The reduction will allow customers to easily access additional funds
Lifetime mortgage lender Legal & General Home Finance has reduced its minimum drawdown amount to £1,000 to support and provide flexibility to customers who need to access additional funds.
With the reduction, customers who have between £1,000 and £2,000 left can access their lifetime mortgage funds.
“We want to ensure that the positive impact from lowering our minimum drawdown will be applicable to both new and existing loans,” said Andrew Gilbert (pictured), product director at Legal & General Home Finance.
“As we continue through challenging and inflationary times, it’s important to help as many people as possible wishing to use their property to meet their retirement needs, in a way that minimises the impact of rolled up interest.
According to Gilbert, the lender is dedicated to reviewing and evolving its products and processes in line with changing customer needs in a fast-paced, rapidly changing environment.
“At Legal & General, we champion innovation to meet the growing needs of the market, making sure that our customers are in the best possible position for later life,” he said.
“This change is a further example of us listening and reacting to feedback from customers and the advisers we work with. While it won’t be suitable for everyone, lifetime mortgage solutions should always be considered as part of a holistic approach to financial planning.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
