Press release

Legal & General Home Finance announces new partnership with Virgin Money

Legal & General Home Finance has today announced a new 5-year partnership agreement with Virgin Money that will see the retirement lender offer its lifetime mortgage product range to the bank’s interest-only customers aged 55 and over.

6 Aug 2018


Press release (PDF 203KB)
Virgin money exterior

image credit: moneybright.co.uk

Today’s arrangement adds to the existing partnerships with Santander and The Co-operative Bank and now sees Legal & General making its range of lifetime mortgages directly available to 20% of the UK’s interest-only mortgage customers1.

The new partnership is also part of Legal & General Home Finance’s wider strategy to improve customer access to retirement lending solutions. This approach includes helping to address the interest-only shortfall by driving innovation in the market with products, such as the Optional Payment Lifetime Mortgage, and also by bridging the gap between mainstream mortgages and retirement borrowing. Legal & General will be encouraging more intermediaries to enter the market and include property wealth in the retirement planning conversation.

https://www.ukfinance.org.uk/interest-only-mortgages-a-shrinking-target/

Steve Ellis, CEO, Legal & General Home Finance: "Lifetime mortgages are already having a hugely positive impact on our society, and at Legal & General we are committed to raising awareness about the transformative effect these products could have for many of Britain’s retirees."

Further information

Photograph of Margrit Williams

Margrit Williams

Director of External Engagement

Legal & General Capital

Notes to editors