Legal & General Home Finance has enhanced its Optional Partial Repayments feature on its Flexible Lifetime Mortgage.
The provider will allow new Flexible Lifetime Mortgage customers to make up to 12 partial repayments each year. Partial repayments of up to 10% of the total amount borrowed over a year will be allowed penalty free and repayments can also now be made by Standing Order.
The move, in response to evolving customer needs and adviser feedback, allows new customers to reduce the cost of borrowing throughout the lifetime of the loan and gives customers the option to stop and restart payments without contacting Legal & General.
The change follows a series of new features and product developments including an extension of the Offer Validity period to 90 days earlier this year to add an extra layer of reassurance to customers, and a reduction to the minimum drawdown amount to £1,000 to provide further flexibility.
Andrew Gilbert, product director at Legal & General Home Finance, said: “We’re always looking for ways to drive greater flexibility and help customers manage their interest payments in a way that best suits their financial needs. As inflation continues to put a strain on finances, we’re taking active steps to ensure our customers are in the best position for later life.”