LV= launches new equity release drawdown product and adviser portal

Using the LV= Equity Release Portal, advisers can produce key facts illustrations, submit and track lifetime mortgage applications online and through systems automation benefit from faster end-to-end times.

Lifetime Mortgage Drawdown + allows customers to take out a minimum initial loan of £10,000 with further ad-hoc drawdown payments available from £1,500 - £70,000. Withdrawals can be taken out monthly provided they do not exceed the maximum loan value. The minimum property value accepted is £100,000 and the maximum loan is £500,000.

After the loan has been running for 12 months, customers can make up to six repayments each mortgage year, totalling 10% of the total amount of loan advances without having to pay an early repayment charge.

Clive Bolton, managing director of savings and retirement at LV=, said: “The launch of the LV= Lifetime Mortgage Drawdown+ and adviser portal is a significant development. We have listened to feedback from customers and advisers as launching an online portal makes it easier for them to submit and manage equity release applications.

“The drawdown market accounts for more than 60 per cent of new equity release business. Lifetime Mortgage Drawdown+ gives borrowers the freedom to choose how much they drawdown. Allowing customers to make up to six repayments free of early repayment fees makes it easier for them to manage the interest on their equity release loan.”