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Lifetime mortgages from Liverpool Victoria

11/07/2008

Homeowners have been given the opportunity to take advantage of equity from their homes LV explains more news.

The flexible equity release deal justifies that homeowners can select how much equity they would like to withdraw than being struck with an upfront lump sum.

The mortgage deal is only on offer to homeowners greater than 60, and £10,000 is the smallest initial payment.

Vanessa Owen, head of equity release at LV= commented. ‘Homeowners get a choice of retirement solutions – they can withdraw the funds they need when they need them, rather than large sums of money at the start, which might not always be necessary or appropriate.’

The flexible lifetime mortgage consists of a 6.95% interest rate and an application fee of £695, this includes two property valuations over the term of the deal.

Drawdown schemes saved homeowners from large amounts of interest which gathered with lump sum schemes, Devon-based spoke further: ‘The one issue with equity release is the fact the interest is rolling up on the advance [lump sum].’

 


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