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href="/guaranteed-income-solutions/fixed-term-investment/guaranteed-income-drawdown" target="_self" class="" title="Guaranteed Income Drawdown" role="menuitem"><span>Guaranteed Income Drawdown</span></a></li></ul></li></ul></div></li></ul></div></li><li class="has-sub"><a href="/personal-protection" target="_self" class="" title="Protection" role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Protection</span><span class="icon-arrow"></span></a><div class="subnav level1"><ul><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Personal Protection</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">Products</h3><ul class="children"><li><a href="/personal-protection" target="_self" class="" title="Personal Protection" role="menuitem"><span>Personal Protection</span></a></li><li><a href="/personal-protection/income-protection" target="_self" class="" title="Income Protection" role="menuitem"><span>Income Protection</span></a></li><li><a href="/personal-protection/life-and-critical-illness" target="_self" class="" title="Life and Critical Illness" role="menuitem"><span>Life and Critical Illness</span></a></li><li><a href="/personal-protection/life-protection" target="_self" class="" title="Life Protection" role="menuitem"><span>Life Protection</span></a></li><li><a href="/personal-protection/personal-sick-pay" target="_self" class="" title="Personal Sick Pay" role="menuitem"><span>Personal Sick Pay</span></a></li><li><a href="/personal-protection/family-income-benefit" target="_self" class="" title="Family Income Benefit" role="menuitem"><span>Family Income Benefit</span></a></li><li><a href="/personal-protection/gift-inter-vivos" target="_self" class="" title="Gift Inter Vivos" role="menuitem"><span>Gift Inter Vivos</span></a></li></ul></li><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="/personal-protection/flexible-protection-plan" target="_self" class="" title="Flexible Protection Plan" role="menuitem"><span>Flexible Protection Plan</span></a></li><li><a href="/personal-protection/income-protection-solutions" target="_self" class="" title="Income Protection Solutions" role="menuitem"><span>Income Protection Solutions</span></a></li><li><a href="https://www.lvadviser.com/service/launchers/adviser/executelauncher?launcher=fpp-quote-multi" target="_blank" class="" title="Quote &amp; apply" role="menuitem"><span>Quote &amp; apply</span></a></li><li><a href="https://www.lvadviser.com/service/launchers/adviser/executelauncher?launcher=protection-progress-hub" target="_blank" class="" title="Protection Progress Hub" role="menuitem"><span>Protection Progress Hub</span></a></li><li><a href="/online-services/fastway/pre-uw-tool" target="_self" class="" title="Pre-underwriting tool" role="menuitem"><span>Pre-underwriting tool</span></a></li><li><a href="/online-services/personal-protection-tools-and-calculators" target="_self" class="" title="Tools &amp; calculators" role="menuitem"><span>Tools &amp; calculators</span></a></li><li><a href="/personal-protection/why-income-protection" target="_self" class="" title="Why Income Protection" role="menuitem"><span>Why Income Protection</span></a></li></ul></li></ul></div></li><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Business Protection</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">Products</h3><ul class="children"><li><a href="/business-protection" target="_self" class="" title="Business Protection" role="menuitem"><span>Business Protection</span></a></li><li><a href="/business-protection/relevant-life-cover" target="_self" class="" title="Relevant Life Cover" role="menuitem"><span>Relevant Life Cover</span></a></li><li><a href="/business-protection/key-person-cover" target="_self" class="" title="Key Person Cover" role="menuitem"><span>Key Person Cover</span></a></li><li><a href="/business-protection/share-and-partnership-protection" target="_self" class="" title="Share &amp; Partnership Protection" role="menuitem"><span>Share &amp; Partnership Protection</span></a></li><li><a href="/business-protection/executive-income-protection" target="_self" class="" title="Executive Income Protection" role="menuitem"><span>Executive Income Protection</span></a></li></ul></li><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="https://www.lvadviser.com/service/launchers/adviser/executelauncher?launcher=fpp-quote-multi" target="_blank" class="" title="Quote &amp; apply" role="menuitem"><span>Quote &amp; apply</span></a></li><li><a href="/online-services/business-protection-tools-and-calculators" target="_self" class="" title="Tools &amp; calculators" role="menuitem"><span>Tools &amp; calculators</span></a></li><li><a href="/business-protection/trusts" target="_self" class="" title="Business Protection &amp; Trusts" role="menuitem"><span>Business Protection &amp; Trusts</span></a></li><li><a href="/business-protection/tax-treatment" target="_self" class="" title="Tax treatment" role="menuitem"><span>Tax treatment</span></a></li><li><a href="/business-protection/business-protection-guide" target="_self" class="" title="Guide to Business Protection" role="menuitem"><span>Guide to Business Protection</span></a></li></ul></li></ul></div></li></ul></div></li><li class="has-sub"><a href="/equity-release" target="_self" class="" title="Equity Release" role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Equity Release</span><span class="icon-arrow"></span></a><div class="subnav level1"><ul><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Products</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">Products</h3><ul class="children"><li><a href="/equity-release" target="_self" class="" title="Equity Release" role="menuitem"><span>Equity Release</span></a></li><li><a href="/equity-release/lifetime-mortgage-lump-sum" target="_self" class="" title="Lifetime Mortgage Lump Sum Plus" role="menuitem"><span>Lifetime Mortgage Lump Sum Plus</span></a></li><li><a href="/equity-release/lifetime-mortgage-drawdown" target="_self" class="" title="Lifetime Mortgage Drawdown Plus" role="menuitem"><span>Lifetime Mortgage Drawdown Plus</span></a></li><li><a href="/equity-release/lifetime-mortgage-lump-sum-lifestyle" target="_self" class="" title="Lifetime Mortgage Lump Sum Lifestyle" role="menuitem"><span>Lifetime Mortgage Lump Sum Lifestyle</span></a></li><li><a href="/equity-release/lifetime-mortgage-drawdown-lifestyle" target="_self" class="" title="Lifetime Mortgage Drawdown Lifestyle" role="menuitem"><span>Lifetime Mortgage Drawdown Lifestyle</span></a></li></ul></li><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="/contact-us/equity-release" target="_self" class="" title="Contact us" role="menuitem"><span>Contact us</span></a></li></ul></li></ul></div></li><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Resources</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">Resources</h3><ul class="children"><li><a href="/online-services/equity-release-portal" target="_self" class="" title="Equity Release Portal" role="menuitem"><span>Equity Release Portal</span></a></li><li><a href="/online-services/equity-release-portal/faqs" target="_self" class="" title="Equity Release Portal FAQs" role="menuitem"><span>Equity Release Portal FAQs</span></a></li><li><a href="/equity-release/adviser-marketing-hub" target="_self" class="" title="Adviser Marketing Hub" role="menuitem"><span>Adviser Marketing Hub</span></a></li><li><a href="/knowledge-centre/video-and-webinar-library/equity-release" target="_self" class="" title="Equity Release videos and webinars" role="menuitem"><span>Equity Release videos and webinars</span></a></li><li><a href="/equity-release/early-repayment-calculator" target="_self" class="" title="Lifetime Mortgage Early Repayment Calculator" role="menuitem"><span>Lifetime Mortgage Early Repayment Calculator</span></a></li><li><a href="/equity-release/lifetime-mortgages-updates" target="_self" class="" title="Lifetime mortgages updates" role="menuitem"><span>Lifetime mortgages updates</span></a></li><li><a href="/equity-release/equity-release-council" target="_self" class="" title="Equity Release Council" role="menuitem"><span>Equity Release Council</span></a></li></ul></li><li><h3 class="section-heading">Supporting your client</h3><ul class="children"><li><a href="/supporting-your-client/care-navigator" target="_self" class="" title="Care navigator" role="menuitem"><span>Care navigator</span></a></li><li><a href="/supporting-your-client/doctors-services" target="_self" class="" title="LV= Doctor Services" role="menuitem"><span>LV= Doctor Services</span></a></li></ul></li></ul></div></li></ul></div></li><li class="has-sub"><a href="/supporting-you" target="_self" class="" title="Support" role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Support</span><span class="icon-arrow"></span></a><div class="subnav level1"><ul><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Knowledge centre</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="/knowledge-centre" target="_self" class="" title="Knowledge centre" role="menuitem"><span>Knowledge centre</span></a></li><li><a href="/knowledge-centre/video-and-webinar-library" target="_self" class="" title="Video and webinar library" role="menuitem"><span>Video and webinar library</span></a></li><li><a href="/knowledge-centre/protection-webinar-calendar" target="_self" class="" title="Protection webinar calendar" role="menuitem"><span>Protection webinar calendar</span></a></li><li><a href="/knowledge-centre/news-hub" target="_self" class="" title="News hub" role="menuitem"><span>News hub</span></a></li><li><a href="/knowledge-centre/article-library" target="_self" class="" title="Article library" role="menuitem"><span>Article library</span></a></li><li><a href="/knowledge-centre/fuel-for-life" target="_self" class="" title="Fuel for Life" role="menuitem"><span>Fuel for Life</span></a></li><li><a href="/knowledge-centre/reaching-resilience" target="_self" class="" title="Reaching Resilience" role="menuitem"><span>Reaching Resilience</span></a></li><li><a href="/knowledge-centre/technical-hub" target="_self" class="" title="Technical Hub" role="menuitem"><span>Technical Hub</span></a></li><li><a href="/pensions/tax-year-end" target="_self" class="" title="Tax year end" role="menuitem"><span>Tax year end</span></a></li></ul></li></ul></div></li><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Claims</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="/supporting-you/claims" target="_self" class="" title="Claims" role="menuitem"><span>Claims</span></a></li><li><a href="/supporting-you/claims/our-claims-approach" target="_self" class="" title="Our approach to claims" role="menuitem"><span>Our approach to claims</span></a></li><li><a href="/supporting-you/claims/real-stories" target="_self" class="" title="Real stories" role="menuitem"><span>Real stories</span><span class="new">New</span></a></li></ul></li></ul></div></li><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Protection underwriting</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="/supporting-you/protection-underwriting" target="_self" class="" title="Protection underwriting" role="menuitem"><span>Protection underwriting</span></a></li><li><a href="/supporting-you/protection-underwriting/misrepresentation" target="_self" class="" title="Underwriting misrepresentation" role="menuitem"><span>Underwriting misrepresentation</span></a></li></ul></li></ul></div></li><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Trusts</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="/supporting-you/trusts" target="_self" class="" title="Trusts" role="menuitem"><span>Trusts</span></a></li><li><a href="/supporting-you/trusts/types-of-trust" target="_self" class="" title="Types of trusts" role="menuitem"><span>Types of trusts</span></a></li><li><a href="/supporting-you/trusts/trs" target="_self" class="" title="Trust Registration Service - FAQs" role="menuitem"><span>Trust Registration Service - FAQs</span></a></li></ul></li></ul></div></li><li class=""><a href="/supporting-you/protection-large-case-team" target="_self" class=" " title="Protection large case team" role="menuitem"><span>Protection large case team</span></a></li><li class=""><a href="/supporting-you/vulnerable-customers" target="_self" class=" " title="Vulnerable customers" role="menuitem"><span>Vulnerable customers</span></a></li><li class=""><a href="/supporting-you/suitability-letter-builder" target="_self" class=" " title="Suitability letter builder" role="menuitem"><span>Suitability letter builder</span></a></li><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Portals and integration</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">Overview</h3><ul class="children"><li><a href="/adviser-portal" target="_self" class="" title="Savings and Retirement Adviser Portal" role="menuitem"><span>Savings and Retirement Adviser Portal</span></a></li><li><a href="/online-services" target="_self" class="" title="Online services" role="menuitem"><span>Online services</span></a></li><li><a href="/online-services/portals" target="_self" class="" title="Third party portals" role="menuitem"><span>Third party portals</span></a></li><li><a href="/online-services/integration" target="_self" class="" title="Back office integration" role="menuitem"><span>Back office integration</span><span class="new">New</span></a></li></ul></li></ul></div></li><li class=""><a href="/supporting-you/setting-up-an-agency" target="_self" class=" " title="Setting up an Agency" role="menuitem"><span>Setting up an Agency</span></a></li><li class=""><a href="/supporting-you/lv-news" target="_self" class=" " title="Our future plans" role="menuitem"><span>LV= news</span></a></li><li class=""><a class="has-sub " role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Consumer Duty</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="/supporting-you/consumer-duty-hub" target="_self" class="" title="Consumer Duty" role="menuitem"><span>Consumer Duty</span></a></li><li><a href="/supporting-you/consumer-duty-hub/protection" target="_self" class="" title="Protection" role="menuitem"><span>Protection</span></a></li><li><a href="/supporting-you/consumer-duty-hub/savings-and-retirement" target="_self" class="" title="Savings and Retirement" role="menuitem"><span>Savings and Retirement</span></a></li><li><a href="/supporting-you/consumer-duty-hub/equity-release" target="_self" class="" title="Equity Release" role="menuitem"><span>Equity Release</span></a></li></ul></li></ul></div></li><li class=""><a href="/supporting-your-client/why-lv" target="_self" class="has-sub " title="Why LV=" role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Why LV=</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="/supporting-your-client/why-lv" target="_self" class="" title="Why LV=" role="menuitem"><span>Why LV=</span></a></li><li><a href="/supporting-your-client/why-lv/mutual-bonus" target="_self" class="" title="Mutual bonus" role="menuitem"><span>Mutual bonus</span></a></li><li><a href="/supporting-your-client/why-lv/lv-difference" target="_self" class="" title="Exit bonus" role="menuitem"><span>One-off bonus</span></a></li><li><a href="/supporting-your-client/why-lv/our-awards" target="_self" class="" title="Our awards" role="menuitem"><span>Our awards</span></a></li></ul></li></ul></div></li><li class=""><a href="/supporting-your-client/member-benefits" target="_self" class="has-sub " title="Member benefits" role="menuitem" aria-expanded="false" aria-haspopup="true"><span>Member benefits</span><span class="icon-arrow"></span></a><div class="subnav level2"><ul><li><h3 class="section-heading">More</h3><ul class="children"><li><a href="/supporting-your-client/member-benefits" target="_self" class="" title="Member benefits" role="menuitem"><span>Member benefits</span></a></li><li><a href="/supporting-your-client/member-benefits/legal-advice" target="_self" class="" title="Legal Advice Line" role="menuitem"><span>Legal Advice Line</span></a></li><li><a href="/supporting-your-client/doctors-services" target="_self" class="" title="LV= Doctor Services" role="menuitem"><span>LV= Doctor Services</span></a></li><li><a href="/supporting-your-client/care-navigator" target="_self" class="" title="Care navigator" role="menuitem"><span>Care navigator</span></a></li></ul></li></ul></div></li></ul></div></li><li class="doc-library"><a href="/document-library" target="_self" class="" title="Document Library" role="menuitem"><span>Document Library</span><span class="icon-arrow"></span></a></li></ul></div></div><div class="product-nav hide-left"><ul><li class=" heading"><a href="/knowledge-centre/video-and-webinar-library" target="_self" class=" textlink" title="Video and Webinar Library">Video and Webinar Library</a></li><li class=" "><a href="/knowledge-centre/video-and-webinar-library/protection" target="_self" class=" textlink" title="Protection">Protection</a></li><li class=" "><a href="/knowledge-centre/video-and-webinar-library/retirement" target="_self" class=" textlink" title="Retirement and Investments ">Retirement and Investments </a></li><li class="active "><a href="/knowledge-centre/video-and-webinar-library/equity-release" target="_self" class=" textlink" title="Equity Release Videos and Webinars">Equity Release Videos and Webinars</a></li></ul></div><span id="skipnav" class="sr-only"></span></div></div>
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        <div id="4c846d19-482e-42f3-b6f5-903229ab1533"><div id="3aa205a4-092b-4842-bd60-5fa49e0c40b2" class="intro-Text-container "><div class="main-container-fullbleed"><div class="grid  image-left"><div class="grid content-body order3"><span class="rte description left"><p style="text-align: center;"><strong><strong style="text-align: center;">These videos won't play unless you have given consent for functional cookies.</strong></strong></p></span></div></div></div></div></div>
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        <div id="e1aa0f49-2d21-4975-89c5-fb52f98a7f34"><div id="a3412e91-fbe9-4235-b8ae-9b2248e283ec" class="vertical-tabs-container "><div class="tabs-container"><button class="tab btn-body-copy  active">All videos</button></div><div class="component-area active"><div class="component-holder"><div id="1781289313119" class="video-overlay"><div class="video-thumbanail video-holder right"><div class="content"><h2 class="title h2">From Economics to Demographics - The Evolving Landscape of the Later Life Lending Market</h2><span class="rte description body-copy"><p>A strategic insight session that explores the social and economic forces shaping later-life financial planning and the equity release market.<br />
<br />
Chris Smyth, LV= Equity Release Partnership Development Manager leads an expert panel through the discussion.</p>
<p>Recorded on 12 February 2026.</p></span></div><div class="image-holder"><div class="video-wrapper"><div class="video-holder  bg-color"><div class="poster"><picture><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=367&amp;amp;ch=207&amp;amp;hash=9A15EFA527E0AFEF382E30F8B325D6AB 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=734&amp;amp;ch=414&amp;amp;hash=E6198615EDA770914372FAC23237CE83 2x" media="(min-width: 769px)"/><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=768&amp;amp;ch=386&amp;amp;hash=631FA0E7E3042BE826C81A2BCDF2D7A0 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=64E6E37052CF6BC84B4C74B12D73012A 2x" media="(min-width: 0px)"/><img src="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=64E6E37052CF6BC84B4C74B12D73012A" class="" alt="Placeholder"/></picture><a href="#" class="icon-play play-button textlink" title="PLAY">PLAY</a></div></div><div class="transcript"><button class="icon-plus">Open video transcript</button></div></div></div></div></div></div><div class="component-holder"><div id="1781289313120" class="video-overlay"><div class="video-thumbanail video-holder right"><div class="content"><h2 class="title h2">Mastering LV&#39;s lending criteria - what advisers need to know</h2><span class="rte description body-copy"><p>In this CPD webinar, we explore the valuation process, how lenders assess risk, and how you can support your clients&rsquo; applications - with practical steps to help avoid delays and declines.</p>
<p>The session is chaired by Chris Smyth (LV= Partnership Development Manager), with John Hayward (Head of LV= Equity Release Underwriting) and Megan Davies (Senior LV= Equity Release Proposition Development Underwriter) joining as panellists.</p>
<p>Watch now to deepen your understanding of the underwriting process and improve client outcomes.</p>
<p>Recorded on 28 November 2025.</p></span></div><div class="image-holder"><div class="video-wrapper"><div class="video-holder  bg-color"><div class="poster"><picture><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=367&amp;amp;ch=207&amp;amp;hash=9A15EFA527E0AFEF382E30F8B325D6AB 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=734&amp;amp;ch=414&amp;amp;hash=E6198615EDA770914372FAC23237CE83 2x" media="(min-width: 769px)"/><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=768&amp;amp;ch=386&amp;amp;hash=631FA0E7E3042BE826C81A2BCDF2D7A0 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=64E6E37052CF6BC84B4C74B12D73012A 2x" media="(min-width: 0px)"/><img src="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=64E6E37052CF6BC84B4C74B12D73012A" class="" alt="Placeholder"/></picture><a href="#" class="icon-play play-button textlink" title="PLAY">PLAY</a></div></div><div class="transcript"><button class="icon-plus">Open video transcript</button></div></div></div></div></div></div><div class="component-holder"><div id="1781289313120" class="video-overlay"><div class="video-thumbanail video-holder right"><div class="content"><h2 class="title h2">Lending for real life - our ERC difference</h2><span class="rte description body-copy"><p><span style="background-color: #ffffff; color: #333333;">In our CPD webinar, Chris Smyth, LV= Partnership Development Manager, is joined by Patrick Oldham, LV= Equity Release Proposition Director, to explore how LV= Lifetime Mortgages support ERC-free repayments and help reduce costs when charges apply. </span></p>
<p><span style="background-color: #ffffff; color: #333333;">Listen now as they bring the topic of early repayment charges (ERCs) to life through real-life case study examples.</span></p>
<p><span style="background-color: #ffffff; color: #333333;">Recorded on 03 October 2025.</span></p></span></div><div class="image-holder"><div class="video-wrapper"><div class="video-holder  bg-color"><div class="poster"><picture><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;amp;cy=0.34&amp;amp;cw=367&amp;amp;ch=207&amp;amp;hash=99BF54E5EB2986D8BA4994A96531943B 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;amp;cy=0.34&amp;amp;cw=734&amp;amp;ch=414&amp;amp;hash=0CA65ABE5A00D8E7E6D60769BD543500 2x" media="(min-width: 769px)"/><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;amp;cy=0.34&amp;amp;cw=768&amp;amp;ch=386&amp;amp;hash=56EFE7BEE6505A438D116E93F86FDB4B 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;amp;cy=0.34&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=04221F5AC7BED70A1B2AC01B21F209A9 2x" media="(min-width: 0px)"/><img src="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;amp;cy=0.34&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=04221F5AC7BED70A1B2AC01B21F209A9" class="" alt="Placeholder"/></picture><a href="#" class="icon-play play-button textlink" title="PLAY">PLAY</a></div></div><div class="transcript"><button class="icon-plus">Open video transcript</button></div></div></div></div></div></div><div class="component-holder"><div id="1781289313120" class="video-overlay"><div class="video-thumbanail video-holder right"><div class="content"><h2 class="title h2">LV= Equity Release Live: Client-focused strategies for success</h2><span class="rte description body-copy"><p>Watch this webinar to explore how putting client needs at the heart of your advice can support business growth and meet evolving expectations.</p>
<p>Chaired by Georgina Oxton, LV= Divisional Sales Manager, the panel includes Jenny Briars, LV= Head of Customer Governance &amp; Heritage, Steve Casey, Managing Director at Square Health, Paul Saroya, Director at Viva Retirement, and Chris Smyth, LV= Partnership Development Manager.</p>
<p>Recorded on 20 May 2025.&nbsp;</p></span></div><div class="image-holder"><div class="video-wrapper"><div class="video-holder  bg-color"><div class="poster"><picture><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=367&amp;amp;ch=207&amp;amp;hash=9A15EFA527E0AFEF382E30F8B325D6AB 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=734&amp;amp;ch=414&amp;amp;hash=E6198615EDA770914372FAC23237CE83 2x" media="(min-width: 769px)"/><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=768&amp;amp;ch=386&amp;amp;hash=631FA0E7E3042BE826C81A2BCDF2D7A0 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=64E6E37052CF6BC84B4C74B12D73012A 2x" media="(min-width: 0px)"/><img src="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=64E6E37052CF6BC84B4C74B12D73012A" class="" alt="Placeholder"/></picture><a href="#" class="icon-play play-button textlink" title="PLAY">PLAY</a></div></div><div class="transcript"><button class="icon-plus">Open video transcript</button></div></div></div></div></div></div><div class="component-holder"><div id="1781289313120" class="video-overlay"><div class="video-thumbanail video-holder right"><div class="content"><h2 class="title h2">Later life lending - navigating the &#39;care conundrum&#39;</h2><span class="rte description body-copy"><p>In this CPD webinar, you&rsquo;ll have the opportunity to hear about how you can support equity release clients during a time of increased pressures faced by the health sector. </p>
<p>Hear from the experts as they explore how the socio-economic environment impacts the later life lending market, LV&rsquo;s product features that support the evolving needs of vulnerable customers, and how expert services provided by CareNavigator can be used to help vulnerable clients navigate their way through the complexities of the adult social care system.</p>
<p>Recorded on&nbsp;14 March 2025.</p></span></div><div class="image-holder"><div class="video-wrapper"><div class="video-holder  bg-color"><div class="poster"><picture><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=367&amp;amp;ch=207&amp;amp;hash=9A15EFA527E0AFEF382E30F8B325D6AB 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=734&amp;amp;ch=414&amp;amp;hash=E6198615EDA770914372FAC23237CE83 2x" media="(min-width: 769px)"/><source srcSet="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=768&amp;amp;ch=386&amp;amp;hash=631FA0E7E3042BE826C81A2BCDF2D7A0 1x,/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=64E6E37052CF6BC84B4C74B12D73012A 2x" media="(min-width: 0px)"/><img src="/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;amp;cy=0&amp;amp;cw=1536&amp;amp;ch=772&amp;amp;hash=64E6E37052CF6BC84B4C74B12D73012A" class="" alt="Placeholder"/></picture><a href="#" class="icon-play play-button textlink" title="PLAY">PLAY</a></div></div><div class="transcript"><button class="icon-plus">Open video transcript</button></div></div></div></div></div></div></div></div></div>
