Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

LV= Launches Lifetime Mortgage with Interest Payment Rewards

LV= has launched a new lifetime mortgage product, the Lump Sum Lifestyle Interest Reward, expanding its lifestyle lifetime mortgage range. The product offers discounted interest rates to customers who commit to making regular interest payments for a fixed period.

Customers can choose to pay 25%, 50%, 75%, or 100% of the interest for five, ten, or fifteen years. The level of discount is determined by the amount and duration of the payment commitment, as well as the loan-to-value (LTV) ratio. The discounted rate remains in place for the duration of the loan, provided payments are maintained.

Customers retain flexibility and can stop making payments at any time. However, if they miss three payments within a 12-month period, they will lose the discounted rate. The new product is part of LV='s broader equity release offering, which also includes the Lifestyle Lump Sum and Drawdown product.

Additional services available to customers include Care Navigator and LV= Doctor Services. The product is designed to appeal to those with ongoing income, individuals seeking to preserve more of their estate for beneficiaries, and residential interest-only borrowers looking for flexible later-life lending options.

LV= states that customers will continue to benefit from existing product safeguards, such as security of tenure and a no negative equity guarantee.