UK Money News
30th June 2008
Liverpool Victoria unveils new equity release product
Liverpool Victoria (LV) has announced the launch of a new equity release product which enables mortgage holders to "draw down the funds they need, when they need it".
Under the terms offered by the Flexible Lifetime Mortgage, holders can access a total of £15,000 with a minimum initial loan of £10,000.
They are then at liberty to withdraw further sums at any time over the next 15 years, during which time the lender will guarantee to provide the funding.
Vanessa Owen, head of equity release at the firm, said: "In a time of such uncertainty, especially for those approaching their retirement, this is an exciting addition to the lifetime mortgage market and offers consumers a real choice with our flexible draw down offering."
News of the LV's offering comes as a study undertaken by the retirement specialist found that 6.5 million people are more concerned than ever about their ability to meet day to day living costs when they give up work.
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