<script>LVSiteConfigs.components.data.push({"name":"verticalTabs","reactName":"Athena.verticalTabs","id":"e1aa0f49-2d21-4975-89c5-fb52f98a7f34","type":"dynamic","props":{"Id":{"Guid":"a3412e91-fbe9-4235-b8ae-9b2248e283ec"},"tabs":[{"Id":null,"tabHeading":"All videos","tabContent":[{"name":"videoOneThird","reactName":"Athena.videoOneThird","id":"611e6083-f055-4cff-bf05-1036706622f8","type":"dynamic","props":{"Id":null,"videoAlignment":"one-third","mediaAlignment":"right","video":{"id":"https://vimeo.com/1164345470/2a147b4f83","type":"vimeo","transcriptLabel":"Open video transcript","transcriptHeading":{"label":"Transcript - From Economics to Demographics - The Evolving Landscape of the Later Life Lending Market","type":""},"transcriptContent":"<p>Chris Smyth</p>\n<p>Welcome to today's webinar brought to you by LV=. My name is Chris Smyth and I'm a Partnership Development Manager here at LV= and I will be your host for the webinar. It's fantastic to see so many of you joining us today for the first LV= Equity Release webinar of the year. Thank you for making the time to attend. It's great to have you with us. Joining me today from LV= are some true industry experts, and both of which have long-standing careers at LV= of around 20 years. Head of Equity Release Sales, George Oxton, and our Chief Investment Officer, Adam Ruddle. In today's webinar, we're focusing on economics to demographics, and importantly, the effects these are having on the later life sector, and what are some of the key considerations for customers in today's market. As we know, and as with most mortgages, interest rate is often a key driver for many customers. But increasingly, these wider macroeconomic factors are influencing customer behaviour more than ever before. For lenders, this shift has resulted in further product innovation and advisor support in the way that the later life products are positioned to customers and also introducers. 2025 we saw some positive signs as per the Equity Relief Council stats evidence, but the growth was relatively modest compared to the previous year, particularly when you look at new customer numbers. So what does 2026 hold for the market? So on screen you will now see today's agenda. I'll be covering the introduction as I'm doing so now. I'll then invite Adam to give his views on the wider macroeconomic factors that will play a part on how the market will perform in 2026. I'll then invite George to cover consumer behaviour as evidenced by some data from our LV= Wealth and Wellbeing report and also our Reason for Loan report. We will then open for the question and answer part of the webinar And thank you to those who have submitted a question in advance, but if you'd like to still submit a question, you can do so by using the Q&amp;A option shown on your screen. There are 45 minutes of CPD available for today's webinar. At the end of the Q&amp;A, there'll be a QR code displayed where, following the completion of a short survey, you'll be able to download your CPD certificate. You will also be emailed a copy of your CPD certificate in the coming days. So today's learning objectives will now be shown on screen. And by the end of today's session, we hope you have a better understanding of what are the economic drivers and what are the market trends currently impacting the later life lending market? Funding later life, what are the social shifts that are influencing the financial planning landscape? And also industry shifts, what wider industry changes may impact the future of advice and importantly, client outcomes. So Adam, good morning to you and thank you for joining us today. So what would you say are some of the key economic factors that are currently impacting the later life financial planning sector and how they affect the equity release market?</p>\n<p>Adam Ruddle</p>\n<p>Great. Well, good morning, everyone. And it's great to be here. Chris, thank you for having me. Great, great questions. Perhaps one way to answer them is if we take a step back and start reflecting on the macroeconomic conditions that we faced over 2025. Now, we always expected some volatility. President Trump returning to the White House with a strong mandate to disrupt a war in Europe's backyard and a war in the Middle East. But I doubt many were prepared for China to challenge the US dominance in AI with their deep-seek model. And we certainly were not expecting the steep reciprocal tariffs announced on Liberation Day, a clear declaration of the weaponisation of US trade policy. If that wasn't enough, we lived through the 12-day war with Iran and Israel, a second particularly fraught budget from Chancellor Reeves. as well as heightened concerns of a potential AI bubble. And look, consumers felt it. The GFK UK Consumer Confidence Indicator shows that our confidence continued to weaken. We're also seeing that in our own extensive research through our wealth and well-being surveys, particularly for those aged over 65, there was very little to inspire any confidence. Starting from an already low level of minus 28, it fell to minus 45 during the uncertainty caused by Liberation Day. And with a poorly managed UK budget, confidence fell even further before recovering when it emerged that the budget was perhaps not quite as bad as we all thought. The confidence index ended the year at minus 35. But although consumer sentiment was low, actually, 2025 saw strong economic and investment outcomes. UK shares, as we'll see on the next slide, have been long unloved. But over 2025, we saw that the FTSE 100 and the FTSE All share broke records, records that they've been breaking again into 2026, maybe even today. In the US, the S&amp;P 500 hit new heights 38 times over the year, posting double-digit returns for the third consecutive year. Not to be outdone, but Europe also posted strong performance. AI developments and adoption, medical advancements, but importantly, easing monetary policy drove a conducive environment for equities. And we saw central banks across developed markets cut interest rates. The Bank of England and the European Central Bank had four rate cuts, bringing their rates down a full percentage point, while the Fed cut three times. Well, in terms of economic health, US GDP looks especially decent. And we've seen there a tug of war between tariffs on the one side causing a strain and the AI productivity gains. Focusing in on the UK, inflation, as you can see from that dark blue line, remains elevated compared to the US and Europe. Now, part of this is due to the 2024 UK budget that caused an inflationary shock when the business taxes that are largely passed on to consumers, especially supermarkets, and so especially food inflation. But there is growing expectation that UK inflation will fall to similar levels as the US and Europe. And this gives the Bank of England some flexibility as it comes to future rate cuts, especially if it looks like inflation is under control. But on the other side of the scale, the bank will be looking at economic growth and unemployment. And there the news is helpful for those hoping for further rate cuts. Unemployment in the UK is expected to hit 5.2% in the second-half of the year, up from an already high 4.8%. And additionally, the news this morning that UK economic growth is more sluggish than expected suggests that the bank will be cutting rates at the next meeting. But look, don't get too distracted by that. These expected future cuts are already priced into current interest rates. Let's look at the 15-year gilt yield over 2025 at the top of the previous slide, I think. We saw four rate cuts over 2025, but the 15-year gilt yield ended the year pretty much exactly where it started. It looks like a pretty much a straight line. In fact, though, for about 80% of the year, the 15-year gilt yield was higher, not lower. My main point here is that you may not see gilt yields fall even if the bank continues monetary policy easing. But gilt yields price in the market expectations of monetary policy, but they also take a view on the fiscal strength and stability of the country. So a weak, unstable government is likely to result in higher yields. Swap yields, by comparison, will be a purer view on the economics without a view on the government of the day. So you can sometimes see swaps and gilts move in different directions. Well, if we go into the next slide, we can consider there the drivers of UK inflation. And we can see that goods inflation, which had pulled up the CPI after the pandemic, has now fallen sharply. And services inflation, which has slowly increased and will remain persistently elevated. And this is where inflation expectations have driven salary increases that largely sit within the services sector and are hard to dislodge. No one likes a pay cut. But services inflation is on a downward trajectory, and it's an important data point for the bank, enabling them to take action. Back to the 15-year gilt yield. Well, if we zoom out on the chart that we can see, you can see that the current levels, which as we saw on the previous slide, was largely flat over 2025. Well, these levels that we're in today are not too dissimilar to the long-term picture, which only shifted after the global financial crisis. We'll shortly consider what drove this, but the key message from this chart is that current rates do not look especially elevated. And so there's an argument that if you're waiting for this rate to come down further, well, you might be waiting for a long time. Rather than these rates being an anomaly, you could argue the real anomaly was between the GFC, the Global Financial Crisis, and the pandemic. But let's talk about what drives inflation. and what has changed where we might be going. I find it helpful to think about a model that we call kind of AI and the five D's, which suggests that inflation will not return to the really low levels between the GFC and the pandemic. So let's look at those five D's. They are demographics, defence, deglobalisation, decarbonisation and deregulation. Now, if you can think of any other D's, please do let me know. But nearly all of these D's are all inflationary. Demographics is perhaps the exception, where an ageing population indicates that consumption will fall, as those in retirement will spend less than when they were in employment. And so the inflationary price tensions will weaken. But if we look at these other drivers, defence, well, over the last few decades, you could argue that we've benefited from a peace dividend. But increasingly, nations will spend more on defence, which will grow costs. Linked to the peace dividend, we also benefited from globalisation, which was deflationary as firms were able to find the cheapest part of the world to fulfil their supply chain or provide their energy needs. And to be clear, it's not just the result of increasing geopolitical tensions. But concerns about Russia and China are rapidly shifting trade policies in the US. It's not just about that. It's also what we learned from a global pandemic. Countries and multinational firms need to have greater control of their supply chains. And so de-globalization is yet to stay. And that means that we will pay more for our services, more for our goods, more for our energy. And so this is a strong driver of inflation. In the short term, the same is true about the next D, decarbonization, which will result in significant spending and likely increased energy costs. And then finally, deregulation. Well, this is actually designed to increase spending and investment, which again, although it's a good thing for the economics, will also certainly be quite inflationary. And then we get to AI, an interesting area. Well, in the long term, we know that technology, and especially AI, should be deflationary and it should help lower costs. We've seen that from other technological advancements. But in the short term, firms are spending record amounts on AI development and adoption. The hyperscalers, Microsoft, Alphabet, Meta, Amazon, are expected to spend about 650 billion US dollars in 2026. And more generally, across the world, firms are expected to spend $2.5 trillion. So this is a sharp increase, and this initial spend is clearly going to be inflationary. And it may be some time before we start to see the deflationary impact of AI start to come through. So when we take a step back and we look at AI and the five Ds, Well, it's clear that we are in a different inflationary environment - than before the pandemic, and the inflationary risks are to the upside. And so, to be the bearer of bad news, it's likely that interest rates will be higher - than we have become used to in recent years. Well, one other economic indicator that I know will be of great interest to this audience, HPI, or the house price inflation. Well, historically, a single number has been sufficient to understand the risks. But I think increasingly there is a, certainly what we're seeing is that increasingly there's a clear divide between the HPI in London and the South of England and the rest of the United Kingdom. In London, we see an oversupply of housing. We see pressures from the 2025 budget, which had London houses in particular. Following the budget, we've seen some recovery, as I think the consensus view is that the budget could have been a lot worse, though I doubt that sentiment gives any solace. But the strain in London is not something that we should quickly look past. According to analysis from Zoopla, half of the total stamp duty paid is from home buyers in London and the south of England. And this is the same region where we have seen 60% of house prices fall. So I'm sure this will be a pain point for the Treasury. But across the rest of the country, HPI has been performing better, operating in that comfortable 2% to 3% zone. Some commentators are very bullish, suggesting a surge in house prices by about 25% over the next five years. But we are seeing a clear divide. Great news, perhaps, for homebuyers in the rest of the country where prices should rise at a decent pace. But in London and the South, we're much less positive and house prices could continue to fall. Well, Chris, hopefully that goes some way in answering your questions. I'm sticking around. So if anyone on the call has any further questions, I look forward to answering them later. But Chris, back to you.</p>\n<p>Chris Smyth</p>\n<p>Fantastic. Thank you, Adam. And yeah, thank you for providing those brilliant insights into some of the the economic outlook and some of the drivers that will result in where rates go. I thought it was really interesting your comments around the UK economic growth being quite sluggish and the fact that... Many of the cuts are already priced in, which won't come as fantastic news to our audience, given it's the number one question I get asked is what's happening with rates, when are rates coming down? Because ultimately, customers can be put off by taking a lifetime mortgage with rates being at their current level. But I'm sure there'll be some nice questions for you to pick up in the Q&amp;A. But yeah, thank you for providing those insights, Adam. So we're now going to move on to George's part of today's content. And George, good morning. Thank you for joining us today also. So George, in your opinion, in your view, what is the current landscape looking like for people thinking about funding their later lives in retirement? And also what other changes are happening in the wider financial industry that could impact the equity release market?</p>\n<p>Georgina Oxton</p>\n<p>Goodness me, you've given me a lot to cover there, Chris, but thank you very much. So let me start with the socioeconomic factors. I think I'll start with cost of living and financial confidence, actually. You've already heard from Adam about some of the macroeconomic and geopolitical factors at play here and how that is likely to impact the later life lending market. I think it would be good now to overlay that with some really interesting insights from our most recent wealth and wellbeing research. We're all only too aware of the rising cost of living. 25% of those aged 61 to 79 and 23% of those over aged 80 consider they're financially struggling. And that insight came from our most recent wealth and wellbeing report. Looking at retired people in particular, two out of three say they're not financially confident due to the rising cost of food and utilities. And Adam touched on that a short while ago. One in two retirees are not financially confident because of the uncertain economic and political climate. Again, Adam talked about that in great detail just now. In addition, nearly one in four retirees worry about their savings being devalued by lower interest rates and inflation. Almost one in four people are saving less, almost 20% dipping into their savings. And I was quite staggered by this last data point. 4% of people have stopped or reduced their pension contributions in the current economic climate. So pulling all that together, our research is absolutely telling us that there are increasing financial pressures and worries for older people in particular, which means, of course, that the role of housing wealth will become ever more important in delivering good customer outcomes. So I was going to move on now to talk a little bit about ageing population. We know people are living longer, which has implications across housing, healthcare, personal finances, and of course, macroeconomics. Statistics from the ONS confirm that between mid-2022 and mid-2032, the number of people at state pension age is projected to increase by almost 14%. A longer life expectancy means a longer retirement, which in turn means the value of assets needed to fund those living standards in retirement is rising. There are two key risks associated with living longer: running out of income and the risk of poor health and/or disability. It's also a fact that people underestimate their own life expectancy, and so as a result, they may not have access to enough money to fund their later life. In addition, the significant cost of care, which could be as much as an eye-watering 65,000 pounds a year, including nursing care, provides an additional financial pressure for many. So as our population continues to age, we will see people spending longer in retirement with potentially extended periods of ill health and or needing care or other support in their later life. Again, property wealth could and absolutely should have a key part to play here. I'm going to move on now to talk a little bit about delayed life stages. This is a trend where individuals are postponing traditional milestones of adulthood, such as finishing their education, entering the workforce, leaving home, getting married and becoming parents. They're leaving those to older ages than in previous generations. This phenomenon has resulted in a shift in the timing of those markers over the last 30 years. So if we look at house purchase first, we know that younger people are struggling to get a foot on the housing ladder. And a report from Halifax published in February last year confirmed that the average first time buyer in 2024 was 33, two years older than 10 years before when it was 31 years old and the oldest in two decades. Further evidence to support is provided by data from the ONS, which confirms that in 2004, more than half of people owned their own home, either outright or with a mortgage, by the age of 32. Move on to 2022 and that age has risen to 36 years old. In addition, we know that more people are taking out mortgages with terms in excess of 30 years, driven by high house prices and interest rates, making monthly payments unaffordable, forcing people to stretch those repayments into their retirement. This results in increased financial strain in later life as borrowers potentially rely on pensions to service and clear debt, but also creates a huge opportunity for the later life lending market. Indeed, our own reason for loan data shows that 36% of customers releasing equity in 2025 were using funds to clear mortgages and loans. Delaying retirement. Our own wealth and wellbeing report also showed that 14% of baby boomers and 70% of Gen X are planning to delay their retirement due to market volatility and economic uncertainty. So you can see that all those things that Adam talked to us about are actually on the minds of people right now. I'm pleased to report that the percentage of UK adults planning to use housing wealth to fund retirement though, has remained stable at around 9%. And I'm sure we're all completely convinced that housing wealth will have an increasingly important part to play in the coming years. What was particularly interesting to me from our most recent research was that just 27% of homeowners say that their financial advisor discussed the role of housing wealth in their later life financial planning. This shows there's a huge opportunity to raise awareness of the role of housing wealth in later life financial planning. So moving on now to the financial needs of, if you just go back to the previous slide, Chris, financial needs of family and friends. The economic factors I've already covered don't only affect those in their later years, of course. And as a lender, we see many customers releasing equity to provide financial support for family and friends. In fact, this has been in our top two reasons for loan consistently since 2022 and in 2025, 22% of our customers elected to do this. Moving on to IHT planning. There's been extensive press coverage of the 2027 changes to the inheritance tax regime, which are also relevant here. With nil rate bans being frozen until 2030 and nearly all pension death benefits being assessed for inheritance tax from April 27, pensions no longer appear to be such an attractive estate planning vehicle for some, excuse me, with the potential for double taxation. it's entirely possible that we'll see more customers looking to gift during their lifetime via equity release. Gifting with a warm hand could give their family earlier access to cash when perhaps they need it most, while reducing the value of their estate during their lifetime. In 2025, we saw a substantial increase in the number of customers releasing equity for inheritance tax planning. It actually increased threefold from 1% to 3%. So that'll be something to keep a close eye on in 2026. Chris, if you could just move on to the next slide. Second part of your question was around other changes happening more widely in the financial services market, which could impact later life lending. I think first and foremost, the FCA mortgage market review. You'll all have seen extensive press coverage of this review. And in their feedback statement published in December, the FCA announced a focused market study of the lifetime mortgage market in the first half of this year, with an update being published by year end. That's due to be followed by potential consultation in 2027 around any of the changes that they think could be made. At the same time, the FCA confirmed they intend to review Rio affordability with feedback and then a policy statement to follow. The feedback statement in December was actually far more wide-ranging, covering topics such as improving mortgage access to underserved groups, protecting vulnerable customers and rebalancing risk in the mortgage market. So this is a huge undertaking for the FCA. But what is really pleasing to see is that there is firm regulatory focus on the barriers in the mortgage market, the challenges in the mortgage market, and also more specifically in our later life lending market. We also know from various statements made by the FCA's chief executive, Nikhil Rathi, that holistic advice is very much a focus area for the regulator. Whilst all this work is very much in its infancy, I'm sure we'll all welcome the regulatory focus on our market and the barriers and the challenges that we face. I was particularly interested to see that almost 50 respondents to the discussion paper included trade bodies such as the Equity Release Council, the ABI and AAMI. And there were also many advisory firms who responded. And I think that really sums up the energy and passion that we have in our sector and the shared desire to do the right thing for our customers. So moving on to consumer duty, this absolutely shouldn't be yesterday's news, but should now be embedded in our businesses, a new way of working and thinking. It's critical that we all keep this front of mind and continue to challenge ourselves to deliver good outcomes for customers by focusing on customer needs and ensuring higher standards of care, fair value, and of course, clear communication to help customers achieve their financial goals. And lastly, taxation and other budget changes. I've already mentioned the changes to the IHT regime, which could of course create opportunity in the later life lending space. There may well be other taxation and budget changes which will impact later this year into next. So with that, Chris, I will hand back to you. Thank you very much.</p>\n<p>Chris Smyth</p>\n<p>Thank you, George. And yeah, thank you for providing those invaluable insights there. I think something that really resonated with me and something that I hear on a daily basis, that piece around delayed life stages, customers waiting for wider market trends or the budget was a big one last year, customers delaying using their housing wealth. That sentiment around gifting growing, and we've seen that over the last five years growing exponentially and the gifting with a warm hand. I think you look at one of the main reasons customers gift funds from their property is to children so they can buy their own property. So seeing that with their own eyes, how incredibly powerful that is. And I think you look at some of the industry stats around the Bank of Mum and Dad lending, it's always within the top 10 overall lenders in the market. So looking at where these funds are coming from, could Customers Housing Wealth be the answer to helping kids get on that property ladder? So really, really valuable there. I think what's also apparent and we're seeing a consistency now is that Back in the old days, it used to be customers would have a centralised investment proposition and that would be it. Whereas now we're absolutely seeing a focus on having a centralised retirement proposition as well, so that Housing Wealth can and should absolutely be considered as part of any retirement planning conversations, which is a great shift to see. So we will now open up for the Q&amp;A part of today's session, and we have had some questions pre-submitted, so I'll jump onto those. If you would like to ask myself, George or Adam a question, you can do so by using the Q&amp;A tab, which should be displayed on the screen. So by all means, please do so, and I'll get stuck into the ones that have been pre-submitted. So first question, unsurprisingly, one around interest rates. And Adam, I know you've touched on these to an extent, but what would be your predictions on where lifetime mortgage interest rates could get to in 2026? Obviously, you covered to an extent that you feel that some of the changes are already priced in, but could you see rates coming down? And if so, what could be the reasons why they would come down?</p>\n<p>Adam Ruddle</p>\n<p>Great. Thanks, Chris. That is a tricky question. Firstly, there is no crystal ball, I'm afraid. But I think just to unpack how we see market pricing working, generally market prices will assign a probability to rates being cut or rates going up or rates staying the same. And then when that event actually happens, the uncertainty is priced away. So if given the sluggish GDP data that we saw this morning, pushes the Bank of England to make a rate cut at their very next meeting, well, that takes up some of the uncertainty that maybe they were going to delay it or maybe they were going to push it into 2027 or not do it at all. And so we'd see some of that uncertainty coming out of the market. Some of the market pricing that we've seen and analysed suggests that market uncertainty is relatively small. So you're probably seeing 10 bips, 20 bips, 0.0 0.1 or 0.2% percentage points coming off. It's not going to be that significant. There is a political element in the gilt yields. So I think how we see... the future of the UK government and any kind of fiscal changes there coming through, that may impact yields. I'm afraid it probably won't impact it in a going down motion. It'll probably impact it in an increasing motion. So yeah, maybe it'll come down a little bit, but generally we've seen the market has, you know, quite tightly prices in future expected rate cuts.</p>\n<p>Chris Smyth</p>\n<p>Fantastic. Thank you, Adam. It's, yeah, probably not the news that the audience want to hear. We want to hear rates coming down as it becomes more attractive for mortgage customers, but no, some really, really valuable insights there in terms of what drives rate changes. Next question, let's have a look at this one. Oh, this is an interesting one. George, if I can turn to you for this one, when will LV= start offering lifetime mortgages on investment or buy-to-let properties?</p>\n<p>Georgina Oxton</p>\n<p>I bet you're glad you're not answering that one, Chris. Thank you very much. So the first thing to say, I suppose, is we have no immediate plans to start lending on those categories of properties. But that doesn't mean to say that it's not on our radar. We do have a lending policy, which is under constant review. And we also annually review our responsible lending standards. So that's a document where we set out our risk appetite as a responsible lender and scenarios and property types that we may or may not wish to lend on. So that's reviewed annually. And as part of that review, we will look out to see what is happening in the market, what is happening in the economy. and just make a judgment call on it then. So short answer, no immediate plans, but absolutely reviewed regularly, both from a lending criteria perspective and a responsible lending perspective.</p>\n<p>Chris Smyth</p>\n<p>Fantastic. A very political answer there, George. I'm impressed with that one. But I think it's a great question because looking at areas of the market that aren't currently serviced, I mean, obviously, looking back a few years, we used to have the ability to lend against second homes. And I know that's something, again, that we're constantly looking at because it opens a different part of the market which is not currently being served. So thank you for that. What else have we got on here? What do LV= do differently compared to other lenders in the market? I could take a stab at that. And George, happy to open up to yourself if you have any further comments. From my perspective, it's probably fair to say a lot of the products in the market are relatively similar these days. It's probably fair to say everyone has a fixed ERCs, everyone has a repayment facility of some some shape or form. From our perspective, we're seeing a dramatic number of applications coming through to us off the back of our earlier payment charge structure. And the reason being Drawdown is now outselling lump sum for the first time in the market's history. And the way that we calculate our Drawdown ERCs, they don't reset on the reserve facility. So what I mean by that is if an application is submitted on, let's say, our drawdown lifestyle product, it has an eight-year early repayment charge period. So after eight years, that plan is completely free of any penalties. So the clients aren't getting a new early repayment charge added every time they access the reserve. So it's really worth knowing that when you're comparing an LV= product to another product in the market that the ERCs do not reset. So incredibly valuable when you've got instances where customers are saying, this won't be a lifetime mortgage, I will redeem this plan at some point, we will downsize. So when you sign them up, you can say, you know, with full confidence, after eight years on the lifestyle range, this plan is completely free of earlier payment charges. So that would be a real unique selling point that we do differently. George, is there anything else that you'd like to add in terms of what we do differently?</p>\n<p>Georgina Oxton</p>\n<p>I guess I would just pick out our valuation panel and our approach there. So our valuation panel is managed by a firm called Pure Panel Management, and that is made-up of a series of local independent surveyors around the UK. So I think in terms of what's different, you will almost always have a very local surveyor who knows the area, the market, the property, probably even the street, go out to value your customer's property. We expect our panel managers to deliver a valuer who should live within 25 miles of the subject property. That's not always going to be possible, but largely that's what we deliver. think that is a slightly different approach to some of our competitors. So that's what I'd pull out there other than the drawdown ERCs, Chris.</p>\n<p>Chris Smyth</p>\n<p>Fantastic. Thank you, George. Quite an interesting question here. With significant changes to IHT in 2027, will we be able to use equity release not just a gift, but to invest in BPR assets for their IHT advantages? George, can I come to you for that one, please?</p>\n<p>Georgina Oxton</p>\n<p>I mean, you can. I think my answer will be very similar to the buy to let and investment properties. It will absolutely keep that under review. When we're looking particularly at responsible lending standards, we are looking at what investment vehicles are available to customers, what risk they might present to them, and how that then interacts with any lifetime lending that they may have in place. So again, short answer, not immediate, but absolutely we will keep that under review.</p>\n<p>Chris Smyth</p>\n<p>Fantastic. Thank you, George. One question here. We'll receive a copy of the slides. Yes, the slides will be emailed out along with the CPD certificate. Adam, one for you here. Is the reduced outlook for house price inflation specific to London, or is it replicated to a lesser extent in other large cities across the UK? Can you suggest why this might be?</p>\n<p>Adam Ruddle</p>\n<p>Great, thanks, Chris. The short answer is I don't see it being replicated so much in other cities. Off the top of my head, I think the average price in London is something like 720,000, whereas the average price in Manchester, say, is about 200 and... 30,000 thereabouts. So there is a there is a big gap between the average price in London versus the average price in Manchester or Birmingham or Cardiff, Edinburgh, et cetera. And so we would certainly see some of the stamp duty changes, some of the tax reforms coming through being a lot more penal for London homeowners than for other cities. In fact, we're really, we're quite bullish on Birmingham and Manchester, amongst other cities for having stronger growth likely to come through there. So not, yeah, I don't think it's echoed in other cities so much. Probably another feature to bring in is London does seem to have an oversupply issue. So there's, in terms of that supply-demand dynamics, there is a lot more supply than there is demand. We're seeing that as the reverse in places like Edinburgh, Birmingham, Manchester. And so actually, I think for those cities, you should, we kind of expect to see stronger HPI there. Hopefully that answered it. Very happy to take any follow-ups.</p>\n<p>Chris Smyth</p>\n<p>Fantastic. Thank you, Adam. Another one here, George, if you could answer this one, please. Besides rate, what other factors are currently limiting the growth in later life lending?</p>\n<p>Georgina Oxton</p>\n<p>I mean, obviously we've talked a lot about rate today, but I think there's definitely still a strong place for educating both potential clients and introducers around dispelling those myths, talking about how to position those higher interest rates with introducers and customers in a way that doesn't put them off and helps reassure them that things, are relatively stable, but higher interest rates are probably going to be here to stay. I think there's a continuing need for expansion and innovation in the product set that's available. Chris, you mentioned it. Many of the products are fairly similar. There have been some interesting, there were some interesting launches last year. I think that's absolutely needs to carry on into this year so that we are serving as many potential customers as we can and we've not got groups of customers or segments of the market that can't be helped. I think it's worth touching on lending criteria as well. Absolutely evolved during 2025 if I think about from an LV= perspective, but there's absolutely more to do. You know, we introduced a significant number of relaxations during last year and are actively working on more where we can and where it's within our risk appetite. So I think Being able to say yes more often to some of those more complex property scenarios, unique properties, some location challenges, clearly is going to be a good thing for the market, but we need to do that in a measured and sensible way, but absolutely on our radar.