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LV= improves its equity release lending policy

Press release: 27/05/2014

Retirement specialist LV= today announces the launch of its enhanced equity release* lending policy document for advisers.

The policy document was designed in response to adviser feedback and gives equity release advisers and their clients greater clarity about the types of properties on which LV= will lend on.

LV= has both a lump sum and a drawdown equity release proposition and is the only provider to offer advisers and their clients a fully guaranteed drawdown facility. It is also the only lender in the market who will consider lending on either second homes or holiday homes.

Advisers with clients who live in flats or apartments often find that they are offered a lower loan-to-value (LTV) than those who live in houses, but this is not the case with LV=. Clients can access the same amount of equity regardless of the type of property they live in.

Vanessa Owen, LV= head of annuities and equity release said: “Demand for equity release continues to grow as retirees look for ways to supplement their pension funds. We have updated our equity release lending policy in order to make it easier for advisers to quickly identify, in the first instance, the properties we will accept.

“We have a dedicated, bespoke underwriting team that look at properties before application on a case-by-case basis. 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.”

Further details about LV=’s equity release lending policy can be found at the LV= Adviser Centre.

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For further information please contact:

Addy Frederick, LV=, 020 8256 6909, Addy.Frederick@lv.com
Paula Nugent, LV=, 020 8256 9367, Paula.Nugent@lv.com

Notes to editors

*This is a Lifetime Mortgage. To understand the features and risks, ask for a personalised illustration.

About LV=

LV= employs 5800 people and serves over five and a half million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

Liverpool Victoria Friendly Society Limited: County Gates Bournemouth BH1 2NF

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Friendly Society Limited (LVFS) and LV= and LV=Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. LVFS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth BH1 2NF.