More Personalised Lifetime Mortgage Rates Now Available

Legal & General Home Finance is changing its approach to liftetime mortgages, especially for those interested in the payment term lifetime mortgage (PTLM) product. This product, designed for homeowners looking to leverage the equity in their homes without the traditional barriers associated with age and borrowing limits, is now more accessible thanks to a nuanced pricing model.

The essence of this new strategy lies in its personalisation. Interest rates will now be determined by the age of the youngest borrower and whether the application is made solo or jointly. This means that rates will be specifically tailored to match the individual circumstances of the applicant, making the dream of tapping into home equity a reality for more people.

Expanding Opportunities with Higher LTV

In addition to introducing a more granular pricing approach, Legal & General Home Finance is broadening its horizons by bringing back its higher loan-to-value (LTV) options for PTLM applicants. This enhancement is part of a broader initiative to make financial products more adaptable to the unique needs of homeowners, offering greater flexibility and choice in how they manage their property wealth.

This latest announcement builds on Legal & General Home Finance’s commitment to personalised pricing, previously seen in their interest roll-up lifetime mortgage and optional payment lifetime mortgage products. By extending this tailored pricing approach to PTLM products, the company reinforces its dedication to providing homeowners with the most competitive rates, specifically crafted to their individual situations.

A Word from the Experts

David G. Jones, the Distribution Director at Legal & General Home Finance, shared insights into the motivation behind this strategic move. “Our payment term lifetime mortgage product is all about offering more choices for homeowners who have significant equity in their homes but face barriers in accessing this wealth due to their age and borrowing needs,” he explained. Jones emphasised the importance of personalised rates in ensuring the best outcomes for individuals aiming to utilise their property’s value to its fullest.