Legal & General Home Finance has announced a reduction in its minimum drawdown amount to £1,000. The reduction will allow customers to more easily access additional funds as and when they need.
29 Jun 2023
Legal & General Home Finance has announced a reduction in its minimum drawdown amount to £1,000. The move is yet another product initiative developed to support customers and provide flexibility should they need to access additional funds.
The reduction means that customers who have between £1,000 and £2,000 left can access their lifetime mortgage funds as and when they need.
Andrew Gilbert, Product Director at Legal & General Home Finance: “We want to ensure that the positive impact from lowering our minimum drawdown will be applicable to both new and existing loans. As we continue through challenging and inflationary times, it’s important to help as many people as possible wishing to use their property to meet their retirement needs, in a way that minimises the impact of rolled up interest.
“We are dedicated to reviewing and evolving our products and processes in line with changing customer needs in a fast-paced, rapidly changing environment. At Legal & General, we champion innovation to meet the growing needs of the market, making sure that our customers are in the best possible position for later life. This change is a further example of us listening and reacting to feedback from customers and the advisers we work with. Whilst it won’t be suitable for everyone, lifetime mortgage solutions should always be considered as part of a holistic approach to financial planning.”
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.13 million retail policyholders and workplace members.
In 2022, we had total individual annuity sales of £954 million, and issued £632 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 4.9 million members, while our Protection businesses gave peace of mind to more than 6.3 million UK life insurance, 1.8 million group and 1.5 million US customers, taking in £3.1 billion of gross written premiums.
*at 31 Dec 2022