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.
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.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
