Legal & General Home Finance has enhanced its Lifetime Mortgage range in response to changing customer needs and adviser feedback in a fast-paced market.
4 Aug 2023
These improvements include the launch of new Pearl product variants to both its Flexible and Optional Payment Lifetime Mortgages, with lower LTVs and interest rates than are available from its current product range. The Pearl product will also have a Premier equivalent, which offers the lowest interest rates and the potential for increased borrowing amounts.
The changes follow Legal & General Home Finance’s decision to allow new Flexible Lifetime Mortgage customers to make up to 12 repayments each year, up from four, and make repayments by Standing Order. This is part of its commitment to make its product range as flexible as possible.
Legal & General Home Finance also recently launched a series of new features and product developments, including an extension of the Offer Validity period to 90 days to add an extra layer of reassurance to customers, and a reduction to the minimum drawdown amount to £1,000 to provide further flexibility.
Craig Brown, CEO, Legal & General Home Finance: “We are constantly looking at ways to innovate and drive good customer outcomes for people looking to benefit from accessing their property wealth. These improvements to our later life lending range are in direct response to adviser feedback and reflect customer needs in this fast-paced market.”
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.13 million retail policyholders and workplace members.
In 2022, we had total individual annuity sales of £954 million, and issued £632 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 4.9 million members, while our Protection businesses gave peace of mind to more than 6.3 million UK life insurance, 1.8 million group and 1.5 million US customers, taking in £3.1 billion of gross written premiums.
*at 31 Dec 2022