Lifetime mortgage completions top £600m at L&G

The results bring the total value of lifetime mortgage assets under management by the Group to £1 billion, since its entry into retirement lending market following the acquisition of New Life Mortgages in February 2015.

Legal & General was the market leading provider of lifetime mortgages (based on new business origination) in Q4 2016. The company generated £236 million in new business equating to a market share of 35% in the quarter.  

L&G Home Finance is committed to normalising the later life lending market by creating flexible, innovative products which help older homeowners to achieve better retirement outcomes. L&G is also committed to improving value for money for borrowers and currently offer borrowing rates which compare favourably to the standard variable rates of many mainstream mortgage lenders. The Home Finance division has been at the forefront of encouraging greater consideration of borrowing in later life and improving awareness and confidence in lifetime mortgage products.

Steve Ellis, Managing Director at Legal & General Home Finance, said: “From standing start to total lending of over £1bn in less than two years is a great achievement. Everyone involved with Legal & General Home Finance has worked tirelessly with customers and
advisers as we’ve built our business, but this is just the start of our journey.

We want to make later life lending a central part of retirement planning for more and more people. Whilst we’re delighted with the start that we have made, it marks just the beginning of our journey. There are, undoubtedly, exciting times ahead for both Legal & General and the broader later life lending market in the UK.”