Press releases

Legal & General Home Finance reduces minimum drawdown to provide further customer flexibility

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

Full press release

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.”

Further information

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Claire Byrd

Senior PR Manager

Legal & General Retail

Notes to editors

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.

As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.

Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.  

In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.