Mortgage News
LV removes valuation fees for lifetime mortgages
LV has announced it will not charge borrowers for an initial valuation fee on new drawdown and lump sum lifetime mortgage applications quoted after 14 September.
The company previously charged an initial valuation fee on properties with a value of £1.5m of higher.
The lender has made several changes to its equity release charging structure, including its early repayment terms.
Lump sum and drawdown customers can choose to make an unlimited number of early repayment charge (ERC) free repayments from the start of their term and minimum repayments have been cut to £50.
Drawdown customers’ maximum loan value has been increased from £500,000 to £1.5m and there are no ERCs from 10 years after the completion date of the initial loan, irrespective of the date of the additional drawdown.
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LV’s retirement director David Stevens said: “After listening to advisers and customers, we have removed valuation fees on properties valued greater than £1.5m.
“The changes are the latest of a series of improvements we have made to our equity release products over the past 18 months, and we will continue to make our lifetime mortgages even more attractive to consumers and advisers.”