</p>\n<p>Chris Smyth</p>\n<p>Fantastic, thank you, George. A bit unsurprisingly, a question around flood, given that it's rained every day for it feels like the last six months, a bit unsurprising. How do you see the increase in flooding across areas of the UK that historically have never been affected impact on how advisors plan for clients' future potential to release equity? So again, a bit of a crystal ball situation there, given that it's impossible to predict, firstly, when customers will look to do equity release, also what the lending policies will be at the time. What I would say is that having been in this market for 15 years myself, that the lending policies evolve almost on an annual basis. So in terms of what may be a decline today will not necessarily be a decline in the future. It seems like the criteria seems to widen and we become more of various parts of the lending criteria such as flood. It's never a bad idea to do the research now though to see if current properties where clients may be looking to release equity are in flood zones and which lenders can consider them. Each lender has their own flood map technology, so one may decline, but others may accept. So it's worth looking into that. I mean, for us at LV=, we use the government agency website, so you can literally put in not only the postcode, but the name or number of the property, and it will tell you if it's within a flood zone or not.</p>\n<p>Georgina Oxton</p>\n<p>So I would just add to that as well. You know, our underwriters do look at some other tools to help understand current and future flood risk. So if you are concerned in any way looking at the Environment Agency flood mapping, you know, do contact our underwriters. We've now got web messenger service for our underwriters. So you can directly message an underwriter and get a very quick answer. They will be able to have a look at those other tools and either give you some reassurance that we can accept or explain to you why we can't. So it's all in that kind of that pre work, I would say, as you said, Chris.</p>\n<p>Chris Smyth</p>\n<p>Fantastic, thank you. I think we've got time for one more question before we wrap up. Just to signpost for any questions that we've been unable to get to because there are a lot coming through and we will pick up with you offline. So one of our account managers will be in contact to pick up your question. So last one that says, I have a client who has equity released with another provider and needs to release more equity. Can I get a quote from LV= to see if she can get more and how does this work generally, i.e. paying off the first provider? So yes, you absolutely can contact us and we can confirm what the client can borrow based on current age and property value. Typically it would just be a re-broke, so yes, paying off the existing charge and then we would take our charge on the property. Tip, it may be worth looking if they can do a further advance with the existing lender, but absolutely we can give you the figures if you give us a call. Just conscious of time. So just moving on to learning objectives. And yeah, thank you to everyone who has submitted the question. There's still loads coming through, so we'll pick up with you offline to answer those. So if myself, George and Adam have done our jobs adequately, we should have hopefully covered the learning objectives, which are now displayed on screen. So looking at economic drivers, the funding of later life, and obviously the industry shifts as well. In terms of your CPD certificates, there is a QR code now shown on screen. If you open your cameras on your devices, you'll be able to download a copy of your CPD certificate instantly. We will be emailing out a copy of the CPD certificates also. And if you have any further questions or wanted to pick up with us around any specific case queries, you can do so by contacting the sales desk. Details are shown on screen. I make that 10:45 exactly, so thank you for everyone to attending. Thank you to our panelists for sticking to time and we look forward to speaking with you soon.</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>","poster":{"html":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=1536&amp;ch=772&amp;hash=64E6E37052CF6BC84B4C74B12D73012A","editButton":null,"alt":"Placeholder","renditions":{"0":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=768&amp;ch=386&amp;hash=631FA0E7E3042BE826C81A2BCDF2D7A0","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=1536&amp;ch=772&amp;hash=64E6E37052CF6BC84B4C74B12D73012A"},"769":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=367&amp;ch=207&amp;hash=9A15EFA527E0AFEF382E30F8B325D6AB","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=734&amp;ch=414&amp;hash=E6198615EDA770914372FAC23237CE83"}},"dynamicrenditions":null},"posterVimeo":null},"titleHeading":{"label":"From Economics to Demographics - The Evolving Landscape of the Later Life Lending Market","type":"h2"},"description":"<p>A strategic insight session that explores the social and economic forces shaping later-life financial planning and the equity release market.<br />\n<br />\nChris Smyth, LV= Equity Release Partnership Development Manager leads an expert panel through the discussion.</p>\n<p>Recorded on 12 February 2026.</p>","isEditMode":false,"html":null}},{"name":"videoOneThird","reactName":"Athena.videoOneThird","id":"45ad670e-fa5b-4f9e-a971-60d64707b4d2","type":"dynamic","props":{"Id":null,"videoAlignment":"one-third","mediaAlignment":"right","video":{"id":"https://vimeo.com/1141454529?share=copy&amp;fl=sv&amp;fe=ci","type":"vimeo","transcriptLabel":"Open video transcript","transcriptHeading":{"label":"Transcript - Mastering LV&#39;s lending criteria - what advisers need to know","type":"h2"},"transcriptContent":"<p>Welcome to today's webinar brought to you by LV= Equity Release. My name is Chris Smyth, and I'm a Senior Partnership Development Manager here at LV=, and I will be your host for today's webinar. </p>\n<p>Thank you for making the time to view this webinar in what has been an incredibly busy year for the sector. In today's webinar, we are focusing on mastering the LV= lending criteria and importantly what advisers need to know. 2025, uh, certainly felt like a year of difficult to place cases, uh, and clearly this has been exaggerated by very few re-brokes being done given where current interest rates are. Um, I had it described recently by one advisor as all of the easy cases have been written. Um, I think he was going through a bit of a bad time, but, uh, there's certainly business out there, but we're absolutely aware that there has been a, you know, challenging year in terms of, uh, criteria points and placing cases. </p>\n<p>As we know, uh, lending criterias evolve a- and thankfully they largely improve within the later life lending market. So as an adviser, it's imperative that you keep close to the changes and you're aware of the support and resources that are available to you to ensure that you can place cases with confidence. To help do that, I'm delighted today to be joined by some underwriting experts, the LV= Head of underwriting, John Hayward and Proposition Development Underwriter, Megan Davies, who combined have a wealth of experience in both the lifetime mortgage underwriting market and property risk markets.</p>\n<p>John, Meg, good afternoon to you both. Thank you for joining me today for the webinar. Would you please just give us a bit of a- an overview about your roles here at LV=?</p>\n<p>Yeah, sure. Afternoon Chris, afternoon everyone. So yeah, I'm John Hayward. I'm the Head of Underwriting for Equity Release. Uh, I've worked at LV= for over 12 years now, um, exclusively in Equity Release, so across customer experience, product analytics, um, and then in underwriting for the majority of my time. Um, I oversee our criteria, funding relationships and mandates, uh, manage our portfolio from a risk-based perspective. And within our team, we'll- we'll look into criteria and process improvements as well.</p>\n<p>Thank you John and Meg, good afternoon.</p>\n<p>Afternoon Chris. Thank you. Um, I...Hi everyone, I'm Megan Davies and I'm a Senior Proposition Development Underwriter and I've been with LV= for just over two years now. I essentially support the development and maintenance of our underwriting rules, processes, standards, and our criteria ensuring that they align with both our internal approach and funder requirements.</p>\n<p>Fantastic. Thank you both. Uh, we'll now move across and have a quick look at today's agenda. As you'll see, there are 45 minutes of CPD available for today's webinar, and there'll be a QR code at the end of the webinar where following the completion of a short survey, you'll be able to download your CPD certificate instantly. You will also be emailed a copy of this early next week.</p>\n<p>So, in terms of what we're covering today, residential lending versus lifetime lending. So, what are the differences when it comes to underwriting? Um, a very, very key part because fully aware that many of you will advise on both residential and lifetime mortgages.</p>\n<p>Property condition, an absolute key part of our underwriting process is to look at the condition of properties and make sure that it fits the bill in terms of our risk appetites.</p>\n<p>We'll take a look at the approach to valuations a- and again, a pivotal part of, uh, of assessing property risk is the physical valuation that our surveyors carry out. We'll also dispel a- a few myths around the potential, uh, influence that we as a lender have over the result of a valuation. This year, uh, unlike, um, many years in the past has been a- a- a massive step forward for us when it comes to criteria improvements. So we'll share with you some of the significant changes we've made ultimately to be able to accept more properties and say yes to more inquiries. </p>\n<p>We will end the session with a question and answer, uh, part where we'll cover all of the pre-submitted questions. Any that we're unable to get to, we will pick up with you offline. </p>\n<p>So, we'll now take a quick look at the learning objectives that will be shown on screen. And in terms of the... by the end of the session, uh, you should have a clearer understanding of the key differences in underwriting approach between residential and lifetime mortgages. You'll also be able to understand the LV= approach to valuations and how we assess the risk. Lastly, we'll be sharing some best practice and top tips, uh, for you in terms of placing applications with confidence, ensuring a smooth journey for both yourself and your clients alike.</p>\n<p>So, without further ado, uh, we'll kick off, and as I said, uh, a moment ago, conscious that many of you watching this webinar will likely advise on not only lifetime mortgages, but residential mortgages, be it, you know, buy to let, standard commercial lending.</p>\n<p>Um, so John, Meg, um, could you please give some insights into, I guess, what are some of the key main differences between residential and lifetime underwriting?</p>\n<p>Yep, thanks Chris. Um, I'll cover that one. So, um, yeah, on the right side, um, of the, of the slides here, I've come up with, I guess an admittedly simple illustration of a residential, um, and lifetime mortgage balance. So, as I say, it is just for illustrative purposes only, but I've used as many averages as possible to- to try and make that realistic. So, I've based this on a 500,000 pound property value, um, with a 20 year 80% residential mortgage and a 30% lifetime mortgage for a 65-year-old. And simplistic again, but I- I've in- assumed that the residential mortgage stays at a static 4.5% for its term. Uh, and then we know lifetime mortgages typically have a lifetime interest rate so I've applied a 7% rate to that with no repayments. We do of course have that ability though to partially repay. So, including our 10% and 11% ERC free, um, limits dependent on product. Um-Obviously, as well, focusing on property here, but a lot of the risk factors will also help explain why you might see that or why you do see that differentiation in rate, um, between residential and lifetime mortgages. So, l- again on the graph, I guess the clearest and the simplest point here is that, you know, a lifetime mortgage typically is going to continue to increase, um, in value whilst the residential declines. </p>\n<p>So, you can see in this example, around years eight to nine, we see that crossover in risk profile. And on average, you know, we'd expect a lifetime mortgage to exceed that, um, and then of course just run to a completely unknown point in time, so i- it could be 10 years, it could be 25 years. A- and due to that, we've got that massive reliance on resale potential and property value and condition. So, to recoup the funds when the mortgage becomes payable, the property is usually sold, so we need to be really sure that that property is going to keep up with expectations.</p>\n<p>Er, the property might also sit vacant for a period of time while being sold, and there could be further costs to consider, like service charges, er, and ground rent that in certain circumstances can fall due to the lender. Um, and then, yeah, to top that off as well, you know, a service charge of 1% today might be a service charge of 2% in the future. There's, there's no way of telling. A- and that's where future value comes in for us, so if you see the dotted lines on the graph again, these represent the growth in property value from that starting point of 500,000 pounds. Obviously, in reality, those lines, there's going to be peaks and troughs, but I've smoothed them out to try and illustrate.</p>\n<p>So, you can see in this example that if no payments were made on the lifetime mortgage and the property value overall increased by 2% per annum, the loan amount and the value are going to be nearly identical in 25 years, and that value, I- it can be impacted by many things, and that's why we shape our criteria in the way we do, um, to try and ensure that property is going to rise in line with expectations, so maybe looking at that 3% average that we see. Um, and yeah, on a 1% assumption in the example you can see there that there's some significant negative equity. And leading on from that, I guess underpinning all of that, is the no-negative-equity guarantee, so that ensures we won't chase any negative equity if the loan outstrips the property value, and that's obviously borne though by funders and the lenders, if self-funded. And yeah, just looking at, looking at the chart, it's not to scaremonger into not taking a lifetime mortgage.</p>\n<p>&nbsp;</p>\n<p>We see later life lending as absolutely crucial. Erm, this accounts for no repayments. I- it's to simply try and illustrate how underwriters and those agreeing risk and criteria need to build a picture of acceptance and try and avoid that negative equity to the best of their ability. Um, so something I touched on and one big factor here is property condition, so I'm going to pass over to Meg to talk about that a little bit.</p>\n<p>Thank you, John. Yes, we wanted to cover off property condition in more detail, as this is actually one of the biggest obstacles that we see, so starting with why property condition matters. Well, knowing the differences between equity release and residential and the fact that the property could be on the books for up to 40 years plus is why it is so important that it remains in good condition throughout the term. And if a property is already showing signs of poor maintenance, then this can be a concern, as it could deteriorate further over time and potentially impacting the market value and resale. So, what do surveyors look for?</p>\n<p>It's not just about the market value. They're reviewing the upkeep, the structural stability, demand, location, and they're ensuring that it is suitable for mortgage purposes and saleable in the future. But even if a surveyor ticks that a property is suitable for mortgage purposes, that doesn't automatically mean the property is acceptable to us. We still need to underwrite the case to satisfy our internal risk and ensure that we are comfortable it meets our lending criteria as well. Uh, just to highlight that the surveyors do not exclusively survey, survey properties for equity release. They also deal with residential lenders, so although they have our guidance notes, we still need to ensure that it fits a- within our specific processes as well. </p>\n<p>Which brings me on to how we assess condition. So, we review the size and condition of a property. So, if we were to take a large dated home, this may present a higher risk when we think about the higher maintenance costs that come with them. And then we look at, well, how old is the customer? If you were to have a customer with a large dated home and no funds are being taken to update it, this can present further risk with the potential of it being on the books for decades. So, this is where we may ask, do they have funds to maintain it in the future? Or if they are taking funds to update the property, then this would offset some of that future risk for us, so we will always review the reason for loan in conjunction with the valuation report.</p>\n<p>And to demonstrate what I've just talked about, we do have a case study, uh, to run through. In this case, we saw a couple of months ago, and it is just a good example to show you on how we go about assessing condition. So, this case was a sole application. The customer is 61. It's a five-bedroom semi-detached house, and it's been valued at &pound;1.1million. The surveyor has marked the property as fair condition, but later confirmed that the property is dated and would benefit significantly from refurbishment or modernization. We then reviewed the comparable properties, and they were all valued higher than the subject property, with two of them valued outside the 10% tolerance that we have. They later confirmed that the lower valuation is directly linked to the property's current condition. So, the surveyor there is saying that the property condition is directly impacting the market value.</p>\n<p>So, then when you revert back to the graph on the first slide that John ran through and how property maintenance can impact how a property performs, this is an example of that. That this property isn't performing as well as similar properties in the same location, specifically due to condition, which could there be- therefore be seen as a long-term risk. (clears throat) Excuse me. However, on this one, we did have a mitigating factor. They were taking &pound;50,000 for home improvements, which was the kitchen, a bathroom, and decorating throughout, which did offset some of the long-term risk over the potential 20 to 30 years. Uh, and just to point out on this as well, that isn't to say that we would have declined this case if no works were being done, but we would have had to carry out further checks so that we could get comfortable with proceeding, so that would be looking at things like the property photos. How do they look? Are there any visible repairs that we can see? Has the, has any essential repairs been highlighted by the surveyor and does the customer have sufficient funds to maintain the property? Um, with property condition, we- we will always look at them on a case-by-case basis, as no two will be the same. </p>\n<p>And then the final slide to run through on property condition is how advisers can help with the customer journey. We all have the same goal of moving a case through as quickly and seamlessly as possible for a customer, so we've actually put together some prompts that can help get a good picture of a property at the beginning, especially as we know that many of you provide, uh, remote advice. So, to start with, it's having those conversations early with customers about property condition, it's explaining the differences between residential and equity release, and why property condition is so important just to help them understand it. And then it's things like asking, you know, have any updates or home improvements been made since first occupation? Will the surveyor have access to all areas of the home? Are there any potential essential repairs that could be picked up by a surveyor, like damp or roof repairs, or are there any ongoing works which could be things like decorating, which isn't to be seen as much of a risk, but then it could also be building an extension or kitchen renovations, so the, so no kitchen currently in the property, for example?</p>\n<p>Because these are things that we do see and they do stall cases at valuation, so it's trying to find out as much information as possible to start with to help cases move through as smoothly as possible. And then it's discussing the ongoing maintenance responsibilities as well, so this helps protect the property value and it also keeps borrowing options open for customers.</p>\n<p>And to make these discussions even easier, as we know these aren't the easiest conversations to have, we are actually introducing a property condition guide, which is one of several guides that we're developing to better s-better support you as advisers and to help enhance the customer journey, so I would look out for those coming out.</p>\n<p>Fantastic. Thank you, John. Thank you, Meg.</p>\n<p>Some really powerful insights there, and I- I think particularly for us working as a lender, we can often overlook that it's an emotional, um, uh, thing for a customer to, you know, to have a surveyor come to their home, maybe a family home that's been there for 40, 50 years. So the- the adviser having these in-depth conversations really helps with the process, particularly, Meg, as you've alluded to, where it may be remote advice and the- the- the adviser is not getting that benefit of looking at the property themselves, so having those, uh, those questions is, you know, is- is a fundamental basic to make sure that they've got a good idea of what the, uh, the property condition is like.</p>\n<p>Um, so, so moving on to sort of the- the next part of the journey here, valuations. Um, obviously a- a big talking point and, you know, pivotal for us as a lender i- in terms of getting the, an accurate representation of, uh, the property and obviously surrounding areas. Now, obviously an important part of the process, particularly given the, you know, these lifetime mortgages can span 30, 40 years potentially, um, so- so John and Meg, can you give us, uh, you know, a bit of an overview of the LV= approach to valuations and also what, if any, influence we have as a lender over the actual process? I mean, occasionally we get, you know, advisors saying that, \"Oh, you must tell the surveyor to value it at this rate.\" And- and obviously that, we know, is- is not how it works, but if you could just, you know, share some insights on the process please.</p>\n<p>Yep, sure. Um, so I think probably just easiest to walk through the process that we've got, um, on the right. So, we'll instruct a valuation on application submission, and that automatically goes to our panel manager. Um, so we use Pure Panel Management, and they oversee a wide panel of independent surveying firms for us, um, and who we have a great relationship with, so we've got over 60 firms we can call upon here and once that firm's received an instruction...uh, once Pure Panel, sorry, have received an instruction, they'll panel out to a firm where the offices are no more than 25 miles from the property.</p>\n<p>So that's just ensuring that local expertise from an independent surveying firm and an knowledgeable assessment of the value. So, once they've been picked, the surveying firm's gonna contact the customer to arrange an appointment at their convenience, and the process up to this point, it can really move, so despite going through, you know, a couple of parties, we had one earlier this month that we instructed on a Tuesday, valued same day, and we got the report back really quickly too, so yeah, it can, it can really go. </p>\n<p>Um, moving to the surveyor visit, the surveyor's going to inspect the property in order to complete our valuation form. So, I guess on this one it's important to note that it's- it's not a full structural survey, for example, um, as might sometimes be expected. I- it's a valuation for our mortgage purposes, so we brief all the surveying firms as well on our dem-demographic, um, just to ensure there's a sensitive approach, and yeah, we take that really seriously as a reflection of LV=.</p>\n<p>That leads us on to the valuer assigning a value to the property. Um, something that's raised, um, occasionally is that customers w- may be upset that the surveyor couldn't give an indication of the value on the day. They are unfortunately unable to do that, but they'll try and relay that as sensitively as possible, and then the report, of course, it will be available shortly thereafter so that can be viewed under the, um, uh, in the adviser portal under the case.</p>\n<p>Uh, I think, as Chris alluded to, completely, you know, appreciate letting somebody into their home and the value that's assigned is gonna be an emotive subject, um, and, you know, we recognize as well the disappointment in the property maybe being valued at less than they thought it might be when this does occur. And I guess in this case, we find a lot of the time maybe estate agent valuations are cited. Uh, they can be a lot more speculative, um, than a,a, uh, value a surveyor's gonna place on the property.</p>\n<p>And then not to deliberately condense the complex process into one sentence, but to come up with a value, as a summary, I guess our surveyors are considering all, all the aspects of the property, you know, the condition and everything, the market, and then some close comparable sales with properties that are as similar as possible as well and have sold, uh, as close in time as possible.</p>\n<p>So local surveyors that we have in particular, they're often gonna have those up-to-date recent sales that may not yet f- um, formally be on Land Registry as well. And then, Chris, you touched on it. I guess, just to spell that myth is that, you know, we have no influence over that value that's assigned as lenders. Uh, we supply the guidance notes to surveyors, but this just lets them know, you know, how to fill in our valuation form and it's just some key points of our criteria to look out for as well. So, I guess the only impact that could have on a valuation is if it's returned at zero, you know, due to being un-mortgageable or falling outside, uh, of something, but that is rare.</p>\n<p>Um, when the report's completed, that's automatically sent to our system for review, um, and picked up. So, this year, w- we've been really strong in the market, so, you know, in terms of timelines, we've been reviewing them as quickly as possible, um, once received.</p>\n<p>But yeah, it's, it's a, it's a market we're really committed to here at LV=, so we wanna continue offering lifetime mortgages to as many customers as possible. So yeah, really pleased that in recognition of that, we've recruited further underwriters. We've done a lot of training as well this year. So yeah. W- we're also really committed just, uh, within, um, the proposition team that we have as underwriters, just being as visible as we can be, so the guide that Meg mentioned, for example, is just a, a really great starting point to this, I think. So, keep a, keep a look out for that sort of thing.</p>\n<p>Our underwriters are then gonna review the valuation report, um, against the criteria, and they'll consider surveyor comments, any photos taken. Um, we'll be looking to accept that case as soon as we can, but, you know, in some cases, we may have to send some post-evaluation queries. </p>\n<p>Where there is unfortunately a decline, we will exhaust all avenues in trying to accept it before relaying that information, and we'll also, uh, of course check to see if we can accept it on another product first as well. Uh, you know, declining cases isn't something we enjoy doing or want to do. We're always looking for alternatives b- before, before we reach that. So yeah. Sometimes unfortunately, there is gonna be a red line in our funding mandate or within our risk appetite. Uh, we do offer the ability to pre-check cases. </p>\n<p>Uh, we also have an automated decision in principal stage as well to try and stop it from getting to that point. But yeah, we're, we're still doing work here, so w-we're currently looking at new automated tools as well to help the, uh, help along the way and just give even more transparency as early as possible on that.</p>\n<p>Fantastic. Thank you, John. And I, I think it's, um...Yeah. I think it's really telling in terms of, you know, when a customer has, you know, an idea or a valuation of their home, they may have, you know, had a, an estate agent valuation i- in the past. And as we were talking about earlier, being quite an emotional thing. It's a, you know, family home, 40, 50 years sometimes. It, it can, you know, lead to some, I guess, uh, disheartening feelings if a valuation comes back lower than the client's estimate. But what's important to remember is it, it, it's not a down valuation. It's a valuation. I- it hasn't been valued previously. So, it is about just managing that process. And hopefully if the figure comes back lower than estimate, the case can still proceed if the LTVs fit. But, um, yeah. Really valuable insight there.</p>\n<p>One thing I wanted to pick up, John. You mentioned the, the post-evaluation query part, um, and that I, I think for, for me is quite an interesting one because, uh, occasionally, we'll get a valuation report back, um, and it, it may show a, a clean valuation report as, as you alluded to earlier, Meg, around it, it will be saying it's fit for mortgage purposes, but i- in some instances, it will require us to go back to the valuer for, for comments. Um, can you just give us a bit of an overview as to w- what are the instances that we would require comments? And if the valuation report says it's clean, w- why are they required?</p>\n<p>Yeah. Of course. Um, so because equity release is indefinite in nature, we may just need to ask a few more questions to ensure that the property is suitable long term. So, a clean report is great, but then there can still be things that a surveyor didn't have sight of at the time or things that they may not be aware of that could potentially impact the value or saleability, and in some cases, there are product-specific confirmations of things that we may need. </p>\n<p>So, running through just some examples of what we might see are things like, uh, service charges, estate charges. We need to make sure that the surveyor is aware of the amounts and that they've been factored in within the valuation. Another thing is proximities. So that could be, uh, close proximities to pylons, railway lines, substations, commercial. Um, so we may just need an additional comment, but that doesn't mean we'll need to do it on every single one because they will be looked at on a, on a case by case basis. But ultimately, we just need to make sure that we're comfortable from a future saleability point of view. </p>\n<p>Something else that we see, uh, fairly often is additional land. So this, the, the surveyor might not be aware that the property has it, but we might have found it through our internal checks, for example. Um, so we need to ensure that they've seen the title plans, um, and they value the full extent of what we are charging so that the valuation is accurate. If we do know about the additional land prior to valuation, we do send the title plans, uh, to the surveyor beforehand so they can look at those whilst valuing the property. Um, one final point as well that we are actually actively working to reduce post-valuation queries where possible, and we are in the process of redefining some parts of the valuation report to help support that moving forward.