To help you to deliver high quality equity release client conversations, we’ve provided the tools and resources below which cover the four Consumer Duty outcomes:
To help you to deliver high quality equity release client conversations, we’ve provided the tools and resources below which cover the four Consumer Duty outcomes:
Our Lifetime Mortgage product profiles are designed to provide you with the key features of our products, our target market and distribution strategy. They also include our approach to vulnerable customers alongside a summary of the key considerations we take into account when assessing fair value.
You may also want to refer to our Product Governance Policy, which covers ‘fair value’ as it forms part of new product development and enhancements, as well as the on-going product management and review processes.
To help you make sure that our lifetime mortgage products meet the needs of your clients, we’ve outlined the relevant information in our lifetime mortgages product profiles.
All consumers should receive fair value. This means there should be a reasonable relationship between the price paid for a product or service and the overall benefit a consumer receives from it.
Lending limits and fees
Lump Sum
We offer an initial minimum loan of £10,000 for our Lump Sum+ product, and £30,000 for our Lump Sum Lifestyle product. We’ll lend based on the age of the youngest applicant and the maximum percentage of the property’s value.
Drawdown
We offer an initial minimum loan of £10,000 on both of our Drawdown products, and a cash facility based on the age of the youngest applicant and the maximum percentage of the property’s value.
It’s important that your clients understand our products and services so that they can make an informed decision about how they plan to meet their financial goals.
Key product features
Lump Sum
Our Lump Sum products offer your clients the opportunity to unlock the equity in their home as a lump sum against the value of their home.
Drawdown
Our Drawdown products allow your client to borrow a portion of their property value in the form of an initial loan, with the option to release further withdrawals from the pre-agreed reserve.
The Equity Release Council represents the equity release sector and exists to promote high standards of conduct and consumer safeguards. We ensure these high standards and safeguards are built into our lifetime mortgage products.
We’re committed to supporting your clients’ needs throughout their relationship with us and to making sure they're supported as they pursue their financial objectives.
Helping you support your client
Supporting vulnerable customers – Ways to help you identify vulnerabilities and other client needs, plus ways you can better engage with your client.
Options and support for our clients – This document provides a summary of options and support services available for existing LV= policyholders.
Data Protection – Information about how we use personal information.
We understand that your support for clients extends beyond their financial needs. That's why we offer two non-contractual services, LV= Doctor Services and Care Navigator, to our customers when they choose a product from our Plus or Lifestyle range.
Contacting us – If your customers need to get in touch, we’re here to help.
Marketing preferences – How our customers can let us know about their marketing preferences.
Accessibility – We aim to make sure that we’re as accessible as possible.
Online security – What we do to keep our customers’ personal and financial details safe and some tips on staying safe online.
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