L&G launches paperless drawdown and desktop valuations

For customers who request a drawdown, L&G will email documents to them securely which can be accepted electronically.

L&G has also implemented a desktop valuation process for its lifetime mortgage product range. Over 1,000 valuations have so far been completed.

Additionally, L&G will allow all Optional Payment Lifetime Mortgage (OPLM) customers to miss up to three monthly interest payments, without these counting towards the six missed payments allowed in the product terms. All OPLM customers remain able to stop making monthly interest payments at any time and convert to interest roll-up.

Alongside the changes, L&G is launching an online equity release study portal, which features content delivered by a CII-accredited tutor. The free service, which usually costs £200, aims to help aspiring equity release advisers secure the CII Certificate in equity release qualification or equivalent.

Claire Singleton, CEO of Legal & General Home Finance, said: “We hope that these initiatives help our adviser partners and their customers navigate these extraordinarily challenging circumstances.

“We, of course, remain in constant dialogue with advisers and customers and will continue to review and adapt our processes where helpful.

“We are excited by the launch of our new online portal as, in our view, our industry has a responsibility to educate and support as many advisers coming into the market as possible.”