I have been recommending LV= equity release plans for years. But are their plans any good, and how do they compare to the competition?
LV= offers the most popular type of equity release, a lifetime mortgage. All LV= lifetime mortgages meet the Equity Release Council standards and therefore afford you their protections. LV= is a well-known brand but is often less competitive than other equity release lenders.
Before we start, please note that LV= is the trading name of Liverpool Victoria. They are all the same if you have considered LV, LV=, or Liverpool Victoria equity release.
Let's review:
What interest rates does LV= offer? And how do they stack up against the competition?
| Range |
Product |
Monthly equivalent rate (MER) |
Loan Amount (Maximum available at this rate) |
| Lumpsum Lifestyle | LS1 Fee Free | 5.40% | Show Me |
| Lumpsum Lifestyle | LS2 Fee Free | 5.45% | Show Me |
| Lumpsum Lifestyle | LS3 Fee Free | 5.49% | Show Me |
| Lumpsum Lifestyle | LS1 Fee Free 1% Cashback | 5.50% | Show Me |
| Lumpsum Lifestyle | LS2 Fee Free 1% Cashback | 5.55% | Show Me |
| Lump Sum+ | LS1 With Fee | 5.57% | Show Me |
| Lump Sum+ | LS1 Fee Free + 1% CB | 5.58% | Show Me |
| Lump Sum+ | LS2 With Fee | 5.61% | Show Me |
| Lump Sum+ | LS2 Fee Free + 1% CB | 5.62% | Show Me |
| Lumpsum Lifestyle | LS4 Fee Free | 5.63% | Show Me |
| Lumpsum Lifestyle | LS5 Fee Free | 5.68% | Show Me |
| Lump Sum+ | LS3 With Fee | 5.71% | Show Me |
| Lump Sum+ | LS3 Fee Free + 1% CB | 5.72% | Show Me |
| Lump Sum+ | LS4 Fee Free + 1% CB | 5.73% | Show Me |
| Lumpsum Lifestyle | LS6 Fee Free | 5.75% | Show Me |
| Lumpsum Lifestyle | LS5 Fee Free 1% Cashback | 5.77% | Show Me |
| Lump Sum+ | LS5 With Fee | 5.80% | Show Me |
| Lump Sum+ | LS5 Fee Free + 1% CB | 5.81% | Show Me |
| Lumpsum Lifestyle | LS7 Fee Free | 5.83% | Show Me |
| Lumpsum Lifestyle | LS6 Fee Free 1% Cashback | 5.84% | Show Me |
| Lump Sum+ | LS6 With Fee | 5.85% | Show Me |
| Lump Sum+ | LS6 Fee Free + 1% CB | 5.86% | Show Me |
| Lump Sum+ | LS8 With Fee | 5.90% | Show Me |
| Lump Sum+ | LS8 Fee Free + 1% CB | 5.91% | Show Me |
| Lump Sum+ | LS10 With Fee | 5.92% | Show Me |
| Lump Sum+ | LS10 Fee Free + 1% CB | 5.93% | Show Me |
| Lump Sum+ | LS11 With Fee | 5.95% | Show Me |
| Lump Sum+ | LS12 With Fee | 5.95% | Show Me |
| Lumpsum Lifestyle | LS8 Fee Free 1% Cashback | 5.99% | Show Me |
| Lumpsum Lifestyle | LS9 Fee Free | 6.08% | Show Me |
| Lump Sum+ | LS13 With Fee | 6.11% | Show Me |
| Lump Sum+ | LS13 Fee Free + 1% CB | 6.12% | Show Me |
| Lumpsum Lifestyle | LS9 Fee Free 1% Cashback | 6.17% | Show Me |
| Lumpsum Lifestyle | LS10 Fee Free | 6.22% | Show Me |
| Lump Sum+ | LS14 With Fee | 6.30% | Show Me |
| Lumpsum Lifestyle | LS10 Fee Free 1% Cashback | 6.31% | Show Me |
| Lumpsum Lifestyle | LS11 Fee Free | 6.52% | Show Me |
| Lump Sum+ | LS15 With Fee | 6.53% | Show Me |
| Lump Sum+ | LS15 Fee Free + 1% CB | 6.54% | Show Me |
| Lumpsum Lifestyle | LS11 Fee Free 1% Cashback | 6.62% | Show Me |
| Lump Sum+ | LS16 With Fee | 6.69% | Show Me |
| Lump Sum+ | LS16 Fee Free + 1% CB | 6.70% | Show Me |
| Lumpsum Lifestyle | LS12 Fee Free | 7.03% | Show Me |
| Lumpsum Lifestyle | LS12 Fee Free 1% Cashback | 7.12% | Show Me |
Please note that the table above shows lump sum lifetime mortgages only. LV= also offer drawdown plans. Please speak with an advisor to request your personalised illustration.
* Some other lenders offer variable live pricing. Please request your personalised illustration for your best rate.
How much money can LV= provide on their lifetime mortgages? Use our calculator to find out, plus see how they stack up to the wider market.
