Legal & General Home Finance improves repayment flexibility on lifetime mortgages

• Legal & General Home Finance has enhanced its Optional Partial Repayments feature on its Flexible Lifetime Mortgage to drive even greater payment flexibility across its product range
• New customers are now able to make up to 12 repayments each year, up from four, and make repayments by Standing Order

Partial repayments of up to 10% of the total amount borrowed over a year will be allowed penalty free and repayments can also now be made by Standing Order.

The move, in response to evolving customer needs and adviser feedback, allows new customers to reduce the cost of borrowing throughout the lifetime of the loan and gives customers the option to stop and restart payments without contacting Legal & General.

Legal & General is always looking to innovate to provide more choice and flexibility. The business was the first to bring Optional Payment Lifetime Mortgages (OPLM) to market; allowing customers to pay some, or all, of the monthly interest. Today’s announcement takes this commitment one step further to better serve individual needs.

The change follows a series of new features and product developments including an extension of the Offer Validity period to 90 days earlier this year to add an extra layer of reassurance to customers, and a reduction to the minimum drawdown amount to £1,000 to provide further flexibility.