Legal & General Home Finance is shaking up the world of lifetime mortgages with its groundbreaking new pricing strategy. Tailor-made to suit each customer’s unique financial situation, this approach promises to deliver the best possible rates, a boon for homeowners looking to tap into their property’s wealth.
Gone are the days of one-size-fits-all mortgage rates. Legal & General’s new system focuses on individual circumstances, considering the wealth of information provided by customers. This personalised touch is now a feature of most of their lifetime mortgage products. Moreover, advisers can easily access these customised rates through Legal & General’s online portal, streamlining the process for everyone involved.
Simplified Product Names
Understanding financial products can be daunting. Recognising this, Legal & General Home Finance has revamped its product names, making them more straightforward and user-friendly. The ‘Flexible Lifetime Mortgage’ is now the ‘Interest Roll Up Lifetime Mortgage’. This change aims to assist advisers in guiding clients through their choices, making the decision-making process clearer and more accessible.
Innovations for Better Advising
These changes are just the tip of the iceberg. Legal & General Home Finance has been introducing a series of innovations aimed at enhancing the support advisers can offer to clients. A useful addition is the Payment Term Lifetime Mortgage (PTLM). This pioneering product caters specifically to the often overlooked needs of borrowers over 50, offering them more flexible options. However, it’s important to note that the PTLM’s pricing model will remain unchanged for now.
A Word from the Experts
Andrew Gilbert, the Product Director at Legal & General Home Finance, emphasises the importance of this shift. “In today’s fast-paced market, we are committed to innovation and driving positive outcomes for those looking to access their property wealth,” he states. He highlights that the lifetime mortgage industry has evolved to offer more flexible solutions, such as the ability to manage loans by paying interest regularly.
However, Gilbert also cautions that lifetime mortgages might not suit everyone. He strongly advises potential applicants to consult with qualified financial advisers to fully understand their options and make informed decisions.