LV Equity Release review 2022

 This LV equity release review is one in a series. These reviews are designed to give you a simple summary of what each company offers, so you can compare the plans available and make a more informed decision on what might be right for you.

LV equity releaseWith over 5.8 million customers, LV= (formerly known Liverpool Victoria) is a well-known name in the UK. The company has been providing insurance, investment and retirement solutions for many years and began offering equity release in 2002.

Does LV do equity release?

They certainly do. LV= offer their own lifetime mortgages, and have also partnered with Age Partnership a leading award winning broker, to provide a broader equity release advice service.

By coincidence, Age Partnership,  is also our choice of our equity release partner. Read our Age Partnership review to learn more.

LV= is regulated by the Financial Conduct Authority and is an Equity Release Council member, so LV’s equity release customers are protected by their rules and principles.

LV equity release advice service

The LV equity release service provided by Age Partnership gives advice on products and providers from across a wide range of providers including LV=’s own range of lifetime mortgages. You could also get better rates and more competitive fees than those available elsewhere, even directly from the provider.

An Age Partnership advisor will go through all your requirements with you and advise you on whether equity release is a good option for your personal circumstances.  This initial advice is free – only if you decide to go ahead will a fee be charged.

For each successful application, Age Partnership pays LV= a fee based on a percentage of the equity released.

LV lifetime mortgage range

As well as offering the equity release advisory service in association with Age Partnership,  LV= also offers two of their own lifetime mortgages, both of which are Defaqto and Moneyfacts 5-star rated:

  • LV= lifetime mortgage lump sum – lets you release a lump sum upfront and pay nothing until you die or move into long-term care
  • LV= lifetime mortgage drawdown – lets you release an initial lump sum with the option to also draw  cash as and when you need it.

LV lifetime mortgage features

  • Available to homeowners aged 55 and above
  • The maximum you can borrow will be based on your age and the value of your property.
  • Interest is calculated daily and added to the total amount on a monthly basis.
  • The cash you release is tax-free and can be spent as you wish.
  • You don't have to make any repayments and can continue living in your home until you die or move into long-term care.
  • The ‘no-negative-equity’ guarantee ensures you will never pass on debt to your estate.
  • You can choose to protect a percentage of your property value to leave as an inheritance.
  • If you wish to pay off your lifetime mortgage early, you may have to pay an early repayment charge.
  • The size of the mortgage will continue to grow because the interest roll ups every month.
  • inflation may reduce the value of the monthly income you receive over time and taking out a lifetime mortgage might affect your entitlement to means-tested benefits or pension credit.

Eligibility criteria

To apply for an LV= lifetime mortgage, you need to meet these following eligibility criteria, as a minimum:

  • You are aged 55 or older
  • Own a property worth at least £70,000.
  • The equity release property is your main home
  • You own the property – if you still have a small mortgage, you will have to use your lifetime mortgage to pay it off.

Next steps

To find out how equity release providers compare or to see how much cash you could release from your home, use our no-obligation easy-to-use free calculator.

Always seek professional advice, but please be aware that some advisers focus only on one or two companies’ products, which may not offer the most appropriate solution for your situation.  For free advice on equity release schemes from across the market, call 0800 368 8466 to speak to a specialist adviser at Age Partnership

And finally, before you reach a decision, make sure you completely understand the implications of a lifetime mortgage, consider potential alternatives, and discuss your plans with your family.

Try the calculator

Ways to contact us

Call 08001337380
Call 0800 368 8466
Arrange a callback
Arrange a callback
Try the calculator
Try the calculator
Email us
Email us

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Our trusted partner

Age Partnership

We are members of

Equity Release Council

Part of the Over50choices group

Over 50 Choices

We are authorised & regulated by the Financial Conduct Authority