Legal & General is looking to provide financial advice on its Home Finance range of products.
It says the move is a response to customer demand for a Legal & General branded advice service for its lifetime mortgage products.
Legal & General says that while the later life lending market was the fastest-growing part of the mortgage market last year, more conversations need to happen about lifetime mortgages as a normal part of retirement planning.
Since 2015, Legal & General Home Finance has offered its customers access to advice on its lifetime mortgage products through Key (formerly Key Retirement), operating under the brand name The Retirement Lending Advisers. This relationship will continue through any transition arrangements and beyond.
Subject to regulatory approval, a lifetime mortgage advice service would form part of the Retail Retirement division of Legal & General.
Grant Hughes, formerly head of financial planning at Mercer and chief executive officer of Jelf Financial Planning, has joined Legal & General to work with strategy and commercial director Sara McLeish to take the plans forward.
Legal & General Retail Retirement chief executive officer Chris Knight says: “As a generation of asset-rich, cash-poor retirees increasingly look to release their housing wealth, demand for lifetime mortgages will continue to grow. While we will continue to develop new and innovative products, we believe the next challenge for this market is to match demand more closely with distribution.”
Legal & General Retail Retirement strategy and commercial director Sara McLeish: “Lifetime mortgages can transform people’s lives, providing security, dignity and enjoyment in later life. We look forward to continued close collaboration with Key and with all our intermediary partners, as we work together to bring later life lending into the mainstream.”