Legal & General (L&G) Home Finance has announced that it has enhanced its lifetime mortgage range in response to customer needs and adviser feedback.

These improvements include the launch of new pearl product variants to both its flexible and optional payment lifetime mortgages, with lower loan-to-values 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 a year, which is up from four. Customers can also now make payments via standing order.

L&G stated that this is part of its commitment to make its product range as flexible as possible.

Furthermore, L&G Home Finance recently launched a series of new features and product developments, including an extension of the offer validity period of 90 days to add an extra layer of reassurance to customers, and a reduction to the minimum drawdown amount to
£1,000 to provide further flexibility.

Chief executive of L&G Home Finance, Craig Brown, 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.”

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