The Flexible Lifetime Mortgage now has an AER of 3.89%.
Legal & General Home Finance is offering a range of new flexible and lump sum lifetime mortgage products with no arrangement fee.
The lender has also reduced fees for its Premier Flexible lifetime mortgage rom £4,999 to £1,999.
Legal & General has announced a further reduction to lifetime mortgage rates across its whole product range following a reduction on 16 August 2016.
The Flexible Lifetime Mortgage now has an AER of 3.89%. The Lump Sum product is being reduced by 0.25% to 5.19% AER and the lender’s Premier Flexible lifetime mortgage now boasts a market-leading 3.71% AER.
Steve Ellis, CEO, Legal & General Home Finance, said: “The decision to remove the arrangement fee for the majority of our lifetime mortgages and further reducing the interest we charge for borrowing, ensures that we remain at the forefront of providing ever improving value for consumers. We hope that these changes will make it easier for more and more people to consider how a lifetime mortgage could help to improve their retirement.”
