The provider’s equity release portal will enable advisers to produce key facts illustrations, as well as submit and track lifetime mortgage applications online.
The provider’s new drawdown product will enable borrowers to take out a minimum initial loan of £10,000. Further ad-hoc drawdown payments will be available from £1,500 to £70,000.
Withdrawals can be taken out monthly provided they do not exceed the maximum loan value. The minimum property value accepted is £100,000 and the maximum loan is £500,000.
For a client aged 70, the product’s maximum LTV ranges from 24 to 37 per cent, with seven lending tiers available and maximum LTVs depending on the borrower’s age.
Clive Bolton, managing director of savings and retirement at LV, said: “We have listened to feedback from customers and advisers as launching an online portal makes it easier for them to submit and manage equity release applications.
“The drawdown market accounts for more than 60 per cent of new equity release business. Lifetime Mortgage Drawdown+ gives borrowers the freedom to choose how much they drawdown.
"Allowing customers to make up to six repayments free of early repayment fees makes it easier for them to manage the interest on their equity release loan.”
Joanna Leyden, director at Monument Financial, commented: “It’s fantastic to see more innovation in the market and increasing flexibility for clients who wish to make repayments.
“Equity release has come such a long way over the past few years and online capabilities make such a difference to the research and application process – other lenders need to take note and catch up.”
Lending tiers for LV= Lifetime Mortgage Drawdown+ (based on a 70 year old client)
Lifetime Mortgage Drawdown+ Lite
Lifetime Mortgage Drawdown+ Standard 1
Lifetime Mortgage Drawdown+ Standard 2
Lifetime Mortgage Drawdown+ Standard 3
Lifetime Mortgage Drawdown+ Max
Lifetime Mortgage Drawdown+ Platinum
Lifetime Mortgage Drawdown+ Platinum Plus
Source: LV. AER = Annual Equivalent Rate, MER= Monthly Equivalent Rate