Legal & General Home Finance has unveiled a Downsizing Protection feature across its lifetime mortgage range for customers who choose to move home in later life.
New and existing customers will have the option to repay their loan in full and without an Early Repayment Charge if their new property doesn’t meet Legal & General’s lending criteria.
The feature will be available once customers have had their lifetime mortgage for five or more years.
Bruno Meiller, director of products and direct customer channels, Legal & General Home Finance, said: “Choosing a lifetime mortgage is a long-term commitment that needs careful consideration, but at Legal & General we recognise that retirement is no longer a once-and-done decision. Changing circumstances in retirement could mean having to move home in later life, and consumers want solutions that can adapt as their plans change.
“At Legal & General, we’ve listened to feedback from our customers and adviser partners. We’re a lender that is committed to offering a range of flexible solutions that can meet the needs of modern retirement and we’re pleased to offer this Downsizing Protection feature across our lifetime mortgage range for customers who have held their lifetime mortgage for five years or more.”