LV Lump Sum+ Lite (Fee Free)

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

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LV Lump Sum+ Lite (Fee Free) Review

Lump Sum+ Lite (Fee Free) Key Details

Type Rate APR
LV Fixed 2.72%

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LV Lump Sum+ Lite

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 LV Lump Sum+ Lite (Fee Free), equity release scheme the best?

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

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

However, 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 LV Lump Sum+ Lite (Fee Free) be the right equity release plan for you?
We’re here to help you:
LV 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 LV?
Let’s find out!

What's Equity Release?

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

An equity release mortgage 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. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.

Learn More: What’s Equity Release?

How Does Equity Release Work?

Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.

Learn More: How Does Equity Release Work?

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Most popular reasons for releasing equity

Who Are LV?

With almost five million clients, Liverpool Victoria has been business as LV= since May 2007.1  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..

Scheme Background

Get a 1st home equity release plan with LV=, a.k.a Liverpool Victoria. This established mutual formed in 1845 to meet the financial needs of working class families in Liverpool. LV= has grown significantly over the years acquiring and still today their main aim is to benefit you, their members.

LV= offers a range of equity release plans, including drawdown lifetime mortgages and lump sum plans.

The LV= Drawdown+ range comes with a suite of products ranging from Drawdown+ Lite through to the highest loan-to-value product, Drawdown+ Platinum Plus. The Drawdown+ product that is most suitable to you will dependent upon the amount and size of the drawdown facility required. Speak to a consultant the plan that benefits you.

Eligibility & Requirements

The LV= Lump Sum+ Lifetime Mortgage Plan has a low interest rate and a tax-free cash sum to assist finance in-retirement expenses. Because no repayments are due to LV=, it is a typical roll-up lifetime mortgage by definition. Payment alternatives are available, however, if control over the future balance is required.

Minimum Property Valuation

The LV= Lump Sum+ Lifetime Mortgage has a minimum property valuation of £100000 and a maximum valuation of £5 million.

Property Location Requirements

The property must be the primary residence and must be in England, Wales, or Scotland.

Single vs Joint

LV=’s Lump Sum+ Lifetime Mortgage is offered on both a single and joint life basis, with a minimum age of 60 and a maximum age of 95 at the time of application.

Minimum Release

The least starting amount that may be accepted to start an equity release mortgage with LV= is £10000, with a maximum loan amount of £1.5m. On the Lump Sum+ plan, the maximum property value approved is £5 million.

Scheme Features

The LV= Lump Sum+ equity release mortgage is a one-time lump sum lifetime mortgage that allows homeowners to withdraw cash for immediate usage on specified expenses. This home equity plan charges yearly interest, and loan-to-value ratios begin at 27 percent for homeowners aged 60, increasing to 55 percent at age 90.

An LV= Lump Amount+ mortgage program is appropriate for homeowners who want a particular cash lump sum from the start, with no expectation of needing more money in the future. The homeowner obtains a cheaper interest rate by choosing the lump sum plan over the drawdown program.

This single lump sum mortgage plan has a fixed lifetime equity release interest rate on the original cash amount, with interest payable yearly. Interest then accrues at the rate established at the start of the plan for the remainder of the plan’s term.

LV= has included a potential early repayment fee waiver dubbed ‘Downsizing Protection’ for homeowners who are unsure about their future at the property and may be considering downsizing in the future. If a homeowner with an LV= Lump Sum+ equity release plan moves to a new house after 5 years, and the property they want to buy cannot be transferred across because it does not match LV’s lending standards, the loan can be returned with no penalty.

Valuation Features

LV= provides a free valuation of up to £1500000 to Equity Release Supermarket.

Early Repayment Feature

Early repayment penalties are a standard part of every equity release mortgage. LV= is one of the few firms that provides a set early repayment charge approach. For the first five years of the loan duration, LV= would charge 5% of the returned capital, then 3% for the next five years, with NO penalty after the tenth year. As a result, if a specific penalty charge is necessary, LV=’s Drawdown+ Lite Lifetime Mortgage should be examined once more.

Equity Release Council Status

Because LV= is a member of the Equity Release Council, their programs include the no-negative equity guarantee. This implies that if the property is sold due to death or long-term care, the beneficiaries cannot be left with a debt to the equity release business.

Joint Application Features

LV=’s Lump Sum+ Lifetime Mortgage is available on both single and joint life basis, with a minimum age of youngest homeowner being 60, with a maximum age of 95 upon application.

There is an additional protection element for the plan’s surviving survivor for joint applicants. If one of the homeowners dies or moves into care, the remaining spouse has the option to return the lifetime mortgage to LV= with no penalty within three years of the incident.

Scheme Options

This LV= Lifetime Mortgage has a Partial Payment option, which allows homeowners to make annual payments of 10% with no penalty. The 10% limit is calculated using the initial loan amount and the minimum payback amount of £1000. The partial payment facility becomes available after 12 months after commencement, allowing homeowners to handle their future amount as they see fit for themselves and their beneficiaries.

Additional borrowing is possible in the future if sufficient finances are available. This is subject to a minimum loan of £2000 and will necessitate a new borrowing application, as well as valuation and application costs.

Repayment Options

This LV= Lifetime Mortgage has a Partial Payment option, which allows homeowners to make annual payments of 10% with no penalty.

Inheritance Protection

LV Lump Sum Lifetime Plan updates are still in the works. We will give an update soon.

Application Fees

LV Lump Sum Lifetime Plan updates are still in the works. We will give an update soon.

Cashback Options

LV Lump Sum Lifetime Plan updates are still in the works. We will give an update soon.

Footnotes

*There is no application charge on loans exceeding £50000, however there is a £595 fee on loans under £50000.

Editor’s Rating: 4.85

LV's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by LV.

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!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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.

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HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

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How Much Can You Release?

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Written by
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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Written 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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Written by
Katherine Read
Financial Planning Reporter

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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Written by
Nicola Date
Writer & Financial 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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Equity Release Calculator

Value of Your Home?

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