LV= has introduced a six-month interest rate guarantee on its equity release applications.
For any submitted applications which are unsuitable for a desktop valuation, the provider will honour the quoted customer interest rate for an initial period of six months and the application will be placed on hold until it is able to undertake a physical property valuation.
If LV= has been unable to issue an offer within six months of the date the application was processed, it will then review the situation at that point.
In April LV= announced measures to make it easier for advisers to write equity release business during the coronavirus outbreak. Desktop valuations have been introduced to allow customers to access lending while surveyors are unable to visit properties.
To help customers who are unable to sign an application declaration, LV= will accept either verbal or email consent from the client to proceed. LV=’s New Business team will email the application form directly to the customer and will ask them to respond via email with their confirmation to proceed. If the customer doesn’t have access to email, the New Business team will be in contact via the phone to read the declaration form and accept a verbal confirmation from the customer.
David Stevens, director of savings and retirement at LV=, said: “We’re continually reviewing the way we write equity release business following the coronavirus outbreak and are doing all we can to help advisers and customers.”