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
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.
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."