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Your guide to LV= equity release

Find out if LV= offers the equity release options you need and if you’re eligible

Introducing LV= equity release

If you’re a UK homeowner aged 55+ and are looking for a boost to your finances, you might want to consider taking out an equity release plan. Equity release allows you to unlock value from your home in exchange for a lump sum and the right to stay in the property.  

LV has been a leading equity release provider since 2002, offering the most popular type of equity release plan, known as a lifetime mortgage. But they are just one of many providers of equity release, so how do you know if their products are the right fit for you? In our guide below, we’ll take a look at the plans, features and options available with LV equity release.

Through our selected advisers you can take a closer look at LV equity release, and compare plans from a number of the UK’s leading equity release providers.

To find out how much you can release, check here or talk to one of our friendly consultants by calling 0808 178 3055 or request a call back.

Did you know?

If you’re aged 60+ and own a property worth at least £100,000, you could qualify for an LV equity release lifetime mortgage. Each year over 70,000 UK equity release plans are agreed, according to the Equity Release Councilwith the majority being lifetime mortgages. 

What equity release plans does LV= offer?

LV specialises in the most popular form of equity release known as a lifetime mortgage. They have two main plans available, a Lifetime Mortgage Lump Sum and a Lifetime Mortgage Drawdown.

With a Lifetime Mortgage Lump Sum, you can release a one off cash amount from your property to use as you see fit. You won’t need to make any repayments as the amount you borrow, along with interest, is repaid following the sale of your property. This usually happens when you pass away or move into long-term care. You’ll still retain full ownership of the property and there’s the flexibility to move home and take your plan with you. (Read more about lump sum lifetime mortgages.)

LV also offers a Lifetime Mortgage Drawdown. This works largely in the same way as the Lump Sum, but in addition to the initial release amount, there’s the option to ‘draw down’ further cash as and when you need it. As interest only builds up on the cash you’ve chosen to release, this can be a more cost-effective way of unlocking value from your property. (Read more about drawdown lifetime mortgages.) 

With any lifetime mortgage, you’ll continue to own your home and could therefore still benefit from any future increase in its value. All plans offered by LV come with a no-negative equity guarantee, so you’ll never pass on debt to loved ones or owe more than your property is worth. 

At Equity Release Wise, our team of selected advisers can talk you through all of your options to make sure you get the best deal for your own individual circumstances. We know your home is your biggest asset, so it’s crucial to get the right support and advice. Get in touch today, call us on 0808 178 3055 or request a call back.

What’s missing from the LV= equity release product range?

LV has some great products and features in its equity release offering, but there are some things missing that other providers offer:

Eligibility for properties worth £70,000 to £99,999. Your property needs to be worth at least £100,000 to qualify for LV equity release. Other providers will consider your application if your property is worth less, down to a minimum of £70,000.

Enhanced lifetime mortgages. Some providers offer an enhanced lifetime mortgage where you could access more cash or a better interest rate if you have a history of certain medical conditions or lifestyle factors such as smoking. However, LV doesn’t offer this type of plan.

Home reversion plans. The other obvious omission from the LV= product range is a home reversion plan. This involves selling part or all of your property in exchange for a lump sum or regular income. You no longer own the property but you have the right to remain in the house until you pass away or move into long-term care. It’s much less popular than a lifetime mortgage, but may be more suitable for some people.

To explore your options beyond LV, please get in touch with us. Our selected advisers bring you access to the best deals from leading equity release advisers. To find out more, speak with one of our friendly consultants by calling 0808 178 3055 or request a call back.

How much equity can I release with LV=?

The amount of equity you’ll be able to release with an LV lifetime mortgage will vary depending on factors like your age, and the condition and value of your property.

Typically, the older you are the more equity you’ll be able to release. This is because if you take out a plan at the age of 60, the equity release company will need to wait longer for a return on the loan than if you were aged 80. With an LV Lump Sum+ Lifetime Mortgage, an applicant aged 55 can release up to 18% of the property value. This rises to 47% of the property value for an applicant aged 84

Like many lenders, LV has a minimum release amount of £10,000. Their maximum release amount is £1.5million. If you select a drawdown plan from LV, additional releases can be requested. These additional withdrawals are subject to a minimum of £1,500 and a maximum of £70,000 per release. The frequency of withdrawals is capped at no more than one per calendar month.

You may be able to access more tax-free cash with another provider. To find out how much you could borrow, without limiting yourself to LV, call us on 0808 178 3055 or request a call back.

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Am I eligible for LV= equity release?

You may be eligible if you’re aged between 55 and 90 and own a property valued over £100,000 in England, Wales, mainland Scotland, the Isle of Wight or Anglesey. Other important LV equity release lending criteria includes:

  • The property must be your main residence. Other providers will consider equity release on second homes or buy-to-let properties, but this is not the case with LV.
  • The property must be of standard construction. 
  • If it’s a leasehold property, the minimum lease remaining must be 175 years minus the age of the youngest borrower.

Check your eligibility

Call us on 0808 178 3055 and we’ll arrange a free, no-obligation appointment and lifetime mortgage advice* from a specialist who will confirm whether you are eligible. If you’re unable to talk now, request a call back and we’ll call when it’s convenient to you.

