L&G Home Finance eyes 2018 expansion past equity release


Legal & General Home Finance is set to diversify beyond offering lifetime mortgages this year, according to managing director Steve Ellis.

The L&G arm has only handled lifetime mortgages since the firm entered the market by buying Newlife Home Finance in 2015.

Ellis says: “This year we will be broadening out into products that are non-traditional lifetime mortgages. I’d be really disappointed if we were still just doing lifetime mortgages at the end of the year.”

Speaking to Mortgage Strategy about the future of L&G Home Finance, Ellis adds that the firm is also investigating if lifetime mortgage customers should be re-visited to give advice.

Ellis says the length of equity release deals means customers’ circumstances can change after advice is given at the beginning of a product’s lifetime.

He says: “We want to make the product part of the mainstream conversation. We can’t just do one discussion and never speak to them again.”

He adds that L&G Home Finance is also doing product work to innovate around the issue of customer longevity.

The firm also recently widened its property refurbishment lifetime mortgage after a pilot.

The product is secured on the customer’s home and funds repairs and refurbishment to bring properties up to Government guidelines on quality homes.

The extended pilot will cover London, Bristol, Oxford and the Black Country. If successful L&G will expand the product to cover the whole of the UK.



Broker Focus: David Griffin, Release My Equity Ltd

Sum up your firm in three sentences. Release My Equity Ltd is an award-winning business that has been trading for five years as a 100 per cent equity release specialist. We are a directly authorised firm offering independent equity release advice, working predominately with clients in the north of England. All advice is carried out […]


Equity release gave economy £7bn boost in 2017: L&G

  Cash raised by releasing equity from homes put £7.1bn into the UK economy last year, according to Legal & General research. The firm’s ‘silver spenders’ report analysed the current direct, indirect and induced impact of released equity on economy and industry. It found that for every £1 of housing wealth accessed through equity release […]


Help to Buy equity loan scheme set for record year

The Government’s flagship Help to Buy equity loan scheme is on track for a record year in 2017. Figures published by the Ministry of Housing, Communities and Local Government show that more than 32,000 new build homes were purchased using one of these Government-subsidised loans in the first three quarters of last year. This compares […]


News and expert analysis straight to your inbox

Sign up