back more, or repay the lifetime mortgage in full, we may charge an early repayment charge.
- Please note the ability to transfer the lifetime mortgage is not guaranteed.
Equity Release Council
We’re a member of the Equity Release Council. Their standards aim to protect your clients through their code of conduct. That’s why we’re clear on our offering – with additional features and safeguards to our lifetime mortgage products.
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