LV= has launched an enhanced equity release lending policy document for advisers.
In the document, LV explains it will consider lending on second homes and holiday homes.
The policy also states clients can access the same amount of equity regardless of the type of property they live in.
Vanessa Owen, head of annuities and equity release at LV, said: “Demand for equity release continues to grow as retirees look for ways to supplement their pension funds.
“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.”
LV’s clarification on lending policy came after the Equity Release Council confirmed earlier this month that it is to enter talks with the Council of Mortgage Lenders about lending into retirement.
Nigel Waterson, chairman of the Equity Release Council, said bridges need to be built with the residential mortgage market to achieve better understanding and collaboration.
Mr Waterson said: “The recent resurgence of equity release lending can only be helped by building bridges with the residential mortgage market to achieve better understanding and collaboration.”