</p>\n<p>Yeah, uh, that's all good stuff. And I think I was just gonna chime in as well, just from, you know, an advisor perspective as well, there may be, um, PVQs re- required. That's where we might need to ask you a question or two. But, you know, whilst we'll try and avoid that, if possible, an offer condition, what we're really trying to do there is stop the case getting to an advanced stage in conveyancing and then declining, that nobody wants the upset of a case nearing completion, then falling down. So, it, it is something that we see, you know, we see really good traction in that approach. So, if you look at all of our cases over this year, uh, only 1% are being declined post-offer. So, it just gives that confidence once we've got to that con- conveyancing stage, it's highly unlikely we'll be declining. So, you know, sometimes there's gonna be something unavoidable on a title or a lease maybe that was unknown, but we do try to cover all bases as early as possible, and we definitely see the benefits of that with, with just that 1% decline rate post-offer.</p>\n<p>And, and that's a, a really good, a really good point there, John. And, and something that, you know, we, we, we feel in, in sales, in, in distribution that we sometimes get queries from advisors that, you know, \"You're, you ask so much up front,\" and that really then plays into that result in that on the basis that we do this up front for the reason is we wanna make sure that once you get that offer for you and your customer, that is gonna go through to completion. So, to have, you know, a 1% fall off rate where things come out of the woodwork at conveyancing is, is, is fantastic. So I completely agree, um, the more we can do up front to ensure and mitigate that risk of them falling over post-offer, it, it, is, is fantastic. </p>\n<p>Um, so looking at now a, a bit more of the, the application journey, and I, I guess probably some, some tips for, for advisers here. Um, why do certain cases, um, such as a high value property or a high value loan, um, refer within the portal? </p>\n<p>So, if I'm an adviser uploading my application, uh, submit it, and it comes up with refer, requires additional underwriting. Now, there's one, uh, main reason, and obviously I, I get the data for this on a, on a monthly basis, but the one main reason why cases tend to refer is what's captured within the reason for loan boxes. So, you'll have, I think there's about 12 or f- or 13 options in terms of the reasons for loan, and if you put anything within the box that says other, that will automatically refer the case. Now, 95% of the things that are captured within other are the equity release associated fees. There is an equity release associated fees box to capture them. So please just check your reasons for loan go in the correct box. Other is there as a, a way for us to catch applications where it may be against our responsible lending standards, so things such as gambling, investment, these sorts of things which are a no-no. So, when you're submitting, please just go through all the reasons for loan, make sure you capture in the correct box.</p>\n<p>So, John, Meg, outside of reasons for loan, I mentioned sort of high value, uh, high value loan, high value property, why do they refer within the portal? What do we do differently with those?</p>\n<p>Yeah, no, it's, uh, it's a fair question, and, um, yeah, I think it's all about, i-i- it's all about balance really, isn't it? We, we want to ask as much as we can up front to get to, you know, tho- that confidence at post-offer, but also, we recognize there's got to be a balance. But, y- you know, linking back to those comments is there needs to be certain areas that we wanna check out before the process goes too far. And high value is one that's picked out for a number of reasons really, but I'll try and quickly summarize them. So, I think there's maybe a perception that high value properties are great for us, easy money back, you know, looking at the LTVs, but i- i- in reality that's not the case. Some are, but, eh, eh, they're inherently more risky. So, they can be very susceptible to value swings, um, and then, yeah, from a wider portfolio, portfolio view because of that, we need to be aware of, you know, their concentration.</p>\n<p>And I guess one example we felt of that i- in recent history is a property that was nearing &pound;3million, &pound;3million initially, um, ultimately sold for just over &pound;1million, um, and yeah, we were also hit with some legal and maintenance costs on that too. So, um, yeah, it does happen unfortunately. And, yeah, I guess as I mentioned earlier and we've talked about throughout, resale's paramount to us, and there's a far smaller pool of purchasers for those properties. Um, and also sales trends on higher values, um, at the minute are providing pretty interesting read in, in recent years.</p>\n<p>So, where the properties do become vacant at end of term, if it's a large property with lots of maintenance requires, uh, requirements, we can see issues in trying to ensure those obligations are kept up, you know, as was the case in my example just now. So, i- i- this is also true of them I guess during the term of the lifetime mortgage. Um, a large property can be difficult to maintain for customers as years go by. Um, yeah, appreciate, you know, high value doesn't equal big house, but it's just another consideration, um, an example. Uh, maybe on like smaller properties, for example, so, uh, leasehold high value properties maybe in London, um, they might be smaller and a lot more manageable, but there could be large service charges attached too, um, which are gonna be undetermined in future. And again, they pose a risk within the lifetime of the mortgage, um, but also post-repayment as well, as if they're not paid, we have to step in as lenders and, and take that hit there.</p>\n<p>So again, that can also have impacts on resale. Purchasers might be put off by large amounts, and we just, uh, it's just an unknown quantity for us. And yeah, to round off, I guess we, we don't have time to get into the mansion tax discussion at all, but, you know, we're gonna be monitoring the news around that and considering the impacts as that develops too. And yeah, the full, the full picture is obviously a lot bigger, it's more nuanced, but they do pose a potentially higher risk to funders, um, or lenders, so often there may be points of referral or we need to demonstrate a more thorough review of them. And, and we also like to just try and validate the estimated value as far as possible. Uh, we don't want a customer to not be able to get the funds they're going to need, so we just like to manage expectations there. We're not gonna quibble over if we think it's &pound;10K over, &pound;20K over. It's just to manage expectations.</p>\n<p>And I, uh, just to round it off, I guess, I don't mean to sound doom and gloom on all of this, just answering why they might be slightly different, you know, we've got a really good approach to high value underwriting. Uh, it's something we've seen a lot of success on over the years and, definitely seeing that currently too. So, you know, please don't hesitate in, in sending them over to us. We can, we can do the work early as well so that when you do get to your decision in principle or you're apt, we can, um, push that through for you.</p>\n<p>Fantastic. Thank you, John. And some, some really, really powerful insights there. And sounded a little bit like one of mine and your calls, John, when I'm trying to push a case through and you're telling me the reasons why it is risky. Um, but, uh, but yeah, I, I think there, there is that, you know, I guess, slight, um, misperception in the market that a high value property mean- means gold for a, for a lender or a funder. Um, but yeah, I, I think there's obviously some big considerations there, particularly as you've expressed there with that example of the, the &pound;3million to &pound;1 million poses, you know, a big, big risk for us. Um, so l- looking at sort of this year...And it's been fantastic to see, uh, the changes that we've made when it comes to accepting more properties this year. I mean, it feels like a, a real breakthrough year for LV= in terms of really competitive pricing, but then accepting more properties off the back of some really big criteria improvements. It feels like we've had more than ever this year. Um, so John, Meg, w- would you be able to provide, um, a bit of an overview? I'm not, I'm not asking to read out every one, but a bit of an overview in terms of some of the, the standout criteria improvements that we've made. And if you're able to, uh, tease any that we've got, um, in the pipeline.</p>\n<p>Yeah, sure, I'll cover that. So, um, yeah, appreciate f-so far on the webinar we've maybe delved into maybe the more risk averse side to explain those. But yeah, we've made a, a range of improvements across our products over the last few years, including earlier this year as well.</p>\n<p>So, in the past two years, we've made consistent additions to the criteria just to try and offer as far as possible. Um, and yet, we're not, we're not stopping there. We've, we've got plans for more, we've got proposals, you know, written up. So, we're also just really keen to hear any feedback on sort of baseline criteria, and we'll act where we can for that too. So please feel free to share that if you see something that is out of step. So yeah, we've got some examples on the screen. Um, they are product dependent. Um, yeah, I can't run through every single one. As you say, we could do a webinar on every single piece of criteria all in itself. So yeah, happy to pick up any discussions on certain areas if anyone has any questions or wants to chat.</p>\n<p>But to quickly run through them, uh, we launched our Lifestyle product with the ability to look at age-restricted properties. Um, then in the last 18 months on our Lifestyle products, we improved our criteria on floods, uh, maximum property value, uh, removed hard proximity limits to pylons, et cetera, you know, substations, things that Meg was talking about. Uh, adverse credit w- was improved, um, and also allowing commercial usage. So that, for example, might allow up to 40% of the property to be used for commercial, where there's no permanent changes to the property. So, you know, it might be that your customer wants to store goods, is, is a tutor, hairdresser, et cetera, we're happy to have a look at that.</p>\n<p>Um, on this product too as well, we've added acceptance of studio flats depending on the setup. Uh, we expanded our listings and categories, uh, to accept, uh, two star and category B. Uh, and we can now also review modern method of construction properties as well. We started seeing a few more of those coming through.</p>\n<p>Uh, sticking on the construction theme, um, on Lifestyle, we added other additions. So, we went up to 20% single skin, up from 10%, and then we, uh, widely matched our Plus product as well in offering cross-wall and PRC constructed properties.</p>\n<p>So yeah, our Plus product as well, it- we've seen a number of changes on that, um, improving the adverse credit terms and, uh, re-improving the flat roof there to look up to, uh, 100% dependent on material. So, across both products there, we can look at that up to 100%. So please send those on. And yeah, criteria is something that we- we're constantly looking at. We're always, you know, writing up new proposals for new things and stuff. Um, I won't tease anything yet because this is all subject to approval, but there should be some good stuff coming through.</p>\n<p>Fantastic, John. And I, I think, yeah, I, I echo your thoughts there, and we could do a, a webinar just on improvements and go through them all individually. But I think that really gives, you know, the attendees here a f- a flavour of the direction of travel. Um, it really feels like a, a, a good step forward for us this year, and it's music to my ears that there's proposals going for, you know, future improvements. Because ultimately, we wanna say yes to more properties. Um, so that draws us to the close of the, the formal part of, of today's, uh, presentation and slide content. Um, we're now gonna move on to the question and answer part of, uh, of today's session. And thank you to those of you who have submitted, um, questions to us, uh, prior, uh, to today's session. Um, so I'll, I'll dive straight into these and, and hopefully they'll be kind for you, John, Meg.</p>\n<p>Um, first one is, uh, \"What underwriting support property checks do LV= offer prior to application?\" </p>\n<p>Um, so I, I can cover this one and then I'll put it across to you guys for, for further comment. Um, the, the overriding message for me when it comes to pre-application is the more you can do, the better. Uh, we mentioned various types of advice earlier, be it, you know, in person or remote. Um, obviously it's a different process if you're giving remote advice. There is more that you can do online to look at the property. So, from my experience, doing your flood checks, doing your, um, Google checks, not only the street view, but the satellite view as well, gives you a good understanding of the surrounding areas of the property and not just the street. You can also see things like train lines and, you know, a- anything that r- you know, runs to the either side of the property. Um, using the, the tools that you have available, we, we, we've got web chat at LV= <span></span>which is an instant response by, uh, a human. It's not a bot or AI-led, so you can speak to an underwriter, you can speak to, you know, someone who can actively look at the property live with you and give you a decision, um, on obviously if it looks acceptable or not, subject to valuation. Using your account managers, using the sales desk at LV=. Obviously, we are closely linked with our underwriting team, so we can obviously have our, our view and then, you know, speak to an underwriter as well.</p>\n<p>So yeah, the- there are, there is a lot of tools out there for you. I, I recommend, as an adviser, having the lending criteria of all the lenders you use on your desktop. And you can r- refer to that at each point once you've established if the, you know, the rate is, uh, is applicable for that case.</p>\n<p>Um, John, Meg, outside of that, would there be anything else that you would add? </p>\n<p>Um, yeah, the other thing is it wasn't covered, just the pre-application mailbox we have, so <a href=\"mailto:erunderwriting@lv.com\">erunderwriting@lv.com</a>. So feel free to, you know, push a scenario or property, uh, or anything over to there as well, um, and, and we'll get back to you, um, really quickly on that as well. Um, yeah, that, that's, that's the other one, I guess, that stands out.</p>\n<p>And, uh, I suppose, Chris, just I'll, I'll nab the next question 'cause I think it leads on from what you were talking about, but- </p>\n<p>Sure.</p>\n<p>... in terms of, you know, someone's asked, \"What property checks do you recommend I carry out where the advice has been given remotely?\" </p>\n<p>Um, so where they haven't visited, visited the property. And y- yeah, as we say, there's the pre-app functionality, there's a web chat functionality, but sometimes maybe you just want to have a quick look yourself, um, you know? It might be late at night when you're working. So, uh, I guess Google Maps or similar is a, is a staple there. So, you've got your satellite view and your street view of the property. Um, as you said, Chris, that could highlight proximities of things like commercial, you know, your railway lines, or on street view of its recent... it might also just give you a bit of a glimpse into that property's condition. And I suppose as kind of a rule of thumb, have a look at it and just think i- is there anything that would put you off buying that property? You know, would it put the majority of people off or, you know, if you had &pound;100k to invest in it long term, is there any risks that would put you off doing so? That's not to say, you know, we're gonna say no to that property. There's no such thing as a zero-risk property, so we do take them, but, you know, it's, it's maybe a good nudge to think, \"Ah, I'll just run that past quick. I'll just jump on web chat and quickly run that one past,\" and, you know, we can look at it quickly on there or on pre-application. Um, just a few other checks as well, I believe some solicitors, solicitors, sorry, may offer title checks to prospective customers, so that's an avenue worth looking into.</p>\n<p>Um, if possible, credit checks too can highlight any areas such as CCJs. Sometime- quite often we, we see that come up and maybe even the customer wasn't aware of them, so that's always something we'd recommend. Again, we're, we're not gonna say no one knows. We've got, um, our, you know, our adverse credit, um, limits that we've got, but yeah, quite often we, we can accept those and we understand, you know, sometimes people just need a reset.</p>\n<p>Uh, land registry and other sites can help with other sales in the area, so if you're looking to try and validate a house value. Uh, flood checking is a big one, uh, we did have a pre-submitted question on that. Lenders are gonna use different systems or checks to one another or even, you know, different parameters within those same tools. But given the importance of flood risk on long-term assets, it's something we are currently looking into, so, um, our tools may change, uh, so I won't go into too much detail, um, on this. Um, but yeah, there are tools out there like the gov long term mapping site, which is easily accessible. Um, pop your postcode in, select your address, that will give you an overview and a map and pinpoint exactly where the property is on the map. So, you know, if you see some, uh, it's in high risk or close to high risk, please just pop it over and we'll have a look. And, yeah, sometimes it's even just worth typing the property address into a search engine. Um, it can highlight maybe a business at the property, um, or other points of interest. But, yeah, as I keep harping on back to, I guess, you know, we combine those checks and more, so obviously take a look yourself, but i- if you want us to have a full look, then, yeah, happy to do that.</p>\n<p>Fantastic. Thanks, John. Some really, really good tips there, particularly the, um, the, the title check. And I, I've heard that too that, you know, I think if you pay for it yourself, it's &pound;7 or &pound;8, but I think some of the solicitors are, are subsidizing that, um, for, you know, for cases where they- they're going via them, so that's a great idea. I mean, the flood check is a really important one as well, and probably just to caveat that, that not all lenders assess flood in the same way. Um, oc- occasionally there'll be instances where, uh, a flood check has been carried out via one lender or via one of the mortgage sourcing systems and then we'll have a different view on it, either more positively or, or, or negatively, So, just bear that in mind that, um, yeah, all lenders tend to use a different variation of, of flood map technology.</p>\n<p>Um, next question, probably one for you, Meg, here. Um, can you share some insights in some of the common reasons for decline or cases not being able to proceed that we're seeing currently?</p>\n<p>Yeah, of course. So, I- this is quite varied, um, there are some that are slightly more frequent than others, um, which can be things like, uh, state charges, but they're typically the third-party uncapped charges, which are very, very risky. Um, poor condition, which we've talked about property condition already, but not if it's actually been considered as poor, um, which isn't acceptable to us. However, the customer does have options if that has been the case. Um, the customer...if the customer's taking out funds to remedy those areas and it's not considered an essential repair and the surveyor says those works would bring it up to good condition, then we can consider that where works are done within three months of completion.</p>\n<p>Another one that we see is spray foam in the roof, which is pretty much a red line for us. But again, there are options for customers. If they're removing that spray foam and they can provide a clear roofing report with no lasting damage, we can consider that on our Lifestyle range. Um, so yeah, they're just a few examples, um, but we do also review our decline MI continuously as well, um, and we will recommend improvements where we feel appropriate.</p>\n<p>Fantastic. Thank you, Meg. Um, next question, uh, \"What USPs do LV= have besides the rates that show up on Air?\" </p>\n<p>Um, I'll, I'll take that one. Um, o- obviously as with, with most mortgages, uh, rate tends to be obviously one of the, the main drivers and cheapest overall cost of borrowing. Uh, of course we accept that, um, thankfully I think you would have seen that LV= have been extremely competitive this year and, and, and priced very, very attractively, which has been great to see. Um, there are so- some USPs. I know a lot of the products in the market are, are relatively similar these days in terms of fixed ERCs and and set repayment amounts. Um, with us at LV=, ERCs are, in my opinion, the best in the market on the basis they don't reset on the drawdown reserve. So, what I mean by that is if you place a case with us today on, say, our Lifestyle range, after 8 years, that plan is completely free of early repayment charges, even if the customer is using that drawdown every year. After year 8, there are no ERCs. So, with, with all other products in the market-...every time a customer accesses that reserve facility, they will be hit with an ERC for that tranche of funds. So, just bear that in mind when you're comparing an LV= drawdown plan to another lender's plan. It is a fantastic benefit, particularly where you've got instances where customers are saying, \"This won't be a lifetime mortgage. I will downsize. I will redeem the plan. Please, can you explain how that will work in terms of the penalties I will pay to do so?\" Um, so that would be the, yeah, the, the one biggie for me. Um, if you need any more clarity on that, I know it is different to how the rest of the market work, please just reach out. </p>\n<p>Um, next question, uh, probably one for you, John, and I absolutely am banging the drum on this one. Um, will LV= ever consider lending against second homes again? </p>\n<p>Um, so for those of you who have used LV= for many years, you'll be familiar that we used to, um, accept second homes, so customers could leverage funds off a second property, a holiday home. Um, unfortunately, we, we don't consider them currently, um, something which myself and my colleagues in sales are always pushing to, to reopen again. Um, but John, any, any scope on that one currently?</p>\n<p>I think keep, keep banging the drum and never say never basically-(laughs)... is, is the thing. I, I think, yeah, obviously we've, we've got funders to take account of, um, and just our own risk profile as well. It's something that's, like, not off the table. It's something that we will, you know, put proposals for- forward for. I think, at the minute, it's probably a case of looking at, um, are there any variations of that that we could do as well? So, is there something that we could take maybe not as far as that? Um, so maybe keep a look out for those. But yeah, it's not something that we're gonna drop off the radar. Um, it's something that we'll keep, you know, trying to reintroduce, if possible, um, when we feel, you know, that the risk profile is right or is there a certain way in which we can do it. </p>\n<p>So, yeah (inaudible) Expertly navigated, mate. (laughs) No, no commitment- Nice one. ... but expertly navigated. (laughs)</p>\n<p>Nice one.</p>\n<p>Um, fantastic. Well, j- just conscious of time, I think we're, we're out of time for, for questions. But yeah, if there are any questions that we've been unable to get to, uh, we will pick up with you offline. Um, so we'll just move on to just finalize the, the learning objectives. So, if, if me, Meg, and John have done our jobs adequately, um, hopefully you should now have a, a clearer understanding of the key differences in underwriting between residential and lifetime. Also, you should be able to now, um, confidently understand the LV= approach to property valuations and how we as a lender assess that risk. And hopefully you've received some tips and guidance on how to apply best practice for a smooth LV= lifetime mortgage application journey.</p>\n<p>So, thank you for joining us today, uh, we hope you found value in the content, and we really appreciate you taking the time to view this webinar. Um, on screen you will now see, uh, a QR code on the top right-hand side where, following, uh, the completion of a short survey, you can download your CPD certificate. A copy of the certificate will be emailed to you, uh, within the next 3 to 4 days. Uh, and there's also a QR code just below the, the, the survey and CPD one which links directly to our lending policy. As I said earlier, good tip to, to download that and save that to your desktop.</p>\n<p>If you have any questions about the content today or indeed, you know, to discuss anything further, from cases to applications, et cetera, please contact the sales desk. And from all of us here at LV=, from myself, John, Meg, and the full team, uh, we hope you have a fantastic end to the year. Enjoy the, the, the festive break and we look forward to speaking to you again soon.</p>\n<p>&nbsp;</p>","poster":{"html":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=1536&amp;ch=772&amp;hash=64E6E37052CF6BC84B4C74B12D73012A","editButton":null,"alt":"Placeholder","renditions":{"0":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=768&amp;ch=386&amp;hash=631FA0E7E3042BE826C81A2BCDF2D7A0","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=1536&amp;ch=772&amp;hash=64E6E37052CF6BC84B4C74B12D73012A"},"769":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=367&amp;ch=207&amp;hash=9A15EFA527E0AFEF382E30F8B325D6AB","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=734&amp;ch=414&amp;hash=E6198615EDA770914372FAC23237CE83"}},"dynamicrenditions":null},"posterVimeo":null},"titleHeading":{"label":"Mastering LV&#39;s lending criteria - what advisers need to know","type":""},"description":"<p>In this CPD webinar, we explore the valuation process, how lenders assess risk, and how you can support your clients&rsquo; applications - with practical steps to help avoid delays and declines.</p>\n<p>The session is chaired by Chris Smyth (LV= Partnership Development Manager), with John Hayward (Head of LV= Equity Release Underwriting) and Megan Davies (Senior LV= Equity Release Proposition Development Underwriter) joining as panellists.</p>\n<p>Watch now to deepen your understanding of the underwriting process and improve client outcomes.</p>\n<p>Recorded on 28 November 2025.</p>","isEditMode":false,"html":null}},{"name":"videoOneThird","reactName":"Athena.videoOneThird","id":"5415606b-c152-4ef0-9894-22c281fefb60","type":"dynamic","props":{"Id":null,"videoAlignment":"one-third","mediaAlignment":"right","video":{"id":"https://vimeo.com/1113168400","type":"vimeo","transcriptLabel":"Open video transcript","transcriptHeading":{"label":"Transcript - Lending for real life - our ERC difference","type":""},"transcriptContent":"<p>Chris Smyth</p>\n<p>Good morning, everyone, and welcome to today's webinar brought to you by LV equity release. My name is Chris Smyth and I am a partnership development manager here at LV and I will be your host for the webinar. It's fantastic to see record numbers of advisers joining us today, making today's webinar the highest attendance we've had in recent history. Thank you for making the time to attend in what has already been an incredibly busy year for our sector. </p>\n<p>I'm delighted to be joined today by the Proposition Director for equity release at LV, Pat Oldham. Pat brings with him a wealth of experience in our sector with a career spanning almost 30 years at LV, someone who is pivotal to the LV product design and ultimately the implementation. During today's webinar we are focusing on a vital talking point of lifetime mortgages, early repayment charges. And specifically, the LV earlier repayment charge difference. </p>\n<p>As we all know, and as with most mortgages, interest rate is often a key driver for many customers. But increasingly earlier payment charges have become just as important, with many customers now making monthly repayments to service the interest and reduce the compounding effect. Or making full redemptions of the loan as part of a downsizing strategy, meaning that for some this will not be a lifetime more. Which, for lenders, this shift has resulted in the way that earlier payment charges are calculated, being more relevant than ever before, and I'm pleased to say that the LV way is designed to be fully transparent, but with flexibility in mind to support changing customer needs post completion. </p>\n<p>We'll now take a look at today's agenda. I will be kicking things off with the housekeeping before providing some insights into the latest equity Release Council standard and how the LV approach to the earlier payment charges supports this. I'll then be handing over to Pat. He'll be taking us through some case studies, common customer scenarios, specifically highlighting when earlier payment charges apply and more importantly, how they're calculated. Pat will then hand back to me to summarise and close the session. </p>\n<p>As you will see there is 30 minutes of CPD available for today's webinar, and there'll be a QR code at the end of the webinar where following a short survey, you'll be able to download a copy of your CPD certificate. You will also be emailed a copy on Monday. </p>\n<p>We'll now take a look at the learning objectives that are shown on screen and by the end of the webinar, you should have a better understanding of how the LV earlier payment charge meets the new ER Council standard, the LV earlier payment charge terms and calculations, and how repayments are treated and more importantly. How these impact the loan balance? </p>\n<p>Without further ado, let's get started and to begin with the new standard from the Equity Release Council, which is the 6th product standard. The standard focuses on additional consumer protection around changing life events post completion, specifically the need for care. In summary, where a client moves into long term care, either in a care home or with family, early repayment charges are waived should the loan be redeemed. The standard takes the definition of care, just that one step further to include care with family, which I think we can all agree with an ageing population, more customers receiving care from family is a significant improvement and a welcome change for the industry. A shameless brag, but here at LV we've offered this across our product range since entering the market back in 2002. But it is great to see this is now a standard within the market which offers that consistency across the lifetime lenders. </p>\n<p>We'll now take a look at the ERC's applicable across the product range. So at LV, we have always been a provider with fixed DSDS. We've never had a gilt linked version of earlier payment charges, so no calculation headaches for LV products and on screen. Now you'll see both product ranges ERC. So for the lifestyle product range across both draw down and lump sum variance, it is an 8 year early repayment charge period. </p>\n<p>You'll see that it reduces from 7% to 4% in the first four years and then 3% for the remaining four years on the plus range on the right hand side, again across both drawdown and lump sum variants, it is a 10 year ERC period. It's a 5% ERC. In the first five years and 3% in the remaining five years now, importantly, the ERCP's are calculated on the outstanding capital balance at the point of redemption, not the outstanding loan balance, which includes obviously the interest accrued. The ERC's are based on total capital balance at the point of redemption. </p>\n<p>We'll now move across and take a look at when some instances ERCs would not apply. So as a lender, we've dramatically seen an uptick in customers making payments. Particularly in this higher interest rate environment we're seeing currently and across the product range, we've had allowances to accommodate repayments free of early repayment charges. On the plus product range, there is a 10% annual allowance of a payment option. And on the lifestyle range, there is an 11% repayment option, very flexible. </p>\n<p>There's an unlimited number of payments that customers can make as little as &pound;50 per payment and standing orders are accepted. A recent innovation that we have implemented is day one downsizing protection, which is across both products. Now. What this means is that. Should customers wish to port their mortgage across to a new property and the property falls outside of our lending criteria, we will allow the loan to be redeemed free of any earlier payment charges from day one. </p>\n<p>Another recent change is the compassion window improvement. Following first death or move into care on joint applications, we have removed the time limit on the plus range, meaning that the loan can be redeemed free of earlier payment charges at any point after the event. On the lifestyle product range, the compassion window is 4 years from the event taking place. </p>\n<p>We'll now take a look at the earlier payment charge difference and the LV difference and earlier I talked about how for some customers this will not be a lifetime mortgage with plans to downsize in the future and redeem the loan and importantly, how our ERC support this. So the first bullet point here is a real game changer, and if there's one thing you listen to me on this webinar, I would say this is the most important thing. The way that ERCs are calculated at LV, we calculate the arcs from the completion date of the first loan, not each release. </p>\n<p>What I mean by that is regardless on when additional releases occur from the drawdown facility, the plan is free of earlier. Payment charges after eight years on lifestyle and then after 10 years on plus. So how good is that? As an advisor, you can provide that certainty to your clients regardless when they release further funds on each release, it will not have its own ERC period, so offers a clear and straightforward time frame for when ERCS will apply. </p>\n<p>Ultimately, eight years on lifestyle, 10 years on plus. I covered the final points earlier, but as I said before, ERC is about based on the outstanding capital amount. In simplistic terms, we do not apply the interest to the calculation or base them on the original advance, which again benefits customers and instances where they're making payments or have been made. Making regular payments to reduce the capital balance, a lower ERC will ultimately apply. </p>\n<p>I'm now going to hand over to Pat, who will take us through some of these case studies to really bring the earlier payment charge scenarios and importantly, the calculations to light. Good morning, Pat over to you.