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LV= offers the most popular type of equity release plan, the lifetime mortgage. Their plans can be split into three different ranges. Let's explore some criteria and features in greater detail:
Lump Sum+
lifetime mortgage |
Drawdown+
lifetime mortgage |
Lump Sum Lifestyle
lifetime mortgage |
Drawdown Lifestyle
lifetime mortgage |
| Can apply if aged 55 - 84 |
Can apply if aged 55 - 90 |
| Minimum property value £70,000 |
| No maximum property value |
| Minimum loan £10,000 |
Minimum loan £30,000 |
| Maximum loan £1,500,000 |
| N/A |
The option to protect up to 99% of the equity with Inheritance Protection. |
| Optional payments of up to 10% each year |
Optional payments of up to 11% each year |
| Downsizing protection |
| Significant life event waiver |
| Fixed early repayment charges |
| Free valuation on initial advance |
Free valuations: All LV= equity release plans offer free valuations on initial borrowing, regardless of the property's value.
I love this feature because it takes all the risk away from you. If there are any unforeseen issues with the survey, you will not have to pay anything upfront, and you will not be liable for paying a penny should you decide not to proceed.
LV= Doctor Services: Gives you and your spouse/partner fast and easy access to medical services:
- Prescription services – you can get a private prescription without needing to visit your GP.
- Remote GP 24/7 – unlimited consultations with a UK doctor by phone or video.
- Second opinion – you can check a diagnosis and get advice on treatment options.
- Remote physiotherapy – you get free sessions with a trained UK physiotherapist.
- Discount health MOTs – 25% off services that identify health risks, offering areas for improvement.
- Psychological services – you get free sessions of mental health support, from counselling to Cognitive Behavioural Therapy.
Useful features offered by LV
Significant life event waiver: For joint applications, if you repay the lifetime mortgage within three years of the date the first borrower died or moved into long-term care, an Early Repayment Charge (ERC) is not applied.
Downsizing protection: If after 5 years, you move to a property that doesn't meet LV='s lending criteria and you are unable to transfer the mortgage, you can repay the loan in full without incurring any early repayment charges (ERCs).
Partial repayments: You can repay up to 10% (11% on lifestyle lifetime mortgages) of the loan amount each year without penalty. Your annual allowance is renewed on the anniversary of the date the borrowing completes. Any unused balance does not roll over into the following year.
Fixed ERCs: LV= levy an Early Repayment Charge for the first ten years on Drawdown+ and Lump Sum+ lifetime mortgages, and for the first eight years on Lifestyle lifetime mortgages.
If you take a Drawdown+ or Drawdown Lifestyle lifetime mortgage with LV, the ERC period is taken from the start of the loan. Other lenders will reset the ERC period on subsequent withdrawals from reserve facilities; LV= do not. This can provide significant savings if you expect to repay early.
Inheritance Protection: With LV= Lifetstyle Lifetime Mortgages, you can protect up to 99% of your home's equity.
LV='s equity release plans are feature-rich but may cost more than alternatives from other lenders.
As part of our equity release advice service, we will consider plans from LV= and compare them to other equity release lenders.
Please speak with one of our equity release advisors for your personalised illustration.
LV= is one of the most popular equity release lenders. Benefits of their plans include:
- Downsizing protection
- Significant life event waiver, and
- Reserve facilities.
However, you may be able to achieve larger loans and lower interest rates from other equity release lenders. Furthermore, LV= does not offer medically underwritten lifetime mortgages.
When you are ready, you can book an appointment with one of our equity release advisors, who can show you how LV= compares to other lenders for your specific needs.
If you have an existing equity release plan with LV, we can help you assess the best way to borrow additional funds.
Where you have a reserve facility in place (from a drawdown plan), you can contact LV= directly on 0800 028 8974 to request additional funds.
However, I always suggest that you compare additional borrowing with LV= to the cost of moving to a different lender.
We will require your authority to discuss your existing plan with LV=. Please complete the form below so that we can send you a Letter of Authority to complete, sign, and return so that we may speak with LV=.
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Why don't I go to LV= directly?
Of course, you can go to LV= directly to request their lifetime mortgages. However, you still require financial advice before taking one of their plans, and they do not currently have any directly employed advisors. Instead, LV= will put you in touch with a financial advisor who will only advise you on LV='s equity release plans.
If you choose to work with an advisor who works with other lenders, you could access a more suitable lifetime mortgage from another provider.
But won't I get a better deal by going direct?
The interest rates charged and the amounts of money you can release will be the same whether you go direct or through another advice firm.
Why not book your free equity release consultation with one of our equity release advisors to explore your options?
In closing
I hope I have helped you understand LV='s equity release product offering and that you now know whether you could be an LV= equity release client. If you have further questions about LV='s equity release plans or would like to see if LV= is the plan I recommend for you, contact us at 0207 158 0881.
Remember, we also compare plans from other equity release lenders, so we can save you time shopping around and find the most suitable plans. You can also use our equity release calculator to compare the lowest-rate plans.
If you have further questions, why not speak with one of our qualified advisors?
Call us on 0207 158 0881 or use our online form to book your FREE consultation.
While a qualified equity release advisor has written this guide, it is not intended to be used as financial nor legal advice and should not be relied upon.
To understand the full features and risks of an Equity Release plan, ask for a personalised illustration.
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