Press releases

Legal & General unveils new lifetime mortgage pricing approach tailored to customers

Legal & General Home Finance has introduced a new pricing approach for its Lifetime Mortgages – offering customers the best possible rate for their individual circumstances.

29 Jan 2024

Full press release

  • The change reinforces Legal & General’s commitment to listening to adviser feedback and innovating to deliver better customer outcomes
  • Legal & General Home Finance has also simplified product names to help customers understand the best solution for their needs

Legal & General Home Finance has introduced a new personalised approach to lifetime mortgage pricing, which helps provide customers with the best possible rate for their specific circumstances.

From today, the provider will give tailored decisions based on all the information the customer provides. The new pricing approach has been applied across most lifetime mortgage products, and advisers will be able to find exact rates on Legal & General’s online portal.

Legal & General Home Finance has simplified product names to help customers understand the best solution for their needs. Now that it offers a suite of products with varying interest servicing options, has changed the name of its Flexible Lifetime Mortgage to the Interest Roll Up Lifetime Mortgage, to support advisers’ conversations with clients.

These changes are part of a number of innovations introduced in recent months to help advisers better service their customers’ needs, including the launch of the first-of-its-kind Payment Term Lifetime Mortgage (PTLM), which improves the options available for borrowers over 50 whose needs are not always being met. PTLM’s current pricing approach will remain the same for the time being.

Legal & General Home Finance is committed to listening to adviser feedback and delivering changes that meet customers’ diverse needs. This is reflected in the most recent adviser survey1, which showed that a third of respondents considered Legal & General to be the best lifetime mortgage provider in the market.

Andrew Gilbert, Product Director, Legal & General Home Finance: “In today’s fast-paced market, we are constantly innovating and driving good customer outcomes for people looking to benefit from accessing their property wealth. That’s why we are embracing more intelligent and tailored pricing, which considers multiple factors, to give borrowers the best rate for their specific circumstances.

“The lifetime mortgage industry has evolved significantly over the years by offering more solutions for changing customer needs, like the flexibility to manage a loan by paying interest as you go. It’s important to note that a lifetime mortgage isn’t for everyone, so those considering applying for them must speak to a qualified financial adviser to be clear about all the options available to them.”


1According to Legal & General’s Home Finance Adviser Relationship Study, November 2023, comprising of advisers from 157 different advisory firms.

Further information

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Harry Cheesewright

PR Campaign Manager

Legal & General Retail

T: 07908954042

Email Harry Cheesewright

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.