Legal & General boosts lifetime mortgage range

It launches new features and product developments

Legal & General boosts lifetime mortgage range

Legal & General Home Finance has enhanced its later life lending proposition with new features and product developments.

The lender launched two new loan-to-value (LTV) variants to both its flexible and optional payment lifetime mortgage ranges, which will be the lowest LTV products available across its product range as it will be priced below its current graphite and black products. They will offer LTVs from 3.5% at age 55.

Following adviser feedback, all of Legal & General’s lifetime mortgage offers will be valid for 90 days – an increase from the 50 days offered previously.

In addition, the specialist lender is also reducing interest rates across its lifetime mortgage range by up to 0.30%.

“Since we entered the lifetime mortgage market in 2015, we’ve been committed to innovating, championing choice and driving good customer outcomes for people looking to benefit from accessing their property wealth,” Craig Brown (pictured), chief executive at Legal & General Home Finance, said. “We are constantly listening and onboarding adviser feedback, looking at ways that our products can change to reflect customer needs. These improvements are a direct response to this feedback and will better support the needs of our advisers and their customers.

“Lifetime mortgages continue to be an effective modern financial planning tool. We want to help support advisers who play an increasingly important role in helping homeowners to understand if a lifetime mortgage is a suitable solution to support their financial planning, supplement their income or to improve their home in a sustainable way.”

Legal & General Home Finance also recently made a series of key product announcements to enhance its lifetime and retirement interest-only mortgage products offer. These include enhancement of its energy saver cashback offer, underwriting criteria changes to its lifetime and retirement interest-only mortgage products, as well as extending its downsizing protection to include customers moving outside of the UK.

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