It will now individually underwrite property types that may previously have been declined, such as sheltered accommodation and unique or unusual properties that are in an exceptional condition or desirable locations.
The change will help advisers to tell clients of what LV=’s likely decision will be and follows feedback from brokers wanting a clearer understanding of the properties it will lend against for equity release.
Vanessa Owen, head of equity release at LV= (pictured), said: “We’ve really listened to advisers ahead of making these policy changes. These more flexible terms give us the ability to look at each case individually without potential equity release properties being automatically declined on our system.
“LV= is committed to offering great value and quality products, but also continually reviewing and evaluating the effectiveness of our service to IFAs. The feedback from advisers has helped us to adapt our terms and provide a more easy to understand and flexible offering.”
