Legal & General Home Finance has today rolled out its new Income Lifetime Mortgage to customers across the UK, following a pilot announced in November 2018. The announcement is supported by the launch of a new TV advertising campaign, which seeks to challenge the traditional view of ‘silver surfers’ and ‘golden oldies’ by showing how lifetime mortgages can help people to enjoy a more colourful retirement.
21 Jan 2019
The Income Lifetime Mortgage is a new way for consumers to release housing wealth in retirement. The loan is secured against the customer’s home, but pays out a regular monthly income, instead of providing a one-off lump sum or drawdowns that the borrower can request as and when they need. This income is at least £200 a month over a fixed term of 10, 15, 20 or 25 years, and interest rates are fixed for the life of the loan. The Income Lifetime Mortgage is designed as an additional income to help people maintain their standard of living in later life and make the most of their active retirement years, while remaining in the home they love.
The TV advert airs for the first time today and signals the full launch of the Income Lifetime Mortgage. It features a series of four quick scenes that show how the product can help retirees to enjoy life even more, from spa breaks to modest home improvements and days out with grandchildren. Each story reflects the Legal & General brand colours, which combine at the end of the advert with a new animation that creates the iconic umbrella logo.