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L&G cuts lifetime mortgage rates


Legal & General is cutting rates for its lifetime mortgage products by nine basis points.

The lender is also increasing LTVs for its premier flexible lifetime mortgage by 2 per cent for all ages for qualifying customers.

The new rates are:

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No Legal & General lifetime mortgages need affordability assessments.

Legal & General individual retirement managing director Bernie Hickman says: “Lifetime mortgages are becoming a key part of retirement planning for consumers across the country, and for all sorts of reasons too.

“Recent research by Legal & General has predicted that the Bank of Mum and Dad will be involved in 25 per cent of all property transactions in 2016, but not all of us have the cash at hand to help our loved ones.

“Instead, more and more people are now looking to lifetime mortgages as a means of funding their children’s, or grandchildren’s property ambitions.”


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FCA relaxes affordability rules on hybrid lifetime loans

The FCA is letting lifetime mortgage lenders skip affordability tests for borrowers on interest-charging loans that can convert to roll-up loans. Lifetime lenders can apply for a waiver to take advantage of the new ability. The FCA says: “We have decided to make this modification available because we do not consider that an affordability assessment […]


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 […]


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

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 […]


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