The firm has also released a new equity release lending policy document. It says this will allow advisers to easily see which cases LV are likely to lend on.
LV has clarified its lending policy for clients who live in flats or apartments. It will allow those clients access the same amount of equity as those living in houses.
It offers both lump sum and drawdown equity release products and said it is the only provider to give advisers and their clients a fully guaranteed drawdown facility.
LV also highlighted its policy of lending on holiday homes or second properties.
Vanessa Owen, LV head of annuities and equity release, said by employing individual underwriting it was able to offer more flexibility to brokers and their clients.
“Demand for equity release continues to grow as retirees look for ways to supplement their pension funds,” she said. “We have updated our equity release lending policy in order to make it easier for advisers to quickly identify, in the first instance, the properties we will accept.
“We have a dedicated, bespoke underwriting team that look at properties before application on a case-by-case basis. Our tailored approach is the reason we can lend on certain properties that may have aspects that fall outside other lenders criteria. We find this approach leads to a better customer experience as we can provide certainty, subject to final valuation, before the customer has to start filling in application forms.”
Earlier this month, Council of Mortgage Lenders director-general Paul Smee called for greater co-operation between traditional mortgage lenders and equity release providers.
