Legal & General Home Finance has joined Brilliant Solutions’ newly formed lifetime mortgage panel. Members will now have access to Legal & General's product range, which includes its Flexible Lifetime Mortgage, Optional Payment Lifetime Mortgage and Income Lifetime Mortgage.
16 Dec 2020
Brilliant Solutions is setting up the later life proposition after recognising the need to support its members in offering greater choice in the equity release market.
The Flexible Lifetime Mortgage allows clients with either a small mortgage, or no mortgage, to release the money tied up in their property without having to move home or make monthly payments. The loan provides homeowners with a tax-free cash sum which they can draw as and when they need to.
The Optional Payment Lifetime Mortgage allows clients to choose to pay some, or all, of the monthly interest and they can also stop making monthly payments at any time. Finally, the Income Lifetime Option allows later life homeowners to release the money tied up in their property with a regular monthly income for a fixed term of 10, 15, 20 or 25 years.
Marie Catch, Head of Mortgage Broker Sales at Legal & General Home Finance: "As greater numbers of homeowners look to release equity from their home, we are delighted to join the new equity release panel and offer our range of flexible lifetime mortgage products to Brilliant Solutions.
We look forward to offering flexibility and choice to the brokers working with Brilliant Solutions and to help more people make the most of their retirement."
Matthew Arena, Managing Director at Brilliant Solutions: "The addition of the Legal and General lifetime mortgage range is an important milestone for our later life lending support for our brokers. The product set is customer centric and no doubt it will help us and brokers using our club deliver better solutions for borrowers, thanks to their flexibility and competitive pricing."
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
A lifetime mortgage is a loan secured against a client’s home. A lifetime mortgage can reduce an inheritance and may affect a client’s state benefits. There may be cheaper ways to borrow money,
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these 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. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021
Legal & General Retail Retirement’s mission is to help its customers lead longer, healthier, happier lives. We believe everyone should be able to have a ‘more colourful retirement’. The Division comprises the Group’s retirement savings and income, later life lending and care solutions businesses. In 2020, LGRR wrote £910 million of annuity premiums and issued £791 million of lifetime and retirement interest only mortgages.
(As of June 2021)