L&G launches later life mortgage portal

The portal saves time on administration and offers new product features, including access to both fixed and variable ERCs on L&G's flexible lifetime mortgages and optional payment lifetime mortgages.

Additional features include greater automation and improved product functionality to help advisers take advantage of later life lending opportunities. The portal will allow advisers to produce key fact illustrations, as well as track each stage of the lifetime mortgage application online.

Advisers will also benefit from access to L&G's retirement interest-only mortgage to replace an existing interest-only mortgage or as a new interest-only mortgage.

Legal & General has established a phased roll-out and will be inviting advisers to sign up and gain access to these new features over the coming weeks.

Claire Singleton, CEO of Legal & General Home Finance, commented: “As the lifetime mortgage market continues its lockdown recovery, operational efficiencies created by technology will play an increasingly important role in helping advisers achieve the best outcome for customers.

“To help advisers fully take advantage of opportunities in this market, we have created a portal that will make a real difference to the advice process, not only saving advisers time but offering more choice and greater flexibility, so they can better support customers.

“We have also listened to advisers and introduced fixed ERCs to provide customers with greater choice but also the surety of how much they would pay in the unlikely event they need to repay the lifetime mortgage early.

“Our goal is to help advisers protect and support customers throughout their later years, and these enhancements provide another step forward in that journey.”