Retirement specialist LV= has launched a new equity release product - Flexible Lifetime Mortgage - that allows homeowners to draw down funds from the equity in their home when they need to.
The LV= Flexible Lifetime Mortgage also offers homeowners a 15-year guarantee on the maximum amount that can be drawn down. This means that whatever happens to interest rates and property prices, homeowners have the peace of mind of knowing that throughout this time they can access the total amount agreed at the outset.
Homeowners between the ages of 60 and 95 can draw down a minimum amount of £10,000, making the LV= Flexible Lifetime Mortgage one of the most adaptable options on the market. Additional withdrawals of at least £2,000 can be made, up to the maximum Loan To Value (LTV) amount.
An initial application fee of £695 applies, which includes the cost of two further property re-valuations throughout the lifetime of the loan. The product also comes with a No Negative Equity Guarantee which means that both the homeowner and their beneficiaries will never have to pay back more than the value of their home on death or permanent entry into long term care.
Long term care insurance: News update: July 2008