LV= is reintroducing physical valuations for new equity release customers, allowing them to resume applications.
In line with government advice, the lender will ensure everybody’s safety when visiting a property by following social distancing and safety guidelines.
In April, LV= launched desktop valuations to help customers access lending through equity release during the coronavirus outbreak.
Submitted applications that were initially put on hold are being re-prioritised for physical valuations where possible.
There are instances where it may not be possible to carry out a physical valuation.
A customer would not be eligible for a physical valuation if:
- The customer or anyone living in the property is self-isolating due to being diagnosed with or showing symptoms of COVID-19, or because the NHS Test and Trace team has advised them to self-isolate
- The customer or anyone living in the property is shielding and is one of the 1.5m people who received a letter from the government and is considered to be in the clinically extremely vulnerable category
- The customer’s property is located in Scotland or Wales
- The customer is uncomfortable for a valuation to be undertaken at this time
- The adviser is aware of any other reason why a valuation should not be undertaken
David Stevens, director of savings & retirement at LV=, said: “The careful re-introduction of physical valuations will be a clear indicator of how the Equity Release market will respond to the coronavirus crisis as we come out of lockdown. Those unable to have a physical valuation can still have the option of desktop valuations to progress their applications subject to meeting our desktop valuation lending criteria and we will continue to help financial advisers to find the right equity release solutions for their clients.”
