L&G removes lifetime mortgage arrangement fees

The deal will be available until further notice, saving customers around £600 in fees. An arrangement fee remains in place for their Premier Flexible lifetime mortgage although it has recently been reduced from £4,999 to £1,999.

Legal & General has also announced a further reduction to lifetime mortgage rates across its whole product range. The Flexible Lifetime Mortgage now has an AER of 3.89%. The Lump Sum product is being reduced by 0.25% to 5.19% and the lender’s Premier Flexible lifetime mortgage is now available from 3.71%.
 
Steve Ellis, Chief Operating Officer, 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.”