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Already have a lifetime mortgage?
You could switch for a better deal

Now could be a good time to switch to a different lifetime mortgage. You may be able to release more tax-free cash due to being older than when you took out your existing plan. An increase in your property’s value or being in poorer health could also qualify you for further cash. Interest rate changes may also save thousands over the lifetime of your plan.

Why not arrange a free review* to find out if switching works for you?

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Can I get equity release directly from LV=?

LV don’t offer their equity release products directly to the public, so you won’t be able to speak with an LV equity release adviser. 

With Equity Release Wise, our selected financial advisers have access to plans from leading equity release providers. This means that you could benefit from the latest products, features, deals and interest rates – and won’t be tied solely to LV equity release plans.

The same principle applies if you go down the route of using an LV equity release calculator. LV’s own calculator won’t take into account products offered by other providers. Again, by talking to Equity Release Wise, you can access plans from leading providers across the UK to find you the best products, features and deals for your circumstances.

Do I need equity release advice?

In order to decide which provider and plan is right for you, we recommend you speak with a specialist equity release adviser. Equity release is a complicated product and not for everyone. There may be better ways you can meet your financial needs, so advice to understand all your options is important. 

In fact, the Financial Conduct Authority (FCA) Handbook makes it clear that there is a need for advice when it comes to equity release. We support this, and our selected advisers will help make sure you’re making a fully informed decision. Call us on 0808 178 3055 or request a call back and we can arrange an appointment for you.

Is LV= equity release right for me?

We have looked at the products and features available from LV equity release, and what’s missing from their product line. But what about the company itself? Is LV a company you can confidently trust when looking for financial services products?

LV certainly has longevity and tradition on its side, and of course was previously well-known as Liverpool Victoria. The company has been helping customers to protect their future, family and finances since 1843. 

As a company, LV scores well on customer satisfaction, with an average Trustpilot rating of 4.7 stars. In terms of equity release, LV recently earned the top five star rating in the Moneyfacts Equity Release Star Ratings 2022.

Which other companies offer equity release?

LV is just one of a number of providers offering equity release, so it makes sense to compare plans from different providers to get the best deal. Equity Release Wise can arrange this for you, with a search across plans from a number of the leading providers.

Here are just some of the leading equity release providers the search will cover. All of them are of course authorised and regulated by the Financial Conduct Authority and are members of the Equity Release Council.

aviva logo
Legal & General logo
canada life logo
just logo
pure retirement logo
crown equity release logo

Apply for your no-obligation equity release quote

Find out if you qualify for equity release and how much you could borrow. Just click ‘Get started’ or call us on 0808 178 3055 and one of our team will be delighted to help arrange a free consultation and quote*.

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Answering your questions

Still unsure of a few things? We’ve got you covered with answers to some of our most frequently asked questions.

  • Do I need to speak with an LV equity release adviser?

      No, you don’t have to talk to an LV equity release adviser to take out an LV lifetime mortgage. In fact, the company doesn’t provide their products directly to customers so you will need to speak with a specialist equity release adviser instead. At Equity Release Wise we can arrange advice and access to leading providers from our selected advisers to find a plan that best suits your needs.

  • Where can I find an LV equity release calculator?

      Most providers will offer their own calculator, and LV is no exception. But we suggest that instead of tying yourself down to just one provider with an LV equity release calculator, you instead get a review of what equity release plans are available to you from multiple leading  providers. This is something we can arrange from our selected equity release advisers.

  • What are the LV equity release interest rates?

      Interest rates change daily, including LV equity release interest rates, and our selected equity release advisers have access to competitive rates from leading providers across the UK. By speaking with them, you’ll be able to compare quotes from multiple providers to get the best deal. And remember, LV equity release rates and rates with other lifetime mortgage providers will be fixed, so your plan won’t be affected by rising interest rates.

  • What are the potential risks of a lifetime mortgage?

      A lifetime mortgage has worked for thousands of over 55s in need of tax-free cash. But it’s important to understand lifetime mortgage pros and cons before deciding if it’s right for you, so here are some potential risks you need to be aware of: 

      • Interest is calculated daily and added to the amount you owe each month. The amount owed therefore increases and reduces any equity left in your home when the plan ends, unless you choose to make interest payments while the plan is running.
      • Taking equity out of your home will mean that the inheritance you leave to loved ones will be reduced.
      • If you give some of the money you release to family as a gift, they may be liable to pay inheritance tax in the future.
      • You may have to pay an early repayment charge if you choose to pay back some of the loan early.

      Borrowing money through a lifetime mortgage may affect your entitlement to means-tested state benefits. During your appointment with one of our selected equity release advisers, they will help you establish whether your benefits could be affected.

Still have questions?

We hope this information has been useful. To find out more or arrange a consultation with an adviser, please call or request a call back and we’ll be happy to help further.

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+ Client testimonials refer to the service provided by our selected equity release advisers. We have changed the clients’ names and certain identifying information to protect their privacy.

Please note that equity release will involve a home reversion or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. To fully understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long term care.