</p>\n<p>Patrick Oldham</p>\n<p>Thanks, Chris. It's great to see so many people join us this morning. And I just wanted to spend some time talking through some case studies which aim to highlight some of the differences in our products that Chris highlighted. They importantly highlight what this means for customs. At LV, we've always had fixed re-payment charges, better known as ERC's which provide clarity and transparency to customers. In addition, we have historically included examples in our terms conditions explaining how we apply repayments to loans. </p>\n<p>We want advisors to know that when they select LV as a lender, they can be confident that as a mutual we will look out for the best interest for our customers. Our mutuality is incredibly, incredibly important to us and allows us to think a bit differently. We absolutely appreciate that the devil is in the detail of lenders calculations and therefore really in the spirit of transparency and then really focusing hard on those customer outcomes, we're happy to lift the bonnet up on our calculations as we think there are a few differences which show how LV have considered the customer outcome. </p>\n<p>Within the inner workings to help, we have pulled together 3 case studies with the aim of trying to explain some of them. And with that we'll move on to the first. The first case study is Jane. This case study shows the difference our draw down USP feature can make that Chris outlined for all of our open products, we set the ERC duration based on the date of the initial advance. Importantly, not the date that each withdrawal, which is not how other drawdown products work in the market. </p>\n<p>Which attached the ERC period to each withdrawal to bring this alive for our lifestyle product. This essentially means that we will not charge an ERC after year 8, irrespective as to when withdrawals are taken. To help with understanding and to really try and bring this to life for you, we've included this case study. So Jane. She's 65. She took out a drawdown lifetime mortgage with LV to top up her retirement income. Her plan was simple. Enjoy her early retirement years to the fullest. Spend some time travelling and spend some time quality time with our family. </p>\n<p>Jane withdrew &pound;15,000 each year to boost her income. In year 10, her father sadly passes away, leaving Jane with a considerable inheritance. Wanting to reduce her future interest roll up, she voluntarily repaid &pound;215,000 to clear her loan entirely. We charge the ERC's based on the initial loan duration as opposed to the from the date of each withdrawal as I alluded to earlier in Jane's case, this means that even though she's made withdrawals for 10 years, once she's beyond the eight-year ERC period set from the date of the initial loan, we would not charge an ERC. </p>\n<p>If we didn't work this way, at the year 10 point, she would still have around 8 years&rsquo; worth of withdrawals, which would have an ERC attached to them. So in this example, comparing our calculation with the drawdown product in the market, which does attach an ERC to each withdrawal, Jane would still have to pay &pound;5000 more in an ERC, and then if the latest withdrawals were even more sizable, the additional cost would even would be even higher. So that's our drawdown USP. With that, we'll move on to the next case study. </p>\n<p>The next case study is Steven and this case study shows the difference with how we apply repayments and the impact that has in relation to reducing future ERC's. For all of our open products, the earlier payment charge is calculated based on the outstanding capital balance. Importantly, not the outstanding loan balance, which includes interest or the original value of the initial advance. </p>\n<p>So let me explain what the outstanding capital balance is to make sure there's clarity. When we advance alone, the outstanding capital balance is the value of the advance we make. So for example, if we lend &pound;200,000 and no repayments or advances are made, the outstanding capital balance is always &pound;200,000. Following the initial advance, interest is added to the loan and the outstanding loan balance increases. </p>\n<p>However, importantly, the outstanding loan balance remains as the value of the initial advance. If we then advance say &pound;10,000, this increases the outstanding capital balance to &pound;210,000. Importantly at LV, when repayments are made, we split repayments between capital and interest, which has the effect of reducing the outstanding balance which includes interest. However, importantly, for this example, reducing the outstanding capital as we charge the ERC based on the outstanding capital balance, this has the effect of reducing future ERC's that we charge. </p>\n<p>To bring this alive, this essentially means that in a simple scenario where a customer takes a lump sum loan and makes repayments to the to the ERC charged in future could be lower than if we base the ERC according to the loan amount advanced which some products. To help with understanding, we've included a case study. </p>\n<p>So Steven, he's 70. He's taking out a lifestyle product. He's a retired university lecturer living in Bath. He releases &pound;200,000 from his home to purchase his dream holiday home in Scotland. Steven has a reliable income from selling one of his books and decides to commit to regular repayments of &pound;12,150 a month. Steven maintains these regular repayments without incurring any ERC. </p>\n<p>At the start of Year 5, Stephen decides to sell his London flat worth &pound;800,000. He decides to use this to clear the remaining balance in full so he can be debt free. As his life starts to slow down. And we'll just move on to dig under this a bit deep, deeper. We've tried to illustrate a simpler example of a customer making repayments which <span></span>equate exactly to the ongoing interest charge. </p>\n<p>Steven&rsquo;s outstanding balance remains as &pound;200,000 at the end of each year as he continues to make payments of &pound;15,000 a year to cover the interest. However, a full repayment being made at the start of Year 5 triggers an ERC payment. The total repayment will be the outstanding balance which is &pound;200,000 plus the ERC. So the ERC free allowance allows for 11% of the initial loan, &pound;22,000 to be paid from the outstanding balance importantly without incurring charges. </p>\n<p>A typical product in the market could take the &pound;200,000 initial loan advance, deduct the ERC free allowance of &pound;22,000 and apply the charge to the balance. In this case &pound;178,000, which equates to an ERC charge of &pound;5,340. To illustrate the LV difference of calculating the ERC based on the outstanding capital balance, we would take the &pound;200,000 initial loan advance, importantly, deduct the capital value of any repayments, including the ERC-free allowance, and apply the charge to the balance. </p>\n<p>In this case we would apply the 3% charge. The lower balance of &pound;133,000, which equates to an ERC charge of &pound;3,990. To illustrate the focus on the customer, we've compared the total loan repayment on our product versus a typical product in the market. In this example, the LV calculation saves the customer &pound;1,350. This case study illustrates the difference that in terms of the way we allocate repayments, can make to a customer. </p>\n<p>I'll just move on to the final case study, which is Sarah and Paul and this case study shows the benefit of the LV compassionate window that Chris alluded to earlier, which we have recently improved. Sarah and Paul, they take out an LV lifetime mortgage plus product. Sarah and her husband, Paul, release equity from their home. To fulfil their dreams of purchasing a luxury motor home so they can take their family on holidays and spend time with friends. </p>\n<p>They make no repayments in the early years, but in year 4, Sarah's husband sadly passes away Paul's life insurance leaves sale with a &pound;200,000 payout. Sarah chooses to repay &pound;150,000 of her &pound;193,000 loan balance as she wishes to be clear of a large portion of their debt so she can downsize stress free. And live closer to her children at a vulnerable stage in her life.</p>\n<p>As of the 27th of August, we have removed the three-year limit on our plus range, meaning if one borrower passes away or moves into long term care, the surviving borrower can now make a repayment at any time afterwards without incurring an ERC. Without the LV compassionate window in place, Sarah would have incurred the ERC of circa &pound;4,000. Also, I just wanted to point out that even better than that, we have rolled the changes out to all of our lifetime mortgage plus customers who can now also benefit illustrating the LV difference and the focus on the customer out. </p>\n<p>Now. We didn't need to do this, however, we have and simply to ensure an improved outcome for all those plus customers. As a mutual, these are the differences that we think makes us stand out. Lastly, I just wanted to say thanks for joining us this morning. And with that in mind, I'll hand over to Chris.</p>\n<p>Chris Smyth</p>\n<p>Thank you for that, Pat. And I think, yeah, I think we can agree the case studies really you know bring the scenarios to light. I think what's prevalent and I think I I've had this from advisor calls over the last year, last few years, is that customers more than ever are asking about exit strategy, whereas if you go back sort of 5-10 years, it was typically a quite lump sum heavy market where it was, it was 1 and done and they'll likely not redeem the loans, whereas it's just not. </p>\n<p>The market we're in now, obviously we're seeing drawdown outselling lump sum clients. Looking at the next phase of their life. So looking at you know if I downsize what the implications will be. I think from an advisors perspective, knowing the intricacies of how each lenders ERC's work, you know really can add some value. I mean we've both covered the drawdown USP there. </p>\n<p>And I think it's really, really relevant when customers are saying things like do you know what I I will downsize and the future, I'm not looking to have this loan for beyond 5, 10, however many years it may be. So being able to sort of showcase you know even if you do use your drawdown reserve with LV after eight years, it will be free of earlier payments is incredibly transparent and powerful for customers. And importantly, it's easy to understand because earlier payment charges are historically complicated as we know.</p>\n<p>So if me and pat have done our jobs adequately, hopefully you should now have a clear understanding of how the LV ERC's meet the Equity Release Council standard and what a welcome standard it is. You should also have a better understanding of the LV arcs and importantly, how they're calculated. And lastly, the impact that making these ERC free repayments has on an outstanding loan balance. </p>\n<p>All that's left to say is thank you so much for joining us today. We trust and hope you found value in the content and we really appreciate your attendance. On screen, you will now see two QR codes, the first of which will be the one that to get a copy of your CPD certificate. Following a short survey, you'll be able to download that. So if you just scan that with your device. </p>\n<p>Alternatively, there will be an emailed copy coming round on Monday. There's also a secondary QR code there at the bottom right, and that is a link directly to our earlier payment charge calculator, which is available on the LV advisor website. So again gives you that ability to check potential fees by entering property value and obviously when clients are looking to clear that loan. </p>\n<p>If you do have any questions about any of the content today or any cases you wanted to run through and obviously go through when ERCs may or may not apply, you have got the sales desk contact details on screen on the left hand side there. All that is left to say is thank you very much for joining us. We hope you have a fantastic weekend. And we look forward to speaking with you soon.</p>","poster":{"html":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;cy=0.34&amp;cw=1536&amp;ch=772&amp;hash=04221F5AC7BED70A1B2AC01B21F209A9","editButton":null,"alt":"Placeholder","renditions":{"0":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;cy=0.34&amp;cw=768&amp;ch=386&amp;hash=56EFE7BEE6505A438D116E93F86FDB4B","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;cy=0.34&amp;cw=1536&amp;ch=772&amp;hash=04221F5AC7BED70A1B2AC01B21F209A9"},"769":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;cy=0.34&amp;cw=367&amp;ch=207&amp;hash=99BF54E5EB2986D8BA4994A96531943B","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0.47&amp;cy=0.34&amp;cw=734&amp;ch=414&amp;hash=0CA65ABE5A00D8E7E6D60769BD543500"}},"dynamicrenditions":null},"posterVimeo":null},"titleHeading":{"label":"Lending for real life - our ERC difference","type":"h2"},"description":"<p><span style=\"background-color: #ffffff; color: #333333;\">In our CPD webinar, Chris Smyth, LV= Partnership Development Manager, is joined by Patrick Oldham, LV= Equity Release Proposition Director, to explore how LV= Lifetime Mortgages support ERC-free repayments and help reduce costs when charges apply. </span></p>\n<p><span style=\"background-color: #ffffff; color: #333333;\">Listen now as they bring the topic of early repayment charges (ERCs) to life through real-life case study examples.</span></p>\n<p><span style=\"background-color: #ffffff; color: #333333;\">Recorded on 03 October 2025.</span></p>","isEditMode":false,"html":null}},{"name":"videoOneThird","reactName":"Athena.videoOneThird","id":"194e3b36-5cc3-4283-b3b7-79e044f2d339","type":"dynamic","props":{"Id":null,"videoAlignment":"one-third","mediaAlignment":"right","video":{"id":"https://vimeo.com/1073600864","type":"","transcriptLabel":"Open video transcript","transcriptHeading":{"label":"Transcript - LV= Equity Release Live: Client-focused strategies for success","type":""},"transcriptContent":"<p>Good morning everyone. We'll just wait a few moments just to allow everybody to join. Okay, good morning everyone. Fantastic to see so many of you joining us for our webinar today. My name's Georgina Oxton, and I head up the equity release sales team here at LV=. I'm going to run through now what we're going to cover today.</p>\n<p><span>So, the second section of our webinar today, I'm going to be joined by Jenny Briars, one of our LV= colleagues. She's our head of customer governance and heritage. Jenny is going to be talking to us about understanding customer support in line with consumer duty. </span></p>\n<p><span>Following Jenny, delighted to be joined by Steve Casey, Marketing Director of Square Health. And Steve's going to be talking to you today about the value-added services that, that we have at LV= for your customers. </span></p>\n<p><span>Following Steve's session, delighted again to be joined by Paul Saroya, a director at Viva Retirement Solutions. And Paul's going to be talking about lead generation and how to grow your business safely. The last presenter for today is my colleague Chris Smyth, our partnership development manager, and Chris is going to be chatting through how to embed consumer duty for business success. </span></p>\n<p><span>We have allowed plenty of time for a q and a session at the end. You can submit questions throughout today's session using the Q&amp;A function, that you'll see on screen. We have had a good amount of pre-submitted questions, so thank you very much for those. We will work through as many as we can, in the time that we have, if we're not able to get to them all, we will contact you individually afterwards to answer your question. <br />\n<br />\n</span></p>\n<p><span>Today's session will be eligible for an hour and a quarter&rsquo;s CPD, and in a couple of days, you will receive your certificate via email. If you'd like it more quickly than that at the end of today's session, there will be a QR code on screen. you can use that to access a short survey about the webinar today, and also get your CPD certificate. </span></p>\n<p><span>So, we'll now just run through the learning objectives for today. We are looking to cover how we at LV=, identify and manage customer vulnerability. We'll be looking in more detail at how LV= Doctor Services can support your lifetime mortgage customers. We'll then be looking at strategies to grow a sustainable business with a client-centric approach. And finally, we'll be looking at how applying consumer duty principles can provide business opportunities for you. So with that, I'm really delighted to introduce my colleague Jenny Briars, who, as I said, is our head of customer governance and heritage. She's joining us today to talk about the importance of understanding customer support needs in line with consumer duty. Over to you, Jenny. </span></p>\n<p><span>Thank you, Georgina. Welcome everybody. Lovely to virtually meet you on this fairly sunny Tuesday morning. I, as Georgina says, I'm the head of customer governance and our heritage teams here at LV=. I'm also the vulnerable customer champion. So I spend a lot of my time not only looking at the FCA expectations around vulnerability, but also looking at how we can constantly evolve and improve the support that we give to our customers. </span></p>\n<p><span>So we use the FCA definition of vulnerability to align our training and our support options, which we use, you know, align to that. So for those of you who may, who may not know what the FCA say in terms of definition of vulnerability, it is that vulnerable customers are individuals who are deemed to be more at risk of detriment due to their personal circumstances for a range of reasons, including short term, long term or permanent emotional, mental, physical, financial or social circumstances. </span></p>\n<p><span>So for equity release in particular, there may be a little misnomer that all equity release customers are vulnerable due to their age, and that's not necessarily the case, but age can make them more prone to being vulnerable. So what we are doing here at LV= to support our customers and how do we monitor that? So, let's start with training and support. This is absolutely key to understanding our people can not only identify vulnerability or support needs, but also have the confidence to have some potentially really difficult conversations. And also how they signpost current customers to that relevant support options. </span></p>\n<p><span>So our thorough training consists of, it's an online module, which is about 30 minutes that leads into a two and a half hour face-to-face training session, which is quite a commitment to our, you know, for our frontline teams to spend, you know, three hours actually in the training for vulnerable customers, but absolutely worth it. in that session, they worked through case study examples. They also touch on the support options available for them, and they, as, as I say, they may come across some quite distressing situations.</span></p>\n<p><span>So in order to help them help our customers, we also have an online tool called VAL. Now, Val is our vulnerability assistance lab. it's an online tool that's available to all customer facing teams. They can quickly access through our intranet to reference support options. And that's based on either what the customer is disclosing or characteristics that our team actually identify when speaking to them. And I can show you an example of that in a couple of slides time.</span></p>\n<p><span>In addition to that, we also have a unique team centrally called Team 24. They are a small team who speak to customers who need that little extra support or where our frontline teams also need support themselves. It may be either in the moment or a bit more long term. </span></p>\n<p><span>So this team also support, like I say our frontline colleagues, but they will take those customers, who've been escalated to them and manage them through whichever process they're trying to do. and sometimes far beyond that. We do have some customers that our team 24 speak to regularly for 12 months or more, just to keep in touch to make sure they're okay. cost of living is still very much a challenge for us all. and with the work that we've done to improve our support, which is aligned with consumer duty, we have also updated many of our customer communications and our webpages to help sign post customers for help. And I can share an example of that in a few minutes. </span></p>\n<p><span>Monitoring outcomes. So again, in line with consumer duty, it's very much brought more focus across the industry to monitoring evidence, fair value, good outcomes, et cetera. So we've enhanced our reporting to ensure we're focusing our evidence more around vulnerable customers and the outcomes we're providing. We use quality checking and quality assurance criteria as well as one measure, but also our knowledge on VCs is also measured through a knowledge embedding tool called ELI. And that helps us understand that our frontline teams have understood the training they've received and are competent to identify vulnerability. </span></p>\n<p><span>We also use all available customer insights as well very regularly to review outcomes and make sure that customers in vulnerable situations are not to receive any receiving any poor outcome. All of this insight allows us to design our products and processes in line with customer needs which also obviously reduce, reduces barriers, and make sure our products and services are easily accessible. </span></p>\n<p><span>In addition, we do have a vulnerable customer plan, so to drive collaborative engagement across the business. We also have a working group that manages that vulnerable customer plan, and they review and manage actively based on what gaps we have and anything we need to plug, but also where we can continue to look at where we can improve. It's a very active ongoing plan.</span></p>\n<p><span>So the Texas model here, as part of our training, we use the Texas model. Something I'd recommend you consider if you don't use already in the context of vulnerability, Texas is a tool, or it's a framework really used to identify and support vulnerable customers, particularly in the financial sector. It's a structured approach for handling disclosures and recording information about a customer's circumstances that may indicate vulnerability. And this framework is often used by financial advisors who interact with customers. So if you don't know about it, I'd take a look. </span></p>\n<p><span>On the next slide, we have the example of Val that I explained earlier. So this is our vulnerability assistance lab. and this is essentially, I'm just sharing the first screen here. but when a team identifies vulnerability or characteristics, they can click on the relevant link, and that will take them to various support options. So whether that's providing contact details for external support or charities, or even internal via team 24, but the external examples are such as Samaritans or turn to us, et cetera. So it's a really useful tool, that our teams find invaluable. </span></p>\n<p><span>I also mentioned earlier that we've updated, enhanced some of our communications around cost of living. So this is an example of a flyer that we created to include when, when we send our customer communications, it gives customers confidence when speaking to us, and encourages them to open up and disclose if they need any additional support or help. That's also linked to our website, that additional support around cost of living. </span></p>\n<p><span>Okay, so, I'm going to wake you up a bit now on this lovely Tuesday morning and we're going to do a quick activity. I can hear you all virtually groan, so apologies. but I'm going to ask you really, you know, five simple questions. All you need to do is write down your score, so hopefully you've got a pen at hand. So as, as per the slide, if, if you think the answer's no, score it a zero. If you think it's a yes, then score it one. please remember though, and I'll really highlight this, there is no right or wrong answer, and I absolutely will not be asking you to share your scores. It's just giving you something to think about. </span></p>\n<p><span>So in order to do that, if you think about a customer that you've dealt with who may have additional support needs, I'll start with question one if you're ready. Do you think your customer would be able to easily find a way to contact you? So again, zero for no one for, yes. Question number two, do you think your customer would be able to pass, identification and verification whenever contacting you or any other financial services company? </span></p>\n<p><span>Number Three, do you think your customer would be able to understand a bill or statement, a financial services company sent to them? Number four, think about whether you have a process for identifying vulnerability. Do you think you'd be able to identify any additional support needs for your particular customer? And then finally, number five, do you think your customer would be able to make a complaint if they were unhappy? </span></p>\n<p><span>Really, five simple questions. so hopefully you've been able to jot down your scores and, and have a little think about, your particular vulnerable customers. If we move to the next slide, I can talk through those questions. So that first question was really around accessibility. So whether the customer would be able to easily find a way to contact you. Again, thinking about how customers can access you depending on their needs. Do you have any barriers? Are you, you know, channeling them down certain routes? and does that work for everybody? Second question around, whether your customer would be able to pass IDMV. </span></p>\n<p><span>So again, we also link to accessibility. Is your process for identification, inclusive and without barriers? an example of that potentially is, an elderly customer without a driving license or other ident identification, passport, et cetera, et cetera. How do you, how do you put in processes that that don't exclude those customers?</span></p>\n<p><span>&nbsp;Do you think your customer be able to understand the bill or statement? So again, this is around customer understanding. so do you complete any consumer testing on your communications? and think about whether a nine to 11-year-old would understand them. Now, that's the age group I've picked. That's the average reading age across the UK.