LV= has unveiled a 1% cashback deal across its Drawdown + and Lump Sum+ lifetime mortgages.

The initial cashback offer, available until 16 April 2021, will be paid to customers on completion. Customers can choose how to use the money; for example, reduce the size of the equity release loan or pay fees and other associated costs.

For lifetime mortgage Lump Sum+ customers, this offer is only available for loans over £50,000.

David Stevens, savings and retirement director at LV=, said: “Equity release is becoming an increasingly popular tool for retirement planning.

“The equity release market has grown over the past decade and consumers understand that it is an increasingly mainstream retirement planning option for people who want to unlock the value in their home to enjoy the retirement they want.

“We have listened to feedback from financial advisers and launched a cashback option for our equity release products. This development will give more flexibility to advisers and their clients so that cost-effective solutions can make the extra money work harder to achieve their individual goals.

“This initial offer forms part of a series of improvements planned to make LV= more competitive in the equity release market.”