With a rich 75 year history, LV is an award-winning mutual protection, savings and retirement provider, working with a wide range of financial companies to offer independent, regulated financial advice to its customers. The company has over 1.28million customers who enjoy life insurance, income protection, investments and retirement income solutions such as equity release, fixed term annuities and drawdown products.
Lifetime Mortgage Lump Sum+
The Lifetime Mortgage Lump Sum+ releases equity to help pay for a specific expense, such as home improvements or a holiday. Interest is fixed and is normally repaid in full when you die or go into long term care. The minimum lump sum available is £10,000.
Flexible Lifetime Mortgage
The Flexible Lifetime Mortgage is specifically designed for people who wish to release some equity from their home now and expect to want to borrow more in the future. The minimum available to borrow starts at £10,000, the maximum is three times your initial loan. Once agreed, this maximum loan is guaranteed to be available for you to draw from for 15 years irrespective of what happens to property prices or interest rates.
Other Services
LV also offers home, car, pet and travel insurance, bonds and ISAs and investments, income protection and investment opportunities.
LV Reviews and Ratings
Online reviews on Trust Pilot for LV are generally very good with users praising the easy-to-use website, its competitive pricing, speed of response and straightforward processes. Reviewers on Reviews.co.uk are slightly less favourable though, with several citing bad customer experiences and the disappointment of getting increasing premiums at the auto renewal period.
Trust Pilot – 4.7/5 (based on 12,102 reviews)
Reviews.co.uk – 3.37/5 (based on 218 reviews)
Pros
- A clear, well laid-out website
- Decent customer reviews; straightforward process
- Easy-to-use online Pension Income Calculator
- Winner of Investment Life & Pensions Moneyfacts Awards
- Member of the Equity Release Council
- A company with longevity and a rich 175 year history
Cons
- No home reversion plans available
- Fairly narrow range of lifetime mortgage products
- Some negative feedback
- Premiums may increase at auto renewal period
Website: LV