L&G enhances new later life lending range with lower LTV products

Legal & General Home Finance has enhanced its lifetime mortgage range in response to changing customer needs and adviser feedback.

Improvements include the launch of new Pearl product variants to both its flexible and optional payment lifetime mortgages, with lower LTVs and interest rates than are available from its current product range.

The Pearl product will also have a premier equivalent, which offers the lowest interest rates and the potential for increased borrowing amounts.

The changes follow L&G Home Finance’s decision to allow new flexible lifetime mortgage customers to make up to 12 repayments each year, up from four, and make repayments by Standing Order.

Legal & General Home Finance also recently launched a series of new features and product developments, including an extension of the Offer Validity period to 90 days to add an extra layer of reassurance to customers, and a reduction to the minimum drawdown amount to £1,000.

Craig Brown, CEO of Legal & General Home Finance, said: “We are constantly looking at ways to innovate and drive good customer outcomes for people looking to benefit from accessing their property wealth. These improvements to our later life lending range are in direct response to adviser feedback and reflect customer needs in this fast-paced market.”