Legal & General Home Finance has introduced a Downsizing Protection feature across its lifetime mortgage range for customers who choose to move home in later life.
9 Oct 2019
New and existing customers will have the option to repay their loan in full and without an Early Repayment Charge if their new property doesn’t meet Legal & General’s lending criteria. The feature will be available once customers have had their lifetime mortgage for five or more years.
The introduction of Downsizing Protection is part of Legal & General’s commitment to providing equity release customers with more flexibility.
Bruno Meiller, Director of Products and Direct Customer Channels: "At Legal & General, we’ve listened to feedback from our customers and adviser partners. We’re a lender that is committed to offering a range of flexible solutions that can meet the needs of modern retirement and we’re pleased to offer this Downsizing Protection feature across our lifetime mortgage range for customers who have held their lifetime mortgage for five years or more."