</span></p>\n<p><span>So when you pick up any of your documents or communications that you send to customers, you need to think about whether a nine to 11-year-old would be able to read and understand them. Fourthly, thinking about whether you have a process of vulnerability. So again, this is around support and how do you make sure you recognize customers with additional support needs? And how would you record and support that? </span></p>\n<p><span>Is it tell us once and you manage it in the moment, or do you have a mechanism to be able to have the customer let, tell, tell you, and then you manage it going forwards? And then lastly, around whether a customer would be able to make a complaint if they're unhappy. And again, this is an outcome. Some customers, depending on the vulnerability, may find it difficult to open up and express dissatisfaction. But we need to make sure that customers in vulnerable situations are not disadvantaged and still receive good outcomes and have the opportunity to complain. Just something to think about there. </span></p>\n<p><span>I'm going to leave you with this, random picture of a dropped curb. and this is just really a reminder for you to think about how you design your products, your services, your processes, and if you design everything with a drop curb in mind, you are basically designing a service that suits everybody. And if you think about users of our, you know, pavements and our curbs every day, it doesn't matter whether you have a push chair, a wheelchair, a walking stick, or none of the above. A drop curb works for everybody. So that's something for you to, I'll leave you with. </span></p>\n<p><span>Thank you. That's great, Jenny, thanks very much. I thought that was a really interesting and thought-provoking session, and particularly that interactive exercise at the end, it was actually a really practical way of thinking about what our customers really need from us. So I'm now delighted to introduce Steve Casey, he's marketing director of Square Health. Here at LV=, we've been working closely with Steve and his colleagues for a number of years to provide value added services to our customers. So over to you, Steve. </span></p>\n<p><span>Good morning everybody, And thank you very much indeed for that kind Welcome there George, as I say, I'm Steve Casey, I'm the marketing director for Square Health, and I'm delighted to be here today to discuss a little about the value added services that we partner with LV=. And as George said, this is a partnership that's gone back several years, and we're proud to be associated with LV= in supporting their customers and providing real value when it's needed. </span></p>\n<p><span>Now, of course, I have to have a little propaganda slide, so if we could move on to the next one, but I promise you that I won't be going through it line by line as we are very short for time. There's just a couple of things I'd actually like, really like to pick it out for you. First and foremost, we're actually owned and run by doctors. This means that our focus is on quality of advice and ease of use. And if it's not clinically appropriate, then quite frankly, we won't do it as a provider of primary care. We are regulated by the Care Quality Commission or CQC and more on that shortly. </span></p>\n<p><span>Thirdly, we not only provide the services, but also the platform that customers use to access these services. Now, this platform has been consistently developed since feedback in developing a consistent user journey as one as, as well as having one single patient record, allowing full connectivity of services. And I cannot emphasize this enough, that of connectivity. </span></p>\n<p><span>And finally, as I say, we provide a platform, so we have to take information security and data protection very seriously. Indeed, we live in a world now where organizations are constantly under attack. Just look at m and s and the co-op recently. So we are accredited with the ISO 27,001 and Cyber Essentials and absolutely fundamental, as I mentioned. Let's look now at the CQC and what they do. </span></p>\n<p><span>So the CQC is an independent regulator of health and adult social care in England. And anybody that provides primary care must be registered and audited by them. You can actually check your own GP practice. you can look them up on cqc.org.uk to see what their results have been. One time I was actually undertaken a presentation and said this, and a member of the audience called me up a couple of days later saying that they had actually investigated their NHS surgery and was aghast to see what they had found. </span></p>\n<p><span>And then they, they needed a remediation immediately. He asked whether we should, he should actually charge surgeries, but obviously I couldn't advise on that. Now, there are five areas that the CQC will look at when looking at the services. Are they safe, effective, caring, responsive, and are the services well led? We are very proud that we've been rated good in all those five areas, but essentially, so by being noted as outstanding with regard to patient safety. </span></p>\n<p><span>And I really think that this underlines the amount of work that occurs in the background in terms of onboarding our healthcare professionals, the continuous training and the auditing that we take in the background. So that's a little bit about what, how we're actually governed, et cetera. Let's have a quick look at the doctor's services themselves and, and look at the current offering. </span></p>\n<p><span>As you can see, we provide remote GP consultations, physiotherapy, mental health support, both from a digital lens, second, medical opinions and health mots. So if they are the range of services, why are people actually accessing each of these services? So if we look at GP first, you'll see the top half dozen reasons why people are accessing the services. They are children's health, skin conditions, minor colds, and flu, et cetera. interestingly, and the later life market is actually joints and muscular issues are the number one reason for people accessing the services. </span></p>\n<p><span>Skin conditions can actually be a multitude of things from simple contact dermatitis right the way through to an itchy mole or a mole that's irregular in size and changed, et cetera. The colds and flu symptoms are near nose and throat are very seasonal, as you would expect, and under women's health, we say including contraception, but also, the doctors are able to advise on perimenopause and menopause systems. So that really is re the reasons why people, are looking at having a GP consultation. </span></p>\n<p><span>Moving on now to mental health anxieties, stress phobias, et cetera, are, are the key reasons. The number one reason for people actually. Assessing mental health and wellbeing consultation is anxiety closely followed by stress and then depression or low mood swings. But increasingly, again, in the later life market, we see bereavement being supported. </span></p>\n<p><span>As you could imagine, people in their fifties, sixties are doing equity release, might have elderly parents that pass away. So again, we support them very much so from a bereavement perspective. </span></p>\n<p><span>Turning to the digital physiotherapy, you'll see Napoleon here. it's generally we're seeing an increase in neck, shoulder, elbow, and wrist symptoms. now this can be down to a number of reasons. We think partially because of covid, people who were still working were perhaps not working in the most Appropriate desk setup that we've seen. and, but also in the later life market in particular, hips and knees come to play in terms of looking for, support, advice and, and a range of exercises that we will provide them should they require it for, for that service. </span></p>\n<p><span>If we look at health MOTs, the real, initial setup is the, the snapshot health MOT, which a customer can access. And there are six basically areas that we'll look at covering 20 odd markers as you can see on the screen, cholesterol, gout, renal function, liver function, et cetera. But again, increasingly in the, in the, in the later life market, we are seeing a, a, an increasing number of HBAA1c tests that are outside the normal boundaries. Now, H BBA A1C is the type of test that looks at type two diabetes. </span></p>\n<p><span>Now, it's not to say just because they're outside the normal boundaries that they have type two diabetes, but it's something that is worth investigating. And by having the health MOT, they then can of course discuss the results through with a, with a GP. So we've looked at how they use the service, why they use the service, and effectively when they use the service IE 24 7 for GP, et cetera. </span></p>\n<p><span>But let's have a look at, see what customers think about it. All our customers are offered an opportunity to provide immediate feedback after the consultation. Whilst this is not compulsory, about 40% of customers do provide feedback, and as a Business, square, health easily sees over 10,000 forms completed per month. This is a rich vein of information, and what it allows me to say is such things such as 94% of people said that in the last 12 months, the GP dealt with their query fully and customers rated 4.8 out of five for ease of use, rating the medical expert and recommending the service to family and friends. </span></p>\n<p><span>And if we just move on, you know, I make no apology for, getting customer feedback. So we do an take a patient survey that gives us some very valuable verbatims that you'll see here. I particularly love the comment about being able to choose the GP, makes the service more personal, but also in certain instances, we've actually had to support a blue light people into emergency, emergency situations and support. </span></p>\n<p><span>So we've looked at the services, how they're regulated, and why customers access the service. We have looked at also what customers have said about us, and are happy to take questions a little bit later in the session hosted by George. But now George, back to you.</span></p>\n<p><span>That's brilliant. Thanks Steve. I think that was a, a really interesting set of slides that just gave a real insight into the breadth and depth of the doctor services proposition, huge range of support options there, and really interesting to get under the skin of how, older customers are accessing that support. and, you know, great to be able to share such brilliant customer feedback on the service too. so I'm now going to hand over to Paul Saroya. he's a director at Viva Retirement Solutions. Paul's going to be talking to you today about growing a successful business and to give you some thoughts and ideas about lead generation. So over to you, Paul. </span></p>\n<p><span>Thank you, George. Good morning everyone. So as George mentioned, my name is Paul Saroya, I'm co-director at Viva Retirement Solutions, and we are an advice firm within the, just for your information, my background is that I've been in the industry for over 25 years, 15 years. I was with Aviva, becoming a, a top advisor and top manager. And then 12 years ago, Mark Lambert and I created Viva Retirement Solutions. Over those 12 years, I've become a, a multi-award winning advisor in my own right, but the company, Viva have also become multi-award winning as well for the advice and service that we give. </span></p>\n<p><span>So the reason I tell you all of this is so that, hopefully it gives you a bit of competence that I can give you some ideas and tips to go away with and work with. We have some experienced advisors on the webinar, some newer to industry, and some advisors considering joining the industry. </span></p>\n<p><span>So I'll base the presentation on the last two sets of people, but there's absolutely something to take away for everyone if you're willing to, to do that. So, to take you through the agenda, I'd like to look at perception versus reality to start with, then touch upon growing your own business, but doing that in a safe manner. Give you some tips on how we've grown a successful business so that hopefully that can help you look at the opportunity that's out there in the market, which then leads on to lead generation. And then really it's over to you to ask you what you'll do next. </span></p>\n<p><span>Have you heard of the saying that perception is reality? So perception is your view on a situation or somebody else's view. It might not be the reality or the truth, but actually it is that person's view, so it's their truth. What I'd like to look at actually is their perception is their reality. Who do I mean by their, well, that is all of the people that come into contact with you on a day-to-day basis in the working world. </span></p>\n<p><span>First of all, if I start with clients, so do they have an opinion of you or a perception of you whereby they feel that you are very professional in how you act with them, even how you look? do you get things done that you promise to get done? Is that done in a timely manner? What about BDMs and lenders? What's their perception of you? Because that can affect the way that they help you and also the wider industry, your peers and colleagues.</span></p>\n<p><span>They're just really getting you to look at yourself from a third party point of view to see is the perception of you, how you want it to be looking at growing your business safely. we have obviously just a visual there of foundations and for us, the foundations that everything, that the starting point of our business. </span></p>\n<p><span>If I move on, for Viva, we started with two advisors, and now we're up to 20. So many people have asked us, you know, how have we gone about creating that? And actually what we did with start with the end in mind. We always knew from the very early days that we wanted to grow our business. So everything that we did, we actually, almost wrote a bible so that anybody who joined us could pick up the Bible and really learn what we did and how we did it. And that really helps us as a business to make sure that as we take people on, it's done in an efficient manner so I would absolutely recommend starting with the end in mind. </span></p>\n<p><span>Also, if consumer duty is something new to you, then really you should be thinking. Again, if you're looking at consumer duty and the outputs of that and thinking, well, actually I don't do this or that or the other, then you should be doing it just as business as usual, because that is making everything client centric and that will really help your business. So if there are things there that you need to change, don't just think you don't need to do it. </span></p>\n<p><span>In order to have a business that you can grow safely, you need to be able to, to adapt. We would say be very, very aware of the hot topics. So be aware of things like consumer duty, duty, sorry, and vulnerability, and get on the front foot with it. Vulnerability, for example, is not captured into your, the way you do things and your processes. Please change things, get some support, and make sure that is built into your processes. </span></p>\n<p><span>And we would also say evolve with the market. We're much more now a later life space. So if you only deal with one type of plan or product, it might be lifetime mortgages, for example, that's absolutely fine to specialize in that. But just make sure if you're not willing to, to become, or to give clients wider options, make sure you can refer to trusted people so that every time you're speaking to someone, you are not saying to some of those people, look, I'm really sorry, I can't help you. You can instead say, look, I don't deal with that. But we have trusted partners that do, looking at how to grow a successful business. We, we are always asked, you know, why has no one ever left you? And we would say it's for these reasons. </span></p>\n<p><span>So first of all, we only grow on demand and when demand requires, so we won't look at taking five or 10 people on a time and then hoping that we can make them busy. We'll make sure that we get busy, have people in reserve, and take them on one at a time or two at a time to make sure we're not taking too many people on. We also very much encourage ideas from within. It is always a, a good idea to get ideas from other people within the teams. And all of those different viewpoints can help you form, a final opinion. </span></p>\n<p><span>And we also consult on major changes so anything that we're thinking of doing, we get lots of ideas, input from our team, one that makes them feel part of the company, but also it helps us on our ideas and making sure that we get things right. The last point there is, if you are planning to have people working for you, or you already do, how do you treat them? And probably a better question is, how do they feel that you treat them? So it really important that we Aviva treat our team with the utmost respect. And we're there as, as equals. I'd just like you to think about that. </span></p>\n<p><span>For example, we will start with the little things. Everyone will get a birthday card or at their home address on the day of their birthday. If they're having a big birthday, we'll celebrate that as a team. If they're having a big anniversary or they become grandparents, we celebrate these things as a team and it, and it means that we've got much more of a cohesive team environment just looking at how to grow a successful business. These things shouldn't be new to you, but it's, it's very unlikely that somebody is doing all of these things all of the time. </span></p>\n<p><span>First of all, we would say stay alert, really analyze what is working for you and maybe what isn't. So you can capitalize on this the best way for you. If something is working really well, obviously try and expand that. If something's not working well look at why change it or stop it. Again, be very aware of the hot topics, but this might be in front of clients and preempt them. So for example, at the moment, interest rates, some people may be newer to market, might feel that the interest rates are very, very high and might put clients off, whereas the more experienced of you will have a different perception of that and will know that actually 10, 15 years ago, this was very much the norm and a much more comfortable with this.</span></p>\n<p><span>If you feel that things like interest rates are the elephant in the room and pre-empt that and explain that actually this market is different to the mortgage market, why that is and why that shouldn't put clients off necessarily, absolutely don't dwell on what you haven't done, but aim higher for your targets. I would rather reach 75% of a higher target than a hundred percent of a low one. If you have an annual target that you've set yourself and break that down into much smaller segments, monthly targets, and then actually daily targets and make that habit, that will help you to achieve the things that you want to achieve. </span></p>\n<p><span>But if you haven't done certain things, don't dwell on it. Start again the following day. Absolutely recognize your achievements. Where you've done well in on a certain area or with certain clients, absolutely recognize that and immerse yourself within the industry. Don't be scared to spend time with spend lenders and the BDMs like Chris and George as well at LV=. spend time with them, immerse yourself in the industry and make sure that, that you are very aware of what's going on. And we would say also, don't be scared to make a difference. </span></p>\n<p><span>Everybody has a different viewpoint on things, but if you want to influence and make change, then you need to be getting on with the lenders. You need to be part of the, the bodies such as the equity release council. So when you look at this slide, hopefully there's only two statements you see there. if you see that opportunity is nowhere, I'd just like to tackle that in the next slide. </span></p>\n<p><span>Some research done by Savills, in recent times has shown that housing well held by the over 60 fives actually hit a record higher of over 2.6 trillion pounds. So that is the size of the prize and the opportunity out there. Now, if you are not in the market every day, and a lot of your clients are younger than, than our clients would be, all I would say is the people that you are seeing their parents will own part of those 2.6 trillion pounds. And that should be conversations that you're able to have with your own clients if they're younger, certainly these days it's much more acceptable to be talking generally about later life planning and even the two almost dirty words that send a shiver down the spine. </span></p>\n<p><span>Equity release is absolutely much more acceptable to be talking about these because the plans are so flexible these days. we also have the FCA and the government really jumping onto the bandwagon and understanding what, unlocking money from your property can do and money goes back into the economy to help the economy, but also helps to pay for the burden on things like care by having care at home. Added to that, there's been a, a big shift, I think in change of people, it was 5, 10, 15 years ago that many people would wait until death and the reading of their will to actually gift things down to the next generation. </span></p>\n<p><span>Well, these days it's much more the norm for people to gift in their lifetime to help their children and grandchildren when they need it more so that the, the person gifting the money can actually see the benefit as well. So that leads very nicely onto lead generation. </span></p>\n<p><span>What I would ask is where has your business come from so far? You know, what has worked for you and what maybe hasn't worked? You really need to analyse where the business has come from to be able to project the future. Do you have introducers? So if you haven't got introducers, then you really need to step outside of your comfort zone and look into the wider community for introducers. If you do have introducers, have they got introducers themselves? Do you keep them up to date with any, leads that they give you? Do you keep them up to date in a timely manner? And do you try and build that relationship? Is there something you've been putting off? </span></p>\n<p><span>It could be, you know, going out to find new introducers, for example, that takes you outside of your comfort zone maybe. So if there's something you've been trying to, you've been putting off, and please do build it into your daily habits. I would also say looking at introducers, don't take rejection personally. It might be that you need to go out to 20 different introducers to start with, just to have one meaningful conversation. Well then that should set the bar for you that you know, the next 20 people that you speak to, you'll have at least one more decent conversation. </span></p>\n<p><span>It is absolutely a numbers game, try and do the best with each person you see. But don't take rejection personally if you're really unsure that things are working. Try some new ideas. There's lots of different things out there. you know, a short term strategy might be to buy in some leads, for example, and that might work for a while. </span></p>\n<p><span>What I would say is that's probably not a long-term solution to being in the market long term, but it might help you short term. Again, as I mentioned earlier, do get outside of that comfort zone, whatever that comfort zone is. Many people like to be within the security of the four walls of their office, but you might not have the best outcome there. So definitely get yourself out there, and speak to new people, people. And we would always say, start with the client in front of you. </span></p>\n<p><span>The person you are seeing, they might just be speaking to you because they need 20,000 pounds to pay off a credit card, for example. Well, if you are not explaining to that person, all of the other reasons why people take out lifetime mortgages, they will never think anything differently and they will never pass you on to their friends and relatives. </span></p>\n<p><span>Absolutely always start with the person in front of you. Don't just think about their situation. Think about all of the situations, that you can help their friends and relatives with. So finally, what will you do now? So hopefully, you know, I've done a lot of talking. Hopefully you've taken some things from the session. </span></p>\n<p><span>They might not be new to you at all, but you might have, you know, stopped getting in the habit of doing those things. If you've taken stuff away, don't just write it down, shut the book and leave it and forget about it. Make a plan to do something positive with that. Once you do that, review it to see if it's helped you, and then make it habitual and hopefully that will help you and grow your business. </span></p>\n<p><span>That's brilliant. Thank you so much Paul. one of the things I wanted to just pick up on was you mentioned, later life lending becoming more acceptable. just a quick shout out to the fairer finance report that's recently been published in conjunction with the Equity Release Council. it is a fantastic read and it does talk about the, the economic and social benefits of the releasing of equity back into society. So, very much worth the read if you haven't done already. </span></p>\n<p><span>I think the other couple of key takeaways for me there, Paul, were working outside your comfort zone, we're probably all guilty of it at, at some stage or another, but, getting out there, making those connections, understanding that five or six conversations in the chart may not go anywhere, but the next one might is massively important. </span></p>\n<p><span>And I think lastly, just reviewing whether what you have done is worked, making a decision to, change things going forward based on that review. so moving on, I'm now going to, introduce Chris s Smith, our partnership development manager. He's going to run the final formal session of today talking about embedding consumer duty into your advisory businesses. So over to you, Chris. </span></p>\n<p><span>Thank you, George, and good morning all. And, yeah, what a great session we've had so far. some really key takeaways as, as George has mentioned. And one thing that really resonated for me in Paul's session, there was that sentiment around if consumer duty is a new concept, then think again. I think you've hit the nail on the head there, Paul. So in my session, we're going to run through firstly the key themes of consumer duty. </span></p>\n<p><span>Now, I'm sure these aren't new words to most of you on the call, but in terms of some of the key themes, for consumer duty revolve around consistently putting customer needs first and providing products and services that provide fair value. So again, one thing Paul mentioned there was that the support that you have out there for this later life lending sector is vast. </span></p>\n<p><span>So we've all got adviser sites, we've all got, you know, lender BDMs, account managers who have got, you know, a whole wrath of support available to help you in this market. My advice is absolutely lean into that support that you have at your disposal. Now we've, we've heard that the FCA becoming a, a data led regulator, so using sufficient data to monitor and evidence good outcomes for customers is absolutely key to avoiding potential harm. We all have conversations with customers on a daily basis, but can we sufficiently evidence those outcomes, even whereby the advice is to not recommend a product, to maybe wait to maybe look at an alternative option. Can we evidence that sufficiently? So absolutely crucial. </span></p>\n<p><span>And lastly, ensuring good outcomes across the value chain and product lifetime. Now, product lifetime is something I'm going to touch on, a bit later in, in my content because historically in the later life lending market, the, it has been quite weighted towards lump s lifetime mortgages, but that's just not the reality of today's market. drawdown now is equal or in for some lenders actually outsells lump sum. </span></p>\n<p><span>So looking at that lifetime of the product is absolutely key. So we'll look at now some of the key considerations for advice firms themselves. And I've, I've broken it down into, into the sections that are displayed on screen here. So firstly, understanding the customer target market for which the product was designed by the manufacturer. Now, as I said earlier, all lenders will have a, an advisor site where they have all of their consumer duty documents. </span></p>\n<p><span>I mean, we at LV= have got a really handy consumer duty hub where you can go in, download all of the supporting documents, which look at specifically the key areas, target market, price and fair value, for example so understanding that is key. And I think the FCA as we've seen in the last, last year or two, have actually intervened and removed, you know, some of the, the advertising which was deemed not to be fit for purpose.</span></p>\n<p><span>That leads into the next point around your sales strategy. So making sure you are targeting the clients where they are actually suited to this market, i.e., a good example of that would be not to be targeting the under 50 fives for later life lending products, offering products and services that provide fair value with a reasonable relationship between the price customers pay and the benefits they receive. So again, tapping into price and fair value, making sure that we're not out of step with what's available in the wider market. </span></p>\n<p><span>The communication piece I think is, is key for me. making sure that the way that we communicate with customers is tailored and individual to their specific needs. And I think that that taps into, to Jenny's session earlier, around vulnerabilities and, and obviously not all vulnerabilities are, are visible. So to making sure that our, our advice is tailored and obviously fits in a way which, which people can understand clearly to make them, have informed and properly, you know, proper decisions ultimately.</span></p>\n<p><span>And lastly, looking at the support that meets customer's needs throughout the life of the product or service. And I mentioned this on, on the previous slide, but having an ongoing relationship with customers is, is a great place to be because as I said earlier, the, the market for, for later life used to be quite weighted towards lump sum products. So it would be a almost a one and done, but that's just not the reality of today's market where customers will be going into draw down plans, they'll have potential, you know, further borrowing needs and they'll be coming back to each, you know, to whoever their lender is at the time, coming back to get the further funds potentially. </span></p>\n<p><span>So having an ongoing relationship, is absolutely paramount to make sure that they're getting the, the best out of their proposition. We'll now look at some of the, I guess the key messages and, and importantly some of the, the questions we should be asking ourselves. </span></p>\n<p><span>As I said earlier, ensuring that you can evidence customer outcomes and the operation of your strategy and process is absolutely paramount to make sure that we're doing the right thing every time and that more importantly, we can evidence that those outcomes, and as I said, the FCA is now a data led regulator, so we've got to make sure that, you know, future expectations around requesting of data, it shouldn't be overlooked, that we can provide that. And it's clear and concise every time. </span></p>\n<p><span>So I've included some of, the options that I thought would be quite helpful. and obviously Paul mentioned earlier around it, if it's a new concept, think again. And I, I think a good way of assessing that is have we reviewed our service proposition in line with consumer duty? Have we been through all of the, the various touch points to make sure that we are in a good place? Can we explain the changes we've made or the rationale or reasoning where there have not been any changes? And if there have not been kudos to you, you must have been doing things expertly long before consumer duty, but never hurts to review. Do our customers understand the service? What is included, how this will be delivered, and how much they will pay? </span></p>\n<p><span>So pretty straightforward have we carried out an assessment of need and an assessment of value? So again, looking across the value chain to make sure that we're not out of step and are we up to date with reviews? This is something I've, I've spoken about on the last couple of slides, but typically a lot more later, life lending, firms out there are conducting reviews with customers now, whether it be six monthly, yearly, making sure that, you know, the plan is still working as it needs to, making sure that they're aware of any key life events. </span></p>\n<p><span>If customers are looking to perhaps downsize if they're outside of the earlier repayment charge period, and just giving them that information that customers may not be aware of. Do we sufficiently monitor the quality of ongoing advice delivery? I think that is a great thing to do on a, a regular basis just to make sure things don't need to be changed and things are still fit for purpose in terms of from start of engagement all the way through to, yeah, to if, if products get placed for customers. </span></p>\n<p><span>With that, I'll move on to what support is available. as Paul alluded to earlier, you know, getting in contact with, with BDMs, obviously I would say that being in that role myself, but I think you have a whole heap of knowledge, acquired by all BDMs in the, in the market and where this market is still deemed to be relatively specialist. I think reaching out to BDMs and doing your own research on the advisor websites is, is absolutely key to make you get a, a better understanding of, you know, products proposition changes and, and who the products ultimately serve. T</span></p>\n<p><span>he consumer duty hub, I think all lenders have a variation of that. So absolutely a great starting point to review all of the documents I mentioned earlier. And then from, from a lender side, what do we do to help with your ongoing conversation? So one of the fantastic initiatives that we do at LV=, is our policy notification of life events.