L&G cuts lifetime mortgage rates

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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.”