Paradigm members will now be able to access the LV= Equity Release Lifetime Mortgage, which offers clients a cash lump sum when releasing the value of their home. The product contains the following features:
• Fixed interest – interest is compounded annually, and the interest rate at the commencement of the loan is fixed throughout.
• No Negative Equity Guarantee – even if the future value of the client’s home is less than the amount they owe, their estate will never be left with a debt from the Lifetime Mortgage when the house is sold.
• Moving home – the client can stay in the home as long as they wish, providing all terms and conditions of the plan are met. The client can also move home and transfer the plan, providing the property meets the LV= criteria.
• Further advances – available from LV= after 9 months and no revaluation is required if original property valuation is less than 12 months old.
• Early repayment – LV= permit full or partial repayment at any time and apply simple, transparent early repayment charges. Early repayment charges do not apply to cases where the client dies or moves into permanent residential care.
• Sheltered housing, trust and power of attorney cases - all considered by LV= on a case-by-case basis
The lifetime mortgage product rate is currently 6.3% (6.4% APR) and interest is charged annually.
Paradigm members will also benefit from the LV= Equity Release specialist team who are on hand to answer queries ranging from special cases, technical help through to quotes and case tracking. They will also have a dedicated Account Manager (Georgina Oxton, Equity Release Sales Support Manager) and locally based Business Development Managers to assist them.
