A new flexible mortgage from LV= allows homeowners to borrow against the equity in their home as and when they need to.

The lifetime mortgage guarantees the maximum loan amount agreed for 15 years and differs from LV='s other products by providing an option to draw on the money at any time.

Head of equity release Vanessa Owen said: "It offers homeowners a choice of retirement solutions - they can withdraw the funds they need when they need them - rather than large sums of money at the start, which might not always be necessary or appropriate."

The mortgage is aimed at those in retirement and comes with a guarantee that upon death or permanent entry into care no more than the value of the home will be owed.

Mortgage lending dropped to its lowest level on record last month, as the Bank of England revealed just 42,000 were approved.

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