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Legal & General reports 23% rise in lifetime mortgage loans

Lifetime mortgages taken out through Legal & General were up 23 per cent in the first half of 2018 – a total of £0.5bn, as compared to £0.4bn 12 months before.

The financial services company reported these figures in its half yearly results, released earlier today.

Legal & General also boasts that it commands 28 per cent of market share in the lifetime mortgages business, and that it has benefited from “strong distribution and partnership agreements,” citing its recently announced deal with Virgin Money as one example.

The company also expects “total lifetime mortgage market volumes of over £6bn by 2020, up from £4bn forecast for 2018.”

Of further interest is that Legal & General reiterated its aim to deliver 3,000 homes within the next four years through its newly launched affordable housing division.

City Index senior market analyst Fiona Cincotta says: “The lifetime mortgages market is proving to be a promising new business line for the company, as cash-poor retirees look to unlock value tied up in their homes.”

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