It also simplifies product names to help customers identify the best products for themselves
Legal & General Home Finance has unveiled a new approach to lifetime mortgage pricing, aimed at tailoring rates to individual customer circumstances.
The later life lender will now base decisions on personalised information provided by customers. This pricing strategy, now implemented across most lifetime mortgage products, enables advisers to access precise rates via Legal & General’s online portal.
To improve clarity for customers, Legal & General Home Finance has streamlined product names, making it easier for customers to identify the most suitable products for their needs. The Flexible Lifetime Mortgage has been renamed the Interest Roll Up Lifetime Mortgage, aligning with the range of interest servicing options available.
These updates form part of a series of recent changes geared towards enhancing adviser support and customer service. Among these initiatives is the launch of the Payment Term Lifetime Mortgage (PTLM), designed for borrowers aged 50 and over. The current pricing structure for PTLM remains unchanged.
“In today’s fast-paced market, we are constantly innovating and driving good customer outcomes for people looking to benefit from accessing their property wealth,” Andrew Gilbert (pictured), product director at Legal & General Home Finance, said. “That’s why we are embracing more intelligent and tailored pricing, which considers multiple factors, to give borrowers the best rate for their specific circumstances.
“The lifetime mortgage industry has evolved significantly over the years by offering more solutions for changing customer needs, like the flexibility to manage a loan by paying interest as you go. It’s important to note that a lifetime mortgage isn’t for everyone, so those considering applying for them must speak to a qualified financial adviser to be clear about all the options available to them.”
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