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Equity Release

New equity release mortgage launched by LV=

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
27/02/2024

Retirement mortgage specialist LV= has announced the launch of its Lifetime Mortgage LumpSum+

A new equity release product has been launched into the UK market, by provider LV=.

The retirement specialist said that the introduction of its Lifetime Mortgage LumpSum+, marks its ongoing commitment to the equity release market.

The LumpSum+ product provides additional flexibility to customers, increasing the Loan to Value (LTV) ratio by 5% at each age bracket.

It will be launched with interest rates between 5.3% and 5.6% according to the initial level of borrowing.

The lender’s existing Lump Sum product will be closed to new business, although current customers will still be able to apply for additional borrowing.

The company will also contact all those with a current quote or application to offer them the opportunity to switch to LumpSum+.

Vanessa Owen, head of retirement solutions products at LV=, said: “Equity release has long been viewed as a solution to support the shortfall in pensions savings, and it’s been a growth area for LV= over the past five years.

“Under the right circumstances, releasing money tied up in a home can provide additional and crucial support in retirement, especially for those who have smaller pension pots, but have enjoyed large gains on their property value. We’re committed to making sure our customers have quality products available to help them, so they can maintain their desired standard of living.”