Previously a valuation fee was levied on properties valued greater than £1.5m.

New Lump Sum+ and Drawdown+ customers can now choose to make an unlimited number of early repayment charge (ERC) free repayments from day one. Minimum repayments have also been reduced to £50.

The maximum loan available to Drawdown+ customers was increased in March from £500,000 to £1.5m.

There are no ERCs from 10 years after the completion date of the initial loan, regardless of the date additional drawdowns were taken.

David Stevens, retirement director at LV=, said: “Attitudes to equity release are changing as more people recognise it as a way to fund retirement.

“After listening to advisers and customers, we have removed valuation fees on properties valued greater than £1.5m.

“The changes are the latest of a series of improvements we have made to our equity release products over the past 18 months, and we will continue to make our lifetime mortgages even more attractive to consumers and advisers.”