It also reintroduces higher LTV offering for PTLM applicants
Later life lender Legal & General Home Finance has announced an expansion of its individual pricing strategy to include the Payment Term Lifetime Mortgage (PTLM) product.
As a result, interest rates for customers will now be determined based on the youngest borrower's age and the application’s nature, whether it is made jointly or by an individual.
In addition, the lender has brought back its higher loan-to-value (LTV) options for those applying for the PTLM.
The move follows the company’s implementation of a similar bespoke pricing model for its Interest Roll-Up Lifetime Mortgage and Optional Payment Lifetime Mortgage offerings.
The PTLM was launched to cater to the underserved demographic of borrowers over 50. It offers a more flexible financial option to homeowners seeking to leverage the equity in their homes but are restricted by their age and borrowing requirements.
“To ensure the best outcomes for people looking to benefit from accessing their property wealth, we are extending our individual pricing approach to PTLM products to offer rates specific to the applicant,” said David Jones (pictured), distribution director at Legal & General Home Finance.
“For homeowners weighing up their choices, it’s worth speaking to a suitably qualified financial adviser to be clear about all the options available to them, including the potential a lifetime mortgage can offer them.”
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