Legal & General’s lifetime mortgage lending reached £201m in 2015, hitting the £200m 2015 target for lifetime mortgages with £99m of lending in its fourth quarter of the year.
The firm completed its acquisition of New Life Home Finance Limited in April 2015 and has since rebranded it as Legal & General Home Finance, launched an extended product range and improved the operational capability to deliver higher volumes.
The £99m of lending in the final quarter of 2015 gave Legal & General a 22% market share demonstrating the progress from a 1% market share in the first quarter of 2015 immediately prior to acquisition.
Bernie Hickman, CEO of Legal & General Home Finance, said: “I’m delighted with the start Legal & General Home Finance has made in the lifetime mortgage market in 2015. The market has experienced 20% compound annual growth since 2011, and an ageing population adds further potential growth in years to come.
“With funding from our annuity portfolio we have been able to offer customers competitive interest rates and great product features, which in turn make lifetime mortgages even more attractive for customers wanting to release equity without moving from their homes.
“Lifetime mortgages further diversify our high quality annuity asset portfolio as we increase our exposure to direct investments.”