Legal & General launches new mortgage product for those in retirement; and more

Written by Oliver Wade

Legal & General has announced the launch of its new mortgage product, the Optional Payment Lifetime Mortgage (OPLM), designed to help the growing number of borrowers in retirement who are “trapped” between the traditional lifetime mortgage and residential mortgage markets.

Legal & General Home Finance CEO Steve Ellis said: “At Legal & General, we often hear the same question from customers with interest-only mortgages – ‘can’t I just continue to pay my interest?’. These customers feel let down by the mortgage market – they have always paid their interest, but no longer qualify for a new mortgage because of affordability assessments or, more simply, their age. OPLM is a direct response to this growing customer need for a different kind of retirement mortgage, one that provides flexibility for borrowers and which also has the potential to address the interest-only shortfall that remains a fundamental issue for the mortgage market.”

Co-op’s Platform reduces rates on higher LTV mortgages

Platform, the intermediary mortgage brand of The Co-operative Bank, has reduced rates on select 85% and 90% LTV mortgages over both two and five year fixed terms, following on from its recent launch of a range of Help to Buy mortgages at 60% and 75% LTV.

The Co-operative Bank head of mortgages and insurance Paul Norcott said: “We’re focused on growing our Platform mortgage business and these rate changes on higher LTV products, along with our recent move into Help to Buy underlines our commitment to helping brokers offer competitive deals for first time buyers.

Masthaven successful completes first Bridging Plus case of £800k

Masthaven has successfully completed its first Bridging Plus case just weeks after the new product was launched in the market.

The case required specialist underwriting and an experienced team due its complexity, but Masthaven were able to secure a bridge valued at over £800,000.

Masthaven managing director of short-term lending James Bloom added: “The case was far from straightforward – with the details of both the security and repayment strategy being complex.

“Completing our first Bridging Plus case shortly after the product’s launch on Valentine’s Day highlights the clear demand for our larger loans proposition.”

Kent Reliance makes additional ‘key’ BDM appointment

Kent Reliance has recently announced the appointment of Matthew Butt as a senior business development manager covering Kent Reliance’s South team.

Butt’s primary role will be to “boost relationships with brokers” in London and parts of Essex to promote and encourage growth within the regions.

OneSavings Bank head of sales Simon Cockerill commented: “We are delighted to welcome Matthew to the team. Matthew is the most recent of a series of senior hires we have made over the last few months following a very successful 2017. Matthew’s expertise and understanding of the sector and region are fundamental, and a key part of our continued development strategy in 2018.”

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