New customers are now able to make up to 12 repayments each year
Aiming to make its product range as flexible as possible, later life lender Legal & General Home Finance has allowed new Flexible Lifetime Mortgage customers to make up to 12 partial repayments each year.
The lender said partial repayments of up to 10% of the total amount borrowed over a year would be allowed penalty free, and repayments could also now be made by standing order.
The change has been made in response to adviser feedback and evolving customer needs, allowing 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.
It 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.
“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,” Andrew Gilbert (pictured), product director at Legal & General Home Finance, stated in an article announcing the change. “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.”
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