On 12 October 1485 he was created
Chancellor of the Exchequer for life; on 27 October he became
esquire of the body to Henry VII, with a pension, and he was advanced to be knight the body to the King before August 1487. He was also treasurer of the King's and Queen's chambers. In the parliament summoned for 7 November 1485 Lovell was chosen for
Northamptonshire, and on 8 November 1485 he was elected speaker. He headed the commons on 10 December 1485, when they requested the king to marry
Elizabeth of York, to whom he subsequently lent £500 on the security of her plate. On 3 July 1486 he was one of the commission to treat with the Scots. He probably continued to sit in parliament (such as for
Middlesex in 1491–92 and for
Norfolk in 1495), though it is only certain that he was elected to that summoned for 16 January 1497.
Sir John Mordaunt was chosen speaker in 1488. In 1487 Lovell sided with King Henry against
Lambert Simnel, and he and his brothers fought at the
battle of Stoke, where he was
knighted (9 June). On 11 March 1489 he became constable of
Nottingham Castle. The services rendered by Lovell to Henry VII included an active participation in the king's policy of
extortions: numerous bonds which were made to Lovell, as well as to
Richard Empson and
Edmund Dudley, were cancelled early in the reign of Henry VIII. In November 1494 he was present at the tournaments celebrating the creation of
Prince Henry as Duke of York, and in 1500 he accompanied the king at his meeting with the
Archduke Philip near
Calais. In 1502 he became treasurer of the household and president of the council. In 1503 he was made
Knight of the Garter. About 1504 he appears to have been high steward of the universities of Oxford and Cambridge. He acted as an executor for
Cecily, Duchess of York (died 1494),
Lady Margaret, Countess of Richmond, Henry VII,
Sir Thomas Brandon,
John de Vere, 13th Earl of Oxford, and Sir
Robert Sheffield. ==Under Henry VIII==