Legal & General Home Finance has announced improvements to its Lifetime Mortgage range, which come into effect tonight.
The provider says it has made these enhancements to meet changing customer needs and respond to adviser feedback in a fast-paced market.
These changes are:
New LTV variants
Legal & General Home Finance has launched two new LTV variants to both its Flexible and Optional Payment Lifetime Mortgage ranges. These will be the lowest LTV products available across its product range and will be priced below its current Graphite and Black products. They will offer LTVs from 3.5% at age 55.
Offer Validity Period
Following adviser feedback, and to give customers an added layer of reassurance and protection, from tonight all lifetime mortgage offers will be valid for 90 days – an increase from the 50 days offered previously. The extension will provide peace of mind to customers and advisers and will be particularly helpful to those taking out a lifetime mortgage while buying and selling a property, as well as customers remortgaging in more complex situations, such as those involving divorce or matrimonial considerations, trusts and wills, and title issues.
Lifetime Mortgage rates
Legal & General Home Finance is also reducing interest rates across its lifetime mortgage range by up to 0.30%. These will be available for all customers from tonight.
Craig Brown, CEO, Legal & General Home Finance, said: “Since we entered the lifetime mortgage market in 2015, we’ve been committed to innovating, championing choice and driving good customer outcomes for people looking to benefit from accessing their property wealth. We are constantly listening and onboarding adviser feedback, looking at ways that our products can change to reflect customer needs. These improvements are a direct response to this feedback and will better support the needs of our advisers and their customers.
“Lifetime mortgages continue to be an effective modern financial planning tool. We want to help support advisers who play an increasingly important role in helping homeowners to understand if a lifetime mortgage is a suitable solution to support their financial planning, supplement their income or to improve their home in a sustainable way. Our new product enhancements provide greater peace of mind around the interest rate they will be able to secure on their lifetime mortgage.”
