It introduces low LTV variants to its flexible and optional payment lifetime mortgages
Legal & General Home Finance has improved its lifetime mortgage range, adding new Pearl product variants to both its flexible and optional payment lifetime mortgages, with lower loan-to-values (LTVs) and interest rates.
The lender said its Pearl product will also have a Premier equivalent, which offers the lowest interest rates and the potential for increased borrowing amounts.
“We are constantly looking at ways to innovate and drive good customer outcomes for people looking to benefit from accessing their property wealth,” said Craig Brown (pictured), chief executive at Legal & General Home Finance. “These improvements to our later life lending range are in direct response to adviser feedback and reflect customer needs in this fast-paced market.”
The changes also follow Legal & General Home Finance’s decision to allow new flexible lifetime mortgage customers to make up to 12 repayments each year, up from four, and make repayments by standing order.
Legal & General Home Finance also recently launched a series of new features and product developments, including an extension of the offer validity period to 90 days, and a reduction to the minimum drawdown amount to £1,000 to provide further flexibility.
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