Liverpool Victoria has extended its equity release options and updated its underwriting criteria for its lifetime mortgage lump sum+ policy.
Holiday homes under the policy can now be rented out for up to four weeks at a time, including properties rented through Airbnb.
The lender reports a ‘historic rise’ in customers participating in the scheme, with half year sales of equity release reaching £88m, up by 66 per cent from 2017.
Recent figures from the equity release council show that the popularity of the product is continuing to gather momentum, and LV= believes that it is a suitable product for those in retirement as a way of supplementing their pension without borrowing above their means – and that this is a trend that will continue.
Andrew Gilbert, Head of Life Products at LV= says, “As people are living for longer, it is no surprise that demand is rising to release equity from property, especially when it’s usually the largest asset that you will have in your working life.”
This comes after Paymentshield added LV= Broker, part of LV= General Insurance, to its home insurance panel last month.