L&G cuts lifetime mortgage application age to 55

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Legal & General has reduced the minimum age for equity release applications from 60 to 55.

L&G is also now giving all customer a fee-free drawdown facility across its lifetime mortgage range.

The facility lets borrowers access housing equity as and when they need it.

Customers will not be charged for the unused drawdown facility.

Legal & General has also launched two new lifetime mortgages – Flexible Max and Flexible Max Plus.

The new products have the same LTVs as the lender’s existing Lump Sum and Lump Sum Plus products.

The LTVs for single or joint applications for customers between 55 and 59 are:

Customers can borrow less than the maximum loan amount, with the remaining funds accessible if required, without the need to pay any additional fee.

Legal & General Home Finance managing director Steve Ellis says: “Lifetime mortgages have a much more central role to play in providing potential retirement lending solutions to a greater number of people.

“By reducing our minimum borrower age to 55 we hope that more customers will be able to consider accessing the money stored in their home to provide greater financial certainty for themselves and those who they care about.”