Legal & General Home Finance has introduced a new approach to lifetime mortgage pricing, which aims to provide customers with the best possible rate for their specific circumstances.
From today (29th January 2024), the provider will give tailored decisions based on all the information the customer provides.
The approach has been applied across most lifetime mortgage products, and advisers will be able to find exact rates on Legal & General’s online portal.
In addition, Legal & General Home Finance has simplified product names – changing the name of its Flexible Lifetime Mortgage to the Interest Roll Up Lifetime Mortgage.
These changes were implemented as part of a number of innovations introduced in recent months to help advisers better service their customers’ needs, including the launch of the Payment Term Lifetime Mortgage (PTLM), which improves the options available for borrowers over 50 whose needs are not always being met.
Andrew Gilbert, product director at Legal & General Home Finance, said: “In today’s fast-paced market, we are constantly innovating and driving good customer outcomes for people looking to benefit from accessing their property wealth.
“That’s why we are embracing more intelligent and tailored pricing, which considers multiple factors, to give borrowers the best rate for their specific circumstances.
“The lifetime mortgage industry has evolved significantly over the years by offering more solutions for changing customer needs, like the flexibility to manage a loan by paying interest as you go.
“It’s important to note that a lifetime mortgage isn’t for everyone, so those considering applying for them must speak to a qualified financial adviser to be clear about all the options available to them.”
