LV equity release review 2024
*Updated May 2024*
.jpg)
Who is LV?
With 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. LV has been awarded a Defaqto 5 Star Rating 2024 for their Lifetime Mortgage Drawdown and Lifetime Mortgage lump sum products. LV= also has a Moneyfacts 5 star rating for its Lifetime Mortgage Drawdown Lifestyle.
A note from our expert, Ashley:
This LV equity release review is one in a series of reviews 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.
Does LV= do equity release?
They certainly do. LV= offer their own ‘Lifestyle lifetime mortgages’ backed by Scottish Widows, part of the Lloyds Banking Group.
LV= also offers an equity release advice service provided by Liverpool Victoria Financial Advice Services Limited, that advises on equity release products and providers from across the whole market including LV=’s own range of lifetime mortgages.
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.
Try our equity release calculator
LV= lifetime mortgage range
LV= offers two of their own lifetime mortgages, both of which are Defaqto and Moneyfacts 5-star rated:
- LV= Lifestyle lifetime mortgage lump sum – lets you release a lump sum upfront and pay nothing until you die or move into long-term care
- LV= Lifestyle 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 a wide range of equity release schemes from leading providers, 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