Liverpool Victoria Mortgage Lump-Sum+

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

Are You Considering the Mortgage Lump-Sum+ Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Liverpool Victoria (LV) Mortgage Lump Sum+ Review

Mortgage Lump-Sum+ Key Details

Type Rate APR
Liverpool Victoria Fixed 3.09% 3.13%

Scheme Incentives

  • Maximum lending of up to £1.5million
  • Fixed early repayment charges ending after 10 years
  • A ‘No Negative Equity’ guarantee.

Scheme Offers

  • Downsize Protection
  • Inheritance Guarantee
  • 10%pa Voluntary Partial Repayments
  • 3-year No Early Repayment Charge**
  • Bespoke Interest Rates***

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Liverpool Victoria Mortgage Lump-Sum+, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Liverpool Victoria Mortgage Lump-Sum+ be the right equity release plan for you?
We’re here to help you:
Liverpool Victoria is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Liverpool Victoria?
Let’s find out!

What’s Equity Release?

An equity release mortgage (see What’s Equity Release?) is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care.

We’ve summed up the most important information about the topic in this quick video.

Who Are Liverpool Victoria?

With almost five million clients, Liverpool Victoria has been business as LV= since May 2007.1Â It provides a number of insurance and retirement-related services. With 5,700 workers, LV= is also the UK’s biggest friendly society.
Learn more about the various Liverpool Victoria Equity Release Schemes.
Aviva Lifestyle Flexible

Scheme Background

Since 2002, LV= has been a major provider of Equity Release solutions, assisting customers in living out their dreams through lifetime mortgages. They prefer to think outside the box, so they can assist you in assisting your customers in achieving their financial goals and retiring with confidence.

Their lifetime mortgages are tailored to the needs of the customer and provide a flexible approach to long-term financial planning. In addition, LV= was the first lender to propose and provide set early repayment fees. LV=’s new online interface is tailored to assist advisers to establish and manage more Equity Release business with LV=.

The new smarter portal is tailored to your company’s needs, giving you access 24 hours a day, seven days a week and the flexibility to help your clients when they need it most. Because they’re a member of the Council, they may provide further protection for their long-term mortgages.

When you collaborate with LV=, you get personalised service from a reputable company. Your customers will also be able to take use of a variety of added-value offerings.

Eligibility & Requirements

The Liverpool Victoria Mortgage Lump-Sum+ is created particularly for homeowners seeking one of the lowest equity release interest rates, as well as the flexibility of a drawdown facility and voluntary repayment alternatives.

Minimum Property Valuation

The minimum property valuation for this Flexible Lifetime Mortgage is £100,000, with no upper limit.

Property Location Requirements

Property location – which must be a primary residence – must be in England, Wales, or Scotland.

Single vs Joint

Liverpool Victoria Mortgage Lump-Sum+ is offered on a single and joint life basis, with a minimum age of 60 for the youngest homeowner and 95 as the maximum age limit.

Minimum Release

The Liverpool Victoria Mortgage Lump-Sum+ has a minimum release of £10,000.

Scheme Features

The Liverpool Victoria Mortgage Lump-Sum+ is a drawdown lifetime mortgage program that offers a tax-free lump sum cash release for immediate usage, with any unused funds held in a cash reserve facility. This is helpful for individuals who want immediate cash but will need to withdraw more funds in the future, and it comes with a competitive equity release interest rate.

The cash reserve program has a £2,000 minimum withdrawal amount, with no further administrative fees for any subsequent drawdown amounts taken.

Valuation Features

A generous free appraisal of up to £1 million is provided, as well as a set lifetime interest rate on the initial lump amount. Any subsequent withdrawals would be subject to the interest rate in effect at the time of withdrawal.

Early Repayment Feature

Early repayment fees may apply if the loan is repaid for any reason other than those specified in our terms and conditions.

Equity Release Council Status

Liverpool Victoria is an Equity Release Council member, and all of its plans include a no-negative equity guarantee. As a result, if the property is eventually sold, any beneficiaries cannot be left with a debt to the equity release provider.

Joint Application Features

There is an additional protection provision for the plan’s last survivor for joint applicants.

If one of the homeowners dies or moves into care, the remaining partner has the option of repaying the lifetime mortgage to Aviva with no penalty within three years of the occurrence.

Scheme Options

The Liverpool Victoria Mortgage Lump-Sum+ allows any homeowner to spend their tax-free cash as they see fit, with no obligation to make repayments. However, one aspect of the Liverpool Victoria Equity Release plan is the Voluntary Partial Repayment Option, which allows the homeowner to begin paying up to 10% repayments of the original amount borrowed each year with no penalty.

The above equity release interest rate is an example supplied by Liverpool Victoria and is based on a man age 62 living in BS11 with a home valued at £215,000.

Repayment Options

Liverpool Victoria has no restriction on the number of repayments that can be made in a 12-month period, as long as the 10% cap is not exceeded. This assists in managing the future balance of the UK lifetime mortgage plan, either to decrease the roll-up impact of the interest, pay off the interest alone, or even to lower the future balance by utilizing the entire 10% allowed.

Inheritance Protection

Another option for inclusion is the Inheritance Protection feature, which allows the homeowner to secure a fixed percentage of the property’s final sale value. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.

Application Fees

There is also the option to accept or refuse the free valuation offer.

Paying for the value in advance lowers the equity release rate of interest on Liverpool Victoria’s plans. As a result, all lifestyle choices such as cashbacks and value have an impact on the equity release conditions given and may be tailored to meet the needs of the homeowner.

Early Repayment Options & Fees

Early repayment fees may apply if the loan is repaid for any reason other than those specified in our terms and conditions.
The fee may be up to 25% of the loan amount, plus any extra borrowing or cash reserve releases. There may also be a cost for administration.

Footnotes

*A £5 application fee reduction is available until further notice.
** The 3-year no early repayment charge applies to joint life plans when the loan is returned within 3 years of a partner’s death or long-term care. ***Rates vary depending on personal factors such as age, health, loan amount, and property information.

Editor’s Rating: 4.9

Liverpool Victoria's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Liverpool Victoria.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare interest rates on equity release!

Before You Go!

How Much Can You Release?

 

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Value of Your Home?

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Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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