</span></p>\n<p><span>What that is in a nutshell, when you place, a case with us and it goes into policy, let's say for instance it's a, a joint life policy, we'll have, notifications at key life events. So what those life events are, if one of the applicants were to sadly pass away or moving to care if they wanted to port the mortgage, if they wanted to have a power of attorney added at any of those events, we notify the advisor on email to confirm that's what's happened. </span></p>\n<p><span>And within the last couple of months, we have introduced the latest one, which is to notify you on the drawdown process. So when we offer a customer a drawdown, i.e., they've come back to us requested further borrowing, we've offered them a drawdown, we notify you as the advisor at that point, we'll also notify you once the drawdown completes. So again, just gives you that information to help you have more ongoing and well-rounded conversations with your customers.</span></p>\n<p><span>As Jenny alluded to earlier, the vulnerable customer policy is a standard part of our application process, so absolutely works well to identify and help with that. Given the average age of an equity release customer is around 70, it's imperative that we have that in place. Every LV= customer is on the LV= equity release portal. </span></p>\n<p><span>We migrated every equity release customer to make sure no customers were left behind, and that gives you the advisor the ability to find any equity release customer if they provide you with their details using the application search function advisor focus groups. If you've not attended one of these with LV= in the past, I would strongly recommend doing so. </span></p>\n<p><span>We use those specifically to get advisor feedback on areas where we can improve, be it all the way from KFI through to completion. We touch on products, underwriting, service, literature, all of the key areas, so I'd recommend joining one of those if you get the opportunity to in the future. </span></p>\n<p><span>Paul gave some fantastic insights into, into lead generation, and I think in my sort of 15 years in the industry, it is the most common question I get asked, how can I get introduced introducers? Where can I target business? How can I get volumes coming through in the later life lending market? </span></p>\n<p><span>For us, we absolutely help with that. We have a brilliant marketing hub, and it's specifically di designed to be sort of a, a two-pronged approach. We have some assets that are designed to target introducers and some are targeted specifically for customers and there's a whole array of, assets on there such as case studies. They tend to work really well for introducers. And then even things like Facebook and LinkedIn campaigns, letter templates, they're all white labelled as well. No LV= branding on there. You can download them and use them as your own. So, absolutely lean into those and I know a lot of other lenders do a similar thing. </span></p>\n<p><span>So again, going back to that support piece, at LV= we also do a post-sale suitability survey of customers. and that again gives us fantastic insights into what customers are actually saying about the products, about the advice process, about their understanding of the features. so really, really helpful. And then lastly, it wouldn't be BDM session without me talking about, the fantastic features that we have at LV= in a completely non-biased way of course. </span></p>\n<p><span>We obviously are very clear and transparent with our products and we have some particularly unique and special features when it comes to the proposition. one of which would be our approach to early repayment charges. At LV=, we have fixed early repayment charges for eight years on the lifestyle range and for 10 years on the drawdown range. </span></p>\n<p><span>But the key point to mention is we do not reset those ERCs when customers come back and access the drawdown. What I mean by that is you can confidently explain to a customer from outset, regardless how you use your drawdown reserve after eight years, this plan will be free of ERCs on the lifestyle range and 10 years on the plus range. It gives them that certainty and clarity from outset as opposed to being stung with a earlier payment charge for each time they access that reserve. Of course, if you want to know more about that, please reach out to us and we'll happily, happily cover that with you. </span></p>\n<p><span>So just to finish up before I hand back to George for the question-and-answer part of today's session, and just a reminder, if you've not done so already, please use the q and a function for any sort of future questions you want us to cover. But how can we leverage consumer duty for business success? Looking in, you know, 25 and beyond, and what I can say is the regulatory requirements of consumer duty when properly embedded in our businesses will provide us with a clear framework to do the right thing each and every time.</span></p>\n<p><span>Evidencing processes, monitoring controls, ensuring that your files are robust and your customer communication is tailored and clear, will ultimately support the growth of a sustainable and successful advisory business. </span></p>\n<p><span>Now looking at opportunities, and I have alluded to this in, in sort of my content, but one of the biggest opportunities that I see arising from the requirements of consumer duty is developing our processes and communication models to allow us to have better support of customers beyond completion. </span></p>\n<p><span>So to give you some context to that, when, when we designed our online advisor portal, we migrated every customer onto the portal as, as I said earlier, but when we looked at the further advance process, now the further advance process means a customer needs to go and get advice to access further funds. So not within their drawdown, but a completely new loan for all intense purposes. We dev, we designed that feature on our portal so that any advisor could find any customer, providing the customer gives them their details, i.e. policy number, date of birth, et cetera. </span></p>\n<p><span>Now, the reason we did that is because the majority, and I'll say that again, the majority of further advances do not go through with the original advisor who gave advice on that plan. So if you, if you look about that, you know, practically you consider the cost of potential acquiring that customer, completing multiple calls, meetings, you know, journeys to get that case finally completed. </span></p>\n<p><span>Customers bought into you as the advisor they bought into the journey, but only for them not to approach you for further borrowing needs. It, it's a missed opportunity. so I, I think there's absolutely something in ensuring that ongoing relationship with your customers post completion is in place, will allow you to provide support, as their circumstances change. </span></p>\n<p><span>And of course, it will have the added benefit of making sure that you are front of mind for their future borrowing needs and potentially tapping in for, you know, future referrals, recommendations. So the, the cost of client acquisition is high. I think we need to make the most of the customers we already have. and just a final, final part of, of my content, what does the future hold? </span></p>\n<p><span>So, there&rsquo;s absolutely going to be increased focus on holistic financial planning, which considers housing wealth. As we know, property is often one of, if not the biggest assets the customer will hold. So focus on that, you know, full holistic planning, potential opportunities for future equity release in the wake of likely changes to the inheritance tax regime. And then without doubt, continued regulatory focus on the later life lending sector. so with that, thank you for listening. I hope you found some value, in my part of the, the content. And I'll pass back to George who will cover the q and a part of today's session. </span></p>\n<p><span>That's great. Thanks very much Chris. I think there was some really interesting food for thought there and a great summary actually of the wealth of support that there is available for you, in terms of that consumer duty piece. </span></p>\n<p><span>What you should see on screen now is just a quick recap of our learning objectives. I'm not proposing to read them all out now but hopefully you can see that we have worked through each one of those objectives, through the sessions today. So that brings us on now to the q and a session.</span></p>\n<p><span>We've had lots and lots of questions submitted pre-event and during the event. So, you should now be able to see all of our lovely presenters on screen. I will work through those questions and ask our experts.</span></p>\n<p><span>So the first one, Steve, I'll ask you about this. How does digital physiotherapy actually work? </span></p>\n<p><span>Thanks, George. That's a really interesting question and, it&rsquo;s a shift in mindset really, as much as anything else. You know, traditionally people have seen, and thought the whole concept of physiotherapy was actually going to see a physiotherapist being manipulated and sort of move on. </span></p>\n<p><span>Physiotherapy is about that, but it's also more importantly about your motivation to get better and what you are going to do within the, in between discussing with a physiotherapist, the, the exercise regime that they've actually, put in place for you. So, the way that we operate, as I say, from a clinically first proposal, you undertake an initial needs assessment by a physiotherapist, and they will look at you, they'll see how you move, how you interact, et cetera. And they would devise a program of bespoke exercises. </span></p>\n<p><span>It's not cookie cutter stuff and being sent off to various webpages. It is a bespoke program for you that they ask you to follow. They also ask you to go into the app on a daily basis and give pain thresholds, et cetera. And that's part of our, our sort of like clinical monitoring in the background. So for example, if you're experiencing pain, say six out of 10, and it's gradually coming down to sort of 5, 4, 3, then suddenly you put in a a, an eight, that's a red flag to us, and you're, you are very likely you get a call from the physiotherapist to actually understand what the position currently is. </span></p>\n<p><span>So the physiotherapy is really around your motivations, what you want to do to get to get ready. Of course, George, there are always certain people that will require some form of physical manipulation, and we can pass those people into our nationwide network of physiotherapists if need be. </span></p>\n<p><span>Brilliant. Thanks Steve. A question for you, Chris. Is there any likelihood of an online app that will be made available to clients to enable them to monitor their mortgage balance? </span></p>\n<p><span>Yeah, great question. and pretty good timing to be honest we are in the early stages of designing a customer portal, for Lifetime mortgage customers, and I'm told it should be quite a smooth transition because we already have a customer portal on the pension Side within LV=. </span></p>\n<p><span>I think it's the right thing to do, because, you know, today's 70-year-olds are all over apps and all over, you know, doing stuff online. I think, you know, the ability to make ad hoc payments, get redemption statements, change details, et cetera. I think giving them that, that ability to do that online, is, is the right thing to do. I'm not going to over commit to a, a date, based on there being it requirements, but, watch this space, for an online portal for, for customers. </span></p>\n<p><span>Excellent. Thanks Chris. And actually, I think that links really well. You were talking about the post-sale suitability research that we do at LV=, that's been a really strong point of recent customer feedback, that kind of expectation that they should have online access that they assumed that they would have it. </span></p>\n<p><span>So being able to go on, check their balance, as Chris says, get a redemption statement, maybe even upload their building's, insurance, that kind of stuff. There's definitely demand, customer demand for it and as Chris says, working through that right now. </span></p>\n<p><span>Question for you, Jenny, if I may, how much would you expect an advisor to share with a provider? </span></p>\n<p><span>Oh, yeah, another good question. I think it's dependent on actually what the customer need is. and you know, whether that's relevant to the service, or, you know, post-sale service that, that we would be providing, or another financial services company would be providing. so again, it really exceeds easy example. </span></p>\n<p><span>Braille is a good example. Clearly, you know, we should know about that as, as a provider so that we can then support the customer throughout the rest of their journey. but again, I think it's really key to remember that actually what you are disclosing is what the customer needs and not actually what the vulnerability is. We shouldn't be recording anywhere that that particular customer in that example would, is potentially blind. It's more the fact that they need, they need braille. It&rsquo;s disclosing the bit that's, you know, to make sure the customer is supported, without disclosing any personal medical information. </span></p>\n<p><span>Brilliant. Okay. Thanks Jenny. A question for you Paul, what makes a successful advisor within your organization? </span></p>\n<p><span>Great question, so for us, a successful advisor would be somebody that I suppose, keeps the client at the heart of what they do whenever they do it. Somebody also that delivers on their promises and somebody who's ethical. They make sure that the right outcome is reached every time, whatever the outcome should be. And those three things obviously will form an opinion that, that the client will have a view on that advisor. </span></p>\n<p><span>It forms their perception of the advisor and of course of the company. and then probably finally I would say for our organization and any other organization, a successful advisor would be somebody that is able to make the most of every lead. So the person they're sitting in front of today, it might not be right for them today, but if they've done a really good job and built that relationship, then you know that that potential client will be willing and wanting to actually pass on referrals or friends and family. But also if the time is right for them in the future, it's, it's our advisor and that advisor that they go back to. </span></p>\n<p><span>Okay. That's great. Thanks very much Paul. Just coming back to you Steve, I've got a couple of questions here just around the mechanics of doctor services. First one is, what happens if a client doesn't have a smartphone? Can they access the service? And then the second part of that is what are the times that a customer can access the LV= doctor's services? </span></p>\n<p><span>Sure. Well, accessing times, I mean the GP service is available 24/7 365, and actually some of the MI that we do provide, LV= just demonstrates the real value of these services. In excess of 40% of GP consultations, for example, undertaken outside of normal hours and normal hours are deemed eight in the morning to eight in the evening so these are effectively eight in the evening to eight in the morning, Monday to Friday and at the weekends. </span></p>\n<p><span>The customer can access those at any time, but increasingly on something like GP services, whilst speed of access is important, what we're seeing more and more is flexibility of being able to wrap around a consultation time around the busy needs of a family. So you can book a GP consultation up to seven days in advance to really, you know, tie in nicely with your own, your own calendar with services such as physiotherapy and mental health. </span></p>\n<p><span>You can generally get a consultation within two or three days. If you're requesting a health MOT kit, it's dispensed within one or two days to you. So speed is of the essence, but also, as I say, flex flexibility, picking up on the point about potentially a vulnerable customers and not having access to a smartphone, all these services are available via telephony basis and we offer a customer service line that enables the, the customer to book the consultation as if they would normally do so through the app.</span></p>\n<p><span>&nbsp;Brilliant. Okay. Thanks Steve. Chris, another question for you just around overpayment options at LV= to reduce, the accrual of interest. </span></p>\n<p><span>Yeah, absolutely. And still a bit of a new concept to a lot of customers, but it's definitely one that's on the rise and, and we're very flexible to, to accommodate that. We have two products in the market. You've got the plus range and you've got the lifestyle range. So within plus, customers can pay up to 10% per annum. And on lifestyle it's 11% per annum. And you know, the flexibility of it is that they can set up standing orders, there's an unlimited number of payments, and the minimum payment is only 50 pounds.</span></p>\n<p><span>So a lot more customers are actually making these payments on lifetime mortgages than ever before and we've seen a, a big wave of interest only residential mortgage customers coming into the, the lifetime mortgage space where they have been making these payments for a number of years. </span></p>\n<p><span>And I think from an advisor perspective, it's a great option to have where customers may be questioning the rates, they might have a perception that rates are, you know, a bit high from where they were previously, but, you know, evidencing the, the ability to make these, you know, repayments, how it can stop that compounding effect is, you know, is a great practice. </span></p>\n<p><span>Great, thanks very much. I think we've got time for one last question, and this is for you Paul. What lead generation strategy would you recommend for a new to market broker? </span></p>\n<p><span>Okay, so I think, as I mentioned before, I would say that buying leads could be a very short-term successful thing potentially, but it's not really there for the long term. I think it really depends where you've come from. If you're completely new to financial services, then you really need to get outside of your comfort zone, get out there and meet people that can be introduces. </span></p>\n<p><span>But the great thing about doing that is once someone is an introducer, they should be an introducer for a very, very long time if you treat them and their clients in the right way. secondly, if you've come from the mortgage world, then you should have lots of potential colleagues who can be referring business to you if they understand what you are doing and if their perception of you is a good perception as well. </span></p>\n<p><span>There's the ability to have colleagues refer to you. Again, if you're in the IFA space, then you should be thinking more holistically, so many of your own clients, you should be thinking about using the property as part of the, the, the wealth. And again, having colleagues in that industry and as wealth managers, you should be able to, if the perception of you is right, be able to show those colleagues that they can refer clients onto you to help those clients. But of course, then help you as well. </span></p>\n<p><span>That's great. Thanks very much Paul. so that brings us to the end of the session today. I just wanted to say thank you very much to our panel for answering all your questions, and also to you as, as webinar attendees for making the time to attend today, today.</span></p>\n<p><span>Now as I mentioned at the start, on screen, you should now see a QR code, which will take you straight to a short survey and your CPD certificate. But remember, you will also be emailed your CPD certificate in the next couple of days. we'd really like to hear your feedback about the session today, so please do share that with us in the survey at the end.</span></p>\n<p><span>All that remains is me to say thanks again, and wish you an enjoyable day. Thank you. </span></p>","poster":{"html":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=1536&amp;ch=772&amp;hash=64E6E37052CF6BC84B4C74B12D73012A","editButton":null,"alt":"Placeholder","renditions":{"0":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=768&amp;ch=386&amp;hash=631FA0E7E3042BE826C81A2BCDF2D7A0","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=1536&amp;ch=772&amp;hash=64E6E37052CF6BC84B4C74B12D73012A"},"769":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=367&amp;ch=207&amp;hash=9A15EFA527E0AFEF382E30F8B325D6AB","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=734&amp;ch=414&amp;hash=E6198615EDA770914372FAC23237CE83"}},"dynamicrenditions":null},"posterVimeo":null},"titleHeading":{"label":"LV= Equity Release Live: Client-focused strategies for success","type":""},"description":"<p>Watch this webinar to explore how putting client needs at the heart of your advice can support business growth and meet evolving expectations.</p>\n<p>Chaired by Georgina Oxton, LV= Divisional Sales Manager, the panel includes Jenny Briars, LV= Head of Customer Governance &amp; Heritage, Steve Casey, Managing Director at Square Health, Paul Saroya, Director at Viva Retirement, and Chris Smyth, LV= Partnership Development Manager.</p>\n<p>Recorded on 20 May 2025.&nbsp;</p>","isEditMode":false,"html":null}},{"name":"videoOneThird","reactName":"Athena.videoOneThird","id":"c05c9bfd-92e6-4c8b-93c8-4aa7db72ae44","type":"dynamic","props":{"Id":null,"videoAlignment":"one-third","mediaAlignment":"right","video":{"id":"https://vimeo.com/1067281565","type":"vimeo","transcriptLabel":"Open video transcript","transcriptHeading":{"label":"Transcript - Later life lending - navigating the &#39;care conundrum&#39;","type":"h2"},"transcriptContent":"<p><strong>Chris Smyth:</strong></p>\n<p>Hello, and good afternoon, and welcome to today's session brought to you by LV= Equity Release.</p>\n<p>It's fantastic to see so many of you joining us today, and thank you for giving up some time to attend.</p>\n<p>My name is Chris Smyth and I'm the Partnership Development Manager here at LV=, and I'll be your host for today's webinar.</p>\n<p>In today's session, we'll be focusing on later life lending, navigating the care conundrum.</p>\n<p>Now, with an ageing population combined with a distinct lack of pension provisions and often an unplanned significant cost to fund care, the term conundrum couldn't be more relevant.</p>\n<p>Thankfully, I'm joined today by some industry experts who are here to help.</p>\n<p>From LV=, Divisional Manager, George Oxton.</p>\n<p>George will be covering the LV= perspective on the socioeconomic environment, specifically</p>\n<p>around leveraging property wealth to help fund care, and importantly, what customers&rsquo; views are on this approach.</p>\n<p>From Morgan Ash, delighted to be joined by Managing Director Andrew Gething, who&rsquo;ll be providing a unique overview of Care Navigator, the invaluable support this provides customers looking to navigate through the care journey.</p>\n<p>Following the presenter content we&rsquo;ll be running a Q&amp;A where, along with George and Andrew, Amanda Ward from the LV= Customer Experience team will also be joining us to share some insights around the support available to LV= customers post completion.</p>\n<p>If you'd like to submit a question, you can absolutely do so by using the Q&amp;A function on your control panel.</p>\n<p>We'll do our absolute best to answer as many questions as possible, but for any we are unable to get to, we'll pick these up offline.</p>\n<p>You'll be pleased to know that there's 45 minutes of CPD available for today's webinar.</p>\n<p>You'll be able to download a copy of this CPD via the QR code at the end of the webinar.</p>\n<p>It will also be emailed to you post session.</p>\n<p>So in terms of the agenda, that is displayed on screen for you here.</p>\n<p>And as such, we will now cover what the learning objectives are.</p>\n<p>So by the end of today's session, we'll have a better understanding of how the socioeconomic environment impacts the later life lending market, supported by insights from the our own Wealth and Wellbeing research.</p>\n<p>We'll also be able to provide LV&rsquo;s lifetime mortgage product features that support the evolving needs of customers as they navigate complexities of the adult care system in later life.</p>\n<p>And lastly, just the support available to LV= customers post completion and changes we have implemented to help advisers better support clients throughout their later life journey.</p>\n<p>So without further ado, I'll now hand over to George Oxton for LV&rsquo;s perspective on the socioeconomic environment.</p>\n<p><strong>Georgina Oxton:</strong></p>\n<p>Many thanks, Chris. Really delighted to join the webinar today, and I&rsquo;m really delighted to have Andrew with us supporting this session.</p>\n<p>Getting his expert insights today will be absolutely invaluable.</p>\n<p>So I thought I'd start by sharing some insights from our flagship consumer research. So that's our Wealth and Wellbeing report.</p>\n<p>We run this survey on a quarterly basis, and we survey 4,000 UK adults about their savings, their spending, their financial outlook, as well as looking in more detail at their views on their financial wellbeing, and then how they feel about the use of their housing wealth as part of their financial plans in retirement.</p>\n<p>In our most recent survey, only 10% of adults said they're most likely to consider equity release to cover unforeseen expenditure in later life.</p>\n<p>This really does feel like an untapped opportunity for us all.</p>\n<p>And actually in the same survey, 18% of UK adults said that they didn't know how they would be able to fund their retirement. Quite a sobering statistic.</p>\n<p>So what we can see here is a really huge opportunity to raise awareness of later life lending options.</p>\n<p>Turning to the over 55s, the most popular driver for considering equity release is to cover health and care requirements in later life. I think some of us can probably identify with that more than others.</p>\n<p>But on a more serious note, this clearly shows that as we age, we become more concerned about how we'll remain fit and well, and how we can pay for any support needed to stay at home.</p>\n<p>And here at LV=, our reason for loan data shows year on year consistency in releases for care funding in terms of both number of customers and the value of funds relief for that reason.</p>\n<p>And finally, on this slide, our most recent survey found</p>\n<p>that 10% of UK adults are planning to use the value of their home to fund their retirement, speaking to the opportunities to educate and inform consumers around the later life lending products of today.</p>\n<p>So in the same survey, we then went on to ask people where they plan to live in retirement.</p>\n<p>62% of those surveyed plan to stay in their home, and less than one in four would consider downsizing, and in the over 55 categories, sentiment around staying in their own home is super strong, with 74% having no wish to move.</p>\n<p>As you move down the age scale, unsurprisingly, that sentiment around the home reduces, with just 46% of those aged 18-27 feeling the same way.</p>\n<p>So I think what we can see from these findings is that home is a really powerful consideration for people in later life.</p>\n<p>I've been lucky enough over the years to interview many LV= customers about their reasons for deciding to release equity and actually their experience with the process. And I've heard many very powerful reasons coming through.</p>\n<p>You know, why would I want to move? My children grew up here. This house is full of happy memories. I can get to the doctor, the library, the supermarket, and I've made lots of friends in the area. My neighbour looks in on me, collects my milk and my paper, and sweeps my path when it snows.</p>\n<p>So I think what you can see there is that link to home, the powerful sentiment that they've got around their property is really a major factor for customers at this point in their lives.</p>\n<p>That leads me nicely onto this slide, which summarises this connection to home perfectly.</p>\n<p>All those who said they'd like to stay in their home during retirement were then asked to describe how that would feel in one word, and you can see the results here.</p>\n<p>Safety, security, comfort and happiness coming through really, really strongly.</p>\n<p>So, moving on now, just to have a little bit of a look at the high level findings from our reason for loan data here at LV=.</p>\n<p>What we have seen is that care at home has stayed broadly consistent year on year in both value of funds released and customer count.</p>\n<p>I would say we only expect this to grow in the coming years, and you'll hear more on why that might be later in today's session.</p>\n<p>Home improvements, that's bounced back in spending terms really strongly from 2023 to 2024, decorative home improvements have more than doubled, structural home improvements, more than trebled in value terms.</p>\n<p>So I think, again, that really speaks to the importance of home for clients in later life.</p>\n<p>Clearing secured loans and mortgages has been consistently our number one reason for release for many years.</p>\n<p>This will be a mixture of interest only customers reaching the end of their term and others who are seeking to increase their disposable income by paying off other debts via a product which allows flexible, but importantly, not mandatory repayments of interest.</p>\n<p>Topping up income has more than doubled in value terms from 2023 to 2024.</p>\n<p>I think there's a number of factors playing into this growth, including the much discussed pensions gap and the rising cost of living.</p>\n<p>Holiday spending. Now, this is more than quadrupled in value terms from 2023 to 2024, and is actually almost back to the levels we saw in 2022.</p>\n<p>And I think what we might be seeing here is customers feeling more able to use their housing equity to enjoy time away from home following the pandemic, and then the cost of living crisis, which followed shortly after.</p>\n<p>Moving on now to the beleaguered NHS. </p>\n<p>We've all seen the headlines. I thought it'd be really useful here to pull together some figures to bring this to life a little.</p>\n<p>In September 2023, there were 7.7 million people on NHS waiting lists across the UK.</p>\n<p>The 18-week target hasn't been met since 2016. 2024 was the busiest year ever for A&amp;E and ambulance services with severe pressures coming from winter flu.</p>\n<p>The NHS spends a staggering &pound;1.4 billion a year treating illnesses directly linked to cold homes.</p>\n<p>That was just a stat that I, well, absolutely, really surprised me in terms of that amount of money.