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Legal & General launches 4.99% lifetime mortgage


Legal & General is launching a lifetime mortgage with a 4.99 per cent annual equivalent rate.

The lender’s Premier Flexible product is a drawdown lifetime mortgage that lets borrowers with homes worth more than £533,000 to release some of the wealth stored in their property, subject to a minimum loan amount of £200,000.

The 4.99 per cent rate offered by the new product provides customers with a substantial saving compared with many products currently available in the market.

Bernie Hickman, Managing Director, Individual Retirement at Legal & General individual retirement managing director Bernie Hickman says: “The introduction of Premier Flexible Lifetime Mortgage to the Legal & General range brings the lowest interest rate below the psychologically important 5 per cent level for the first time and, as such marks an important milestone in our commitment to growing the retirement lending market in the UK.”

Equity Release Council chairman Nigel Waterson says: “Legal & General is developing lifetime mortgage offerings at below 5 per cent interest rate and this type of development could be a genuine game-changer for our sector.”



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Drawdown drove record year for equity release

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Equity release market hits record-high in 2015

The equity release market hit an all-time high of £1.71bn in 2015, according to research from Key Retirement. The total value of property wealth released last year rose 24 per cent from £1.38bn in 2014, Key said in its Equity Release Market Monitor. On average pensioners withdrew £72,000 per household in 2015, with this figure rising […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


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