Lifetime mortgages updates

We've reduced the LTVs on our Lump Sum and Drawdown Lifestyle products.

View our lending limits and fees for the latest LTV tables:

• Lump Sum Lifestyle lending limits and fees 
• Drawdown Lifestyle lending limits and fees

On Monday 15 December we changed the LTV structure on our Lifetime Drawdown products, making them more flexible, and updated our Portal, providing an improved adviser experience.

• The pre-set borrowing levels across both ranges are now called Options, but work in the same way as they did before. 
• Advisers can now also customise the exact drawdown reserve required. This is called the ‘Actual’ and gives your clients more flexibility and choice, depending on their own circumstances. This is in addition to the pre-set Options. 

For example, if your client wanted a reserve higher than the Option 2 would allow but not as high as the Option 3, you could enter the specific reserve your client required and the rate would be calculated accordingly.

• In addition to specifying the initial loan requirements, advisers can now choose to show the maximum available loan across all product ranges.
• For the Lifetime Mortgage Drawdown+ product, the interest rate for withdrawals is now determined by the age and LTV at the point of withdrawal, bringing it in line with our Lifetime Mortgage Drawdown Lifestyle product.
• Quotes generated in the Portal are now valid for ten business days, whether the interest rate changes or not. The relevant quote expiry date is reflected within the summary pages on the Portal. 
• The Portal will check the expiry date for each new or retrieved Application to display the options available for advisers. Advisers will still be able to proceed through the Application questions and view the current available rates at the end of the journey. This makes the process quicker and easier with no re-keying.

We have reduced the maximum LTVs available across our Lifetime Mortgage Plus products, including those with cashback: 

• Drawdown+ Platinum is now closed to new business.
• Drawdown+ Max is now closed to joint applicants and is available only to single applicants.
• Lump Sum+ maximum LTVs have been reduced.

View our lending limits and fees for the latest LTV tables:

• Drawdown+ lending limits and fees
• Lump Sum+ lending limits and fees

We have reduced the maximum LTVs available across our Lifetime Mortgage Plus products, including those with cashback: 

• Drawdown+ Platinum Plus is now closed to new business.
• Drawdown+ Platinum is now closed to joint applicants and is available only to single applicants.
• Lump Sum+ maximum LTVs have been reduced.

View our lending limits and fees for the latest LTV tables:

• Drawdown+ lending limits and fees
• Lump Sum+ lending limits and fees

Downsize protection improvement – applies to our Lifestyle and Plus ranges

• We have removed the five-year waiting period for the downsize protection feature to apply. This will now apply as soon as the lifetime mortgage is complete, if a customer fully repays their lifetime mortgage and moves to a property they wished to transfer their lifetime mortgage to that did not meet our lending criteria.

Compassionate window enhancement – applies to our Plus range only

• We have extended the compassionate window from three years to unlimited. Meaning if one borrower passes away or moves into long-term care, the surviving borrower can make a repayment at any time afterwards without incurring an ERC.

View our product details for more information:

• Lump Sum Lifestyle product details
  
• Drawdown Lifestyle product details
  
• Lump Sum+ product details
  
• Drawdown+ product details

We’ve updated our lending policy so more of your clients can benefit from our lifetime mortgage products.

Lifetime Mortgage Lump Sum Lifestyle and Drawdown Lifestyle: 

• Increased flexibility on our surface water flooding.
• Some modern methods of construction now accepted.
• Post-1970 crosswall construction and pre-cast reinforced concrete semi/detached properties now considered.
• Studio flats (3 rooms) and coach houses now considered.
• A more flexible approach to the proximity of pylons and masts to the property.
  
   

Lifetime Mortgage Lump Sum+ and Drawdown+:

• Properties with up to three titles now considered.
  
• Relaxed adverse credit scoring criteria.

All applications remain subject to underwriting review. 

• Higher LTVs available on Lifetime Mortgage Lump Sum+ and Drawdown+.
  
• Introduction of the Platinum borrowing level on our Lifetime Mortgage Drawdown+ product.
  
• Introduction of the Platinum Plus borrowing level for single applicants, on our Lifetime Mortgage Drawdown+ product.
  
• Higher LTVs available on Lifetime Mortgage Lump Sum Lifestyle for single applicants only.
• Introduction of the DD12 borrowing level for single applicants only, on our Lifetime Mortgage Drawdown Lifestyle product.

View our product details for the latest LTV tables:

• Lump Sum+ product details
  
• Drawdown+ product details
• Lump Sum Lifestyle product details
• Drawdown Lifestyle product details

We’ve successfully built on our API integration so you can now access our equity release products directly from Age Partnership and Equity Release Associates in addition to a host of other Sourcing tools, making your quote to application journey quicker and easier.

View the full list of our API links.

We’ve successfully built on our API integration so you can now access our equity release products directly from Responsible, Advise Wise and AIR Sourcing tools, making your quote to application journey quicker and easier.

Our new API links now allow you to:

• access instant KFIs,
  
• spend less time re-keying information,
  
• access the latest rates in real-time,
  
• submit your applications directly to the LV= Equity Release Portal.

Visit the Equity Release Portal to view these changes.