Legal & General’s lifetime mortgage lending passes £200m

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Legal & General says its lifetime mortgage lending hit £201m in 2015.

The firm finished its takeover of New Life Home Finance in April 2015 and has since rebranded it as Legal & General Home Finance and launched an extended product range.

Legal & General lent £99m in the final quarter of 2015. The firm says this equates to 22 per cent of the market.

The Equity Release Council said that lifetime mortgage lending hit a high in 2015, at £1.6bn, up 16 per cent on 2014.

Legal & General Home Finance chief executive Bernie Hickman says: “I’m delighted with the start Legal & General Home Finance has made in the lifetime mortgage market in 2015.

“The market has experienced 20 per cent compound annual growth since 2011 and an aging population adds further potential growth in years to come.”