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Legal & General enhances new later life lending range to meet changing customer needs
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
- Legal & General Home Finance has introduced low LTV variants to its Flexible and Optional Payment Lifetime Mortgages
- The new Pearl LTV bands are lower priced than Legal & General Home Finance’s current Lifetime Mortgages, providing customers with a rate which reflects their borrowing requirements
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.”
Further information
Harry Cheesewright
PR Campaign Manager
Legal & General Retail
T: 07908954042
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.
In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.