Legal & General Home Finance has unveiled a new pricing approach for its lifetime mortgages, which it says offers customers the best possible rate for their individual circumstances.
The provider will now 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.
Andrew Gilbert, product director at Legal & General Home Finance, said: “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.”