LV has clarified its lending policy for clients who live in flats or apartments. It will allow those clients access the same amount of equity as those living in houses.

It offers both lump sum and drawdown equity release products and said it is the only provider to give a fully guaranteed drawdown facility.

LV also highlighted its policy of lending on holiday homes or second properties.

Vanessa Owen, LV head of annuities and equity release, said by employing individual underwriting it was able to offer more flexibility to brokers and their clients.

“Demand for equity release continues to grow as retirees look for ways to supplement their pension funds,” she said.

“Our tailored approach is the reason we can lend on certain properties that may have aspects that fall outside other lenders criteria. We find this approach leads to a better customer experience as we can provide certainty, subject to final valuation, before the customer has to start filling in application forms.”