</p>\n<p>And, and following that theme, cold homes,</p>\n<p>8.4 million houses in the UK are said to be in fuel poverty.</p>\n<p>I remember speaking to one LV= customer a year or two ago who actually said all she wanted to do was be able to heat more than one room in her house.</p>\n<p>Would any of us want that to be our elderly friend or relative?</p>\n<p>So before I hand over to Andrew, our guest speaker, I just wanted to spend a few moments reflecting on the UK care system and the complexities and challenges faced by UK retirees.</p>\n<p>More than 850,000 people receive long-term care in 2023/2024, up 2.8% for the previous year.</p>\n<p>And according to the local government association, access to and quality of care varies significantly from region to region.</p>\n<p>And that same organisation described the social care system as fragmented and complex, making it particularly challenging for old adults to access appropriate care to meet their needs.</p>\n<p>And in 2023, there were around 85,000 people waiting for longer than six months for a care assessment, and that had actually doubled from the 41,000 two years previously.</p>\n<p>So I think from these figures, it's really clear that today's retirees face significant challenges in accessing quality care provision.</p>\n<p>And it's for that reason that here at LV= we offer both Care Navigator from Morgan Ash and Doctor Services from Square Health to all of our lifetime mortgage customers on completion.</p>\n<p>I'd now like to introduce our guest speaker for today, Andrew Gething from Morgan Ash, who will be speaking more about Care Navigator. Over to you Andrew.</p>\n<p><strong>Andrew Gething:</strong></p>\n<p>Thanks, George. Thanks. That's really helpful.</p>\n<p>And it's, and it's a great setting from that point of view.</p>\n<p>Certainly the problem of care is widespread and lots of people suffer from it.</p>\n<p>So what is Care Navigator?</p>\n<p>So Care Navigator, it's a service to support consumers to find the appropriate care for their loved one.</p>\n<p>The problem is, is no one really thinks it's an issue until they need to do it.</p>\n<p>And anyone who had undertaken it themselves will tell you it's a nightmare.</p>\n<p>So the vast majority of people don't know services like Care Nav exist, and hence, it's important that the adviser world knows these exist and they can offer it to their customers.</p>\n<p>It all comes at a time when the consumer is stressed, it's emotional due to the suffering of their parent. And it's often trying to liaise with siblings who might or might not be helpful in this situation. It has made even worse and the person needing care is a long way away.</p>\n<p>Advisers want to focus on the equity release plan and planning, and the finances can get dragged into all sorts of things about care, and it makes huge benefit to them if they can just pass that off to someone else and say, these guys are doing it. They're the professionals. They know how to sort this out.</p>\n<p>Under consumer duty, caring responsibility actually comes in one of the top three most common vulnerabilities for consumers, together with divorce and bereavement being the other two.</p>\n<p>We hear about it at a time of crisis. You know, typically mum has had a fall and needs to get into hospital, but for many, it's an ongoing and stressful process.</p>\n<p>Care Navigator is designed to help consumers through this journey. It's so much more than simply finding a care home. It's about empathy, understanding, communication, and helping people through this journey.</p>\n<p>It's not so much a process about just helping people however they want to be helped.</p>\n<p>Ideally, we like to engage with people prior to any crisis happening, but in reality, we normally pick it up when the crisis occurs, we provide expert support and guidance for those seeking to put care in place for themselves or loved one, as well as to both share the burden, making things easier, and proactively manage the process.</p>\n<p>A named healthcare professional, typically a nurse, offers the kind of support and guidance that only years of experience can deliver and brings about a faster result.</p>\n<p>From a features point of view, it's a dedicated named healthcare professional who manages each case. We take a thorough brief based on the person&rsquo;s specific needs. We assess the particular problem, understand their, we understand the complexities of comparing different care scenarios.</p>\n<p>We provide unhurried, detailed explanation of the options available, and we cut through a lot of the red tape, often associated with sourcing care.</p>\n<p>We provide emotional support and unbiased help and guidance.</p>\n<p>We're not taking commission from any care home.</p>\n<p>The organisation of second opinion can also do for difficult cases.</p>\n<p>So let's look at a couple of cases.</p>\n<p>He says, here we go.</p>\n<p>So the first one, then, progressive dementia, a very, very common occurrence.</p>\n<p>So this 87-year-old, he lived with his wife. He had mixed progressive dementia. And, that the problem there is where the mixed progressive dementia, if he lived quite a long distance away from daughter, called Karen, we&rsquo;ve changed her name for obvious reasons, not knowing exactly when the time would come, when they needed to put her father into care home.</p>\n<p>Karen was then at her wit&rsquo;s end, so many options. She was unsure what to do and so contacted our good selves.</p>\n<p>She'd been, Karen had been looking at various care homes, but quite frankly, not idea what she was looking for, no idea what to specify.</p>\n<p>She'd gone round and round in different things and really didn't know where she was.</p>\n<p>So first thing to do is take some further information and start off and make sure we got what was actually needed from a medical point of view, from a care point of view, what was needed for her dad.</p>\n<p>And then once we had all the information it was clear from our point of view that in the foreseeable future a care home was going to be the best option.</p>\n<p>So the team then sourced a selection of care homes in the locality and then went back to the family to look through.</p>\n<p>And typically we go back and say, you know, here's three which would be suitable to meet the criteria.</p>\n<p>Due to the mixed dementia, and that was the problem, this particular case, most care homes weren't as suitable to take that.</p>\n<p>So finding the right care home and defining what that dementia was in a medical term to the care home was pretty important.</p>\n<p>Otherwise you'd just end up in the wrong place.</p>\n<p>We then, with recommendations put in place, we provided a report, sent to the client. They then engaged with the care home.</p>\n<p>Indeed, over time, dad moved into that care home. So in some sense, a relatively simple story, but from an emotional point of view and a clinical point of view, it's really easy to get it wrong.</p>\n<p>Another case then here, James, again, we've changed the name.</p>\n<p>He had a dilemma. He wanted to move away for his job, but he had an elderly mum and he was visiting her every day to look after her.</p>\n<p>So he was in a bit of a bind, what do I do?</p>\n<p>You know, all the responsibility fell on him. He didn't really have anyone to support him.</p>\n<p>So he visited most days of the week, assisted with day-to-day activities.</p>\n<p>And it was quite frankly, pretty much saying, I can't move away 'cause I need to look after mum.</p>\n<p>So thinking long term, James started to research care homes and again, got baffled by the minefield of information online.</p>\n<p>He eventually came across an advert for our good selves and then got in touch.</p>\n<p>So first thing, calm down. Yes, this is a very sortable problem. Don't need to stress. We can sort this out. We'll get to a position where if need be, you can go, you can move job, including the current health and time limits of the situation.</p>\n<p>So at the end of the day, we concluded that extra support and adaptations in mum's home would be the best option and care for mum, which just having someone else say that's the best option made James, gave him so much confidence that he wasn't abandoning his mother. And, and we were all very precious about our mums.</p>\n<p>So he was very pleased with that. We arranged the care. He then took over that and sorted that out directly, and mum&rsquo;s still at home and living with that support.</p>\n<p>So we also arranged for an occupational therapist to go around to do a full needs assessment.</p>\n<p>Again, that gave us more confidence and from the point of view of assigning care, we could fully understand her exact capabilities. And, and that gets into, you know, things like, can you wash yourself? Can you get the loo? And this sort of stuff.</p>\n<p>So, you know, it&rsquo;s tricky stuff.</p>\n<p>And again, some really nice comments there from people, commenting, you know, on from that situation.</p>\n<p>So just to summarise, as the lawnmower goes off in the next garden, I don&rsquo;t know if you can hear that.</p>\n<p>So for the consumer it's a huge amount of benefit, and a lot of it's emotional.</p>\n<p>So it's, we get a faster, better resolution to each person's care needs.</p>\n<p>We reduce the risk of having to accept a less optimal solution simply 'cause of time pressing, which often happens with people, you know, <span>&nbsp;</span>they've got a few weeks to sort things out, they're under pressure, they're working, you know, they may have kids at home themselves, and it's, and you know, they're going to try and sort out, but it's not necessarily the best solution.</p>\n<p>So sharing the challenge with someone who understands every aspect of care and could steer you through that just makes a huge difference.</p>\n<p>And then the main problem is people think it's easy, but actually, if you've never done it before, and most people haven't, you're in a, you know, you're blind leading the blind.</p>\n<p>So LV= customers get a bit of a discount, because of the LV= promotion. </p>\n<p>There's no obligation. There's a fee consultation, give us a call, we'll have a chat, we can talk you through it in detail.</p>\n<p>For you as an adviser, we take away that problem from you.</p>\n<p>We also give a much better solution to the consumer. With all respect, and I know some advisers very good at this, but in general, you know, it's not your expertise.</p>\n<p>The customer then is in a better situation, and you know, that can just be sorting out families, for example, where you have siblings who are, one's arguing, mum's got to stay at home, the other's arguing, they've got to go into care. You know, when you've got a clinical person in charge who can then be, get quite assertive with those people.</p>\n<p>Because even though from our clinical team, it focuses on mum and they're best for them, and they can be pretty assertive when people are taking opinions without really any knowledge.</p>\n<p>So sorting out the siblings is actually quite a common thing. </p>\n<p>And then we're also meeting consumer duty with regard to the vulnerability detriment.</p>\n<p>So on that, I think I'm handing back to Chris.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>Brilliant. Thank you Andrew. And thank you George, both fantastic sessions.</p>\n<p>I think everyone will agree, and I think there's some key takeaways for me.</p>\n<p>Obviously George, you mentioned some of the, the reason for loan data that we get access to at LV=.</p>\n<p>And I think importantly when we talk about care, we think about, you know, care within the home or potentially outside of the home in a facility.</p>\n<p>But in terms of the home improvements piece, that's, you know, something which has increased massively in the last couple of years, and a lot of people wanting to make property adaptations, they can, you know, retain their property and stay at home.</p>\n<p>So I think when we talk about care, I think there's a whole full circle of different potential, you know, reasons to fund it and how that works.</p>\n<p>Andrew, from your session, yeah, completely agree with many of the points you've raised there.</p>\n<p>And I think I've had family members who have been through the care journey, and it's an absolute minefield, particularly at a very stressful time. And depending on, you know, the conditions that they have, if it's dementia, you know, sure vulnerabilities, the people dealing with the, you know.</p>\n<p><strong>Andrew Gething:</strong></p>\n<p>And dementia's horrible, dementia's horrible, you know, especially when, you know, it's very common for parents to start, you know, using swear words they've never used before and being aggressive against family members.</p>\n<p>And no matter how many times you can tell a person that that's, it's not them, that's the condition. It's really hard for people to overcome.</p>\n<p><strong>Chris Smyth: </strong></p>\n<p>Absolutely. And something that is unrelatable until it happens, isn't it? </p>\n<p><strong>Andrew Gething:</strong></p>\n<p>Yeah, absolutely.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>Is very much the case. So to have a, you know, a starting point and to have that, you know, care assessment, to have, you know, people to experience talk about this type of thing is invaluable.</p>\n<p>So yeah, thank you very much for going through that.</p>\n<p>So before I sort of open for the Q&amp;A, I am just going to touch on the learning objectives to make sure we've hit those on the head adequately.</p>\n<p>So covered how the socio socioeconomic environment impacts the later life lending market supported by insights from our Wealth and Wellbeing monitor, absolutely.</p>\n<p>LV&rsquo;s lifetime mortgage product features that support the evolving needs of the customers.</p>\n<p>And we'll allude to a bit more of those, in the Q&amp;A part of the session.</p>\n<p>And obviously how they help navigate complexities of the adult care system in later life and the support that's available.</p>\n<p>So Amanda's going to come in, in a moment to talk about some of the support available post completion to customers.</p>\n<p>Obviously we hear a lot from a lender side, the front end, but not so much once cases are completed.</p>\n<p>So we'll touch on that as part of this Q&amp;A.</p>\n<p>So one thing to mention during the Q&amp;A, I think I have said at the start, but there is a Q&amp;A tab on the side of your control panel.</p>\n<p>So if there are any questions that you want to ask, please do so.</p>\n<p>I can see a couple have come in while we've been presenting.</p>\n<p>Let me just see, there was a bit of a struggle with WIFI at one point.</p>\n<p>Natalie, you've asked about will a recording be sent?</p>\n<p>Yes, absolutely. We will be emailing around a recording of today's session to all those who have registered.</p>\n<p>There's one other question, probably one for you here, Andrew.</p>\n<p>Do clients need to be an LV client to gain access to the Morgan Ash services?</p>\n<p>Oh, I think you're on mute, Andrew.</p>\n<p><strong>Andrew Gething:</strong></p>\n<p>Sorry, I'm muted myself. I've got a terrible cold.</p>\n<p>Don't want sneeze all over you, Chris.</p>\n<p>You can come to us, you get the discount if you are an LV= customer, but that could be an LV= customer from any product from that point of view, and if the adviser is using LV= at some stage.</p>\n<p>So it's pretty flexible from that point of view to get your discount.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>Fantastic. Thank you, Andrew.</p>\n<p>So yeah, clients can come direct, but if they're a client of LV, there is a discount available for services, yeah.</p>\n<p>Fantastic. One other question from an adviser here.</p>\n<p>Peter has asked, are the assessments available to advisers as well as clients?</p>\n<p><strong>Andrew Gething:</strong></p>\n<p>Yeah, I mean the service is to people who have a care need.</p>\n<p>So, and indeed we have done some for advisers, yeah.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>Fantastic. Thank you.</p>\n<p>And I guess this next question's quite fitting: what are the fees associated with Care Navigator, Andrew?</p>\n<p><strong>Andrew Gething:</strong></p>\n<p>Yeah, so it is very flexible and actually the biggest problem is fixing the fees.</p>\n<p>We have a sort of a silver, gold and platinum version, which goes from roughly &pound;200 to &pound;800.</p>\n<p>And sometimes where we do look after people for longer periods of time, that can be extended as well.</p>\n<p>But we try and basically give, when we speak to people, if they just want us to assess their need, for example, you use the silver version, if you wanted to go and find the care home, then you're paying a bit more.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>Fantastic, thank you.</p>\n<p>I think there was one more around can I get further information from you, Andrew, but I think if we could just could look at the QR code here.</p>\n<p>If you scan that, that will take you straight to Morgan Ash's website with the full details about what the, yeah, what the offerings are. </p>\n<p><strong>Andrew Gething:</strong></p>\n<p>MorganAsh.com, stroke LV or LV= also works I think so, and that'll get you there to a dedicated page with all the information, and the pricing on there as well.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>Fantastic. Thank you very much.</p>\n<p>I'll let you cough in peace now, Andrew.</p>\n<p>Thank you very much indeed.</p>\n<p>Um, probably one here for you, Amanda, as we, we did allude to this earlier in terms of post completion process.</p>\n<p>So Amanda, what support is available for customers as part of the LV= post completion process?</p>\n<p>Amanda Ward:</p>\n<p>Thanks Chris. So yeah post completion, we do send out certain documents to customers.</p>\n<p>So one thing that we send them is a &lsquo;what happens next&rsquo; guide.</p>\n<p>This includes key information that they might need access to.</p>\n<p>It has our bank details if they are wanting to make any repayments.</p>\n<p>It&rsquo;s got our contact details and some frequently asked questions.</p>\n<p>We also include a leaflet about Care Navigator, which Andrew's kindly spoken to us about already.</p>\n<p>And I think George mentioned Doctors Services as well earlier. So we send them some more information about that.</p>\n<p>We do also have some ongoing support, so we will send out annual statements.</p>\n<p>We also have a skilled team available to answer calls, that's at all stages of the journey.</p>\n<p>And we have opened up our communication channels further, so we now have web messenger available, so that's on LV.com by the Equity Release page, and that is answered by the team. So it is real people having real conversations. It's not using bots.</p>\n<p>And we are also keen to develop a customer portal going forwards, and that would enable the customers to be able to self-serve and keep up to date with their outstanding balance, for example.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>Fantastic. Thank you Amanda.</p>\n<p>I think we've absolutely had that feedback from advisers around, you know, customers wanting to potentially self-serve via online portal.</p>\n<p>So I, I think that's absolutely the way the market is going.</p>\n<p>I think you look at my parents who are in their seventies and they're changing their car insurance every year on gocompare.com as, you know, 5-10 years ago that wasn't a thing.</p>\n<p>So I think today's, you know, average age of an equity release customer is around 70, but they're absolutely a lot more tech savvy than they once were in that age demographic.</p>\n<p>So really pleased to hear that.</p>\n<p>In terms of looking more to the adviser&rsquo;s side of things, Amanda, have there been any improvements that we've made to enable advisers to have sort of better ongoing conversations with their customers?</p>\n<p><strong>Amanda Ward:</strong></p>\n<p>Yeah, absolutely.</p>\n<p>So we do have a notifications process. So for certain key events, we will send a communication to advisers. For example, if there has been a death of a customer, if they've appointed a power of attorney, and throughout the process, if they're looking to port their mortgage to a new property, that allows the advisers to engage with their clients as necessary.</p>\n<p>But I think one of the ones that we've had some feedback would be the most valuable is for the withdrawal process.</p>\n<p>So if a customer's requesting a further withdrawal, so not only do we do it at the point that that completes, but actually at the point that we've had the request in.</p>\n<p>So if the adviser's noticing any pattern that might not be consistent with what they would expect, it gives them that support to then reach out to their clients and engage with them as necessary.</p>\n<p>Chris Smyth:</p>\n<p>I think that's fantastic, Amanda.</p>\n<p>I think we, that's definitely feedback, George, that we've had in sales for quite a few years in terms of when a case completes, an adviser would only know when a client has come back to take a further drawdown when a commission hits the bank, which is not great.</p>\n<p>So it's brilliant that we are now not only notifying advisers when the case completes on a drawdown, but when they actually get the drawdown offer from us as the lender, they're getting notified.</p>\n<p>So I think that's a, a great step forwards.</p>\n<p>And as you said, Amanda, I think that absolutely enables advisers to have better ongoing conversations with customers.</p>\n<p>I think from our side, we've definitely seen a shift in terms of cases that are going drawdown compared to lump sum. I mean, I look back three or four years ago, we were predominantly a lump sum market, whereas from the LV= side of things now drawdown outsells lump sum.</p>\n<p>So there's going to be customers who will be coming back and using that facility.</p>\n<p>So us as a lender giving, you know, you the advisers that information prior to them getting the funds is I think a great place to be.</p>\n<p><strong>Georgina Oxton:</strong></p>\n<p>I think that's the key point there, Chris, sorry to butt in there, but the communication being done at the right time to give you as advisers the opportunity to reach out if as Amanda says, something doesn't kind of feel right, maybe it doesn't tie in with your advice conversation, doesn't tie in with kind of what you expected further drawdowns to look at.</p>\n<p>So it is about lenders and advisers trying to work together to make sure the client is getting what they need, understands what they have and what their options are.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>So absolutely, yeah, completely agree.</p>\n<p>And I think from commentary we've heard from a number of advice firms in the market is there's annual reviews that are now taking pace with customers. </p>\n<p>So, you know, looking at total borrowing to date, have they been making repayments? Have they looked to do further advances?</p>\n<p>All these sorts of conversations are happening now on an ongoing basis, which is absolutely the right thing to be doing.</p>\n<p>So this information that we provide hopefully helps with those conversations.</p>\n<p>Um, there's one here for you George, and a nice easy one for you to answer, you&rsquo;ll be pleased to know.</p>\n<p>Do you have any 2025 predictions on the outlook for the later life lending market?</p>\n<p>So what are your predictions? You&rsquo;re going to tell us they&rsquo;ll be a 2.5% rate at some point this year or something.</p>\n<p><strong>Georgina Oxton:</strong></p>\n<p>Wow, okay.</p>\n<p>I mean, that's a real catchall question, isn't it?</p>\n<p>I suppose, in short, I would say the future's really bright for this sector.</p>\n<p>I think what I hope you've all experienced as advisers, certainly at the start of this year is a nice healthy increase in customer demand and interest in later life lending products.</p>\n<p>You know, we have had a couple of really tough years as a sector. So I am very, very optimistic in terms of volume of business written this year.</p>\n<p>The interest rate point is, is a really interesting one Chris, I think, you know, Chris and I talk to advisers all day, every day about kind of the importance of managing customer expectations around future interest rates and we did a fantastic event in London before Christmas where we partnered with BlackRock and they were talking about their house view around interest rates, long-term interest rates. And I think we are very much aligned.</p>\n<p>If people you are speaking to, potential customers are expecting rates to drop down to those 2% and 3% that we have absolutely seen in the recent past, very, very unlikely to happen.</p>\n<p>We are seeing lots of geopolitical uncertainty and instability. We are seeing gilt rates and swap rates do all sorts of very volatile things, which make it very challenging from a funding point of view to offer low interest rates.</p>\n<p>So I think to an extent there is a reset, there needs to be a resetting of customer expectations and actually the advisers that we, Chris and I are speaking to are absolutely doing that with their customers.</p>\n<p>I think the other thing is we as a provider, we need to really keep a very close eye on evolving customer requirements.</p>\n<p>You know, what else do they need? What aren't they getting from today's generation of later life lending products and how can we evolve with them to offer that flexibility?</p>\n<p>I think that's where data's key. So looking at how our customers use the products, what the sort of patterns are of withdrawals, additional borrowing, repayment behaviours and all of those things, because that all informs future product design.</p>\n<p>I think one thing I would just give a quick shout out to, Chris, as well is we do run a post-sale suitability process here at LV=. So we do survey customers post completion once every 18 months or so just to understand the drivers for them to consider an equity release, their level of understanding, their understanding of the recommendation they had from the adviser, communication from LV=.</p>\n<p>So all of that stuff is vital to put into that feedback loop to develop our proposition further.</p>\n<p>Very long answer to what sounded like a simple question</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>It was a very tough<strong> </strong>question, George, to be fair.</p>\n<p>So thank you very much for giving that that answer.</p>\n<p>Um, I think there's been one further question added to the Q&amp;A function.</p>\n<p>It's quite interesting.</p>\n<p>One, probably one I'll have a stab at George and feel free to come in.</p>\n<p>Um, what's the one USP that LV= would promote the hardest?</p>\n<p>So from my perspective, it's absolutely our approach to Early Repayment Charges.</p>\n<p>Um, so we are the only lender and only plan in the market where our ERC setup is unique in the sense of it doesn't reset on the drawdown reserve.</p>\n<p>So what I mean by that is if a case completes today and customers are coming back and dipping in and out of that drawdown reserve to, you know, supplement income, for example, every time they access the reserve, they aren't getting pinged with a new ERC for that tranche of funds.</p>\n<p>So on our Lifestyle range, it is an eight year Early Repayment Charge period, and on the Plus range it is a 10 year period.</p>\n<p>So I absolutely recognise overall cost of borrowing is obviously the one of the main, if not the, the biggest thing that we look at when sourcing.</p>\n<p>But if you've got customers who are using a reserve facility and are saying things like, we will downsize in the future, absolutely have a look at the LV= setup compared to other lenders set up because they may be better off with a slightly higher rate to you know, to facilitate their plans for the future.</p>\n<p>That would be my stab. George. Any additional?</p>\n<p><strong>Georgina Oxton:</strong></p>\n<p>No, absolutely agree.</p>\n<p>I think it's that simplicity, it's that transparency and it is unique.</p>\n<p>We've recognised that having a whole series of loans with different interest rates and different Early Repayment Charge periods running concurrently is really confusing and really difficult for an elderly customer to navigate.</p>\n<p>What we've done is just cut all of that away and say whatever sort of withdrawals you take from your drawdown, you will never have an ERC period that's last longer than eight years from completion of the original loan on Lifestyle and ten on Plus.</p>\n<p>So I think you're absolutely right to pick that out.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>Fantastic. Okay, that brings us towards the close of today's session.</p>\n<p>Thank you to everyone who's attended and for giving us some time on a Friday.</p>\n<p>I appreciate it's a day of admin for most, so thank you very much, and Andrew, thank you absolutely for joining us.</p>\n<p>Conscious you're not feeling a hundred percent, so really appreciate you joining us today.</p>\n<p><strong>Andrew Gething:</strong></p>\n<p>Yeah, no problem.</p>\n<p><strong>Chris Smyth:</strong></p>\n<p>George and Amanda as well, thank you very much. </p>\n<p>In terms of CPD certificates, so for those of you who know what a QR code is, if you bring, pull out your phone, on screen, top right hand corner, you can download an instant copy of your CPD certificate.</p>\n<p>We will of course be emailing round the CPD certificate as well as a link to the recording of today's session.</p>\n<p>And then lastly from us, the bottom right hand corner, you'll see another QR code for the LV= Equity Release Live events that are all booked and we are now taking registrations for, so these are taking place in May.</p>\n<p>They're taking place across three venues - on the 12th of May we&rsquo;ll be in Manchester, on the 19th of May we'll be in Southampton and on the 20th of May we'll be in Redding.</p>\n<p><span>&nbsp;</span>Some fantastic external speakers as well as some from LV=.</p>\n<p>And we'll be delighted if any of you can join us for one of those three events.</p>\n<p>So I'll bring the webinar to a close now.</p>\n<p>Thank you very much for attending and we'll speak to you soon.</p>\n<p><strong>Andrew Gething:</strong></p>\n<p>Thanks all.</p>\n<p><strong>Georgina Oxton:</strong></p>\n<p>Thank you.</p>","poster":{"html":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=1536&amp;ch=772&amp;hash=64E6E37052CF6BC84B4C74B12D73012A","editButton":null,"alt":"Placeholder","renditions":{"0":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=768&amp;ch=386&amp;hash=631FA0E7E3042BE826C81A2BCDF2D7A0","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=1536&amp;ch=772&amp;hash=64E6E37052CF6BC84B4C74B12D73012A"},"769":{"1x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=367&amp;ch=207&amp;hash=9A15EFA527E0AFEF382E30F8B325D6AB","2x":"/-/life/media/athena/images/placeholder/video-frame-placeholder-720x405-2.png?cx=0&amp;cy=0&amp;cw=734&amp;ch=414&amp;hash=E6198615EDA770914372FAC23237CE83"}},"dynamicrenditions":null},"posterVimeo":null},"titleHeading":{"label":"Later life lending - navigating the &#39;care conundrum&#39;","type":""},"description":"<p>In this CPD webinar, you&rsquo;ll have the opportunity to hear about how you can support equity release clients during a time of increased pressures faced by the health sector. </p>\n<p>Hear from the experts as they explore how the socio-economic environment impacts the later life lending market, LV&rsquo;s product features that support the evolving needs of vulnerable customers, and how expert services provided by CareNavigator can be used to help vulnerable clients navigate their way through the complexities of the adult social care system.</p>\n<p>Recorded on&nbsp;14 March 2025.</p>","isEditMode":false,"html":null}}]}]}});</script>
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