Legal & General has reduced the minimum lifetime mortgage age from 60 to 55 in a move it said would allow thousands more borrowers to access the ‘pensions they never knew they had’.
L&G also launched a fee-free drawdown facility across its lifetime mortgage range, allowing borrowers to be flexible around when they withdraw housing equity.
And the insurance giant will now accept higher loan-to-values (the same as its Lump Sum and Lump Sum Plus) on its lifetime range by launching new Flexible Max and Flexible Max Plus products.
Steve Ellis, managing drector at Legal & General Home Finance, said: “Legal & General has been committed to continuing to improve flexibility for lifetime mortgage customers since joining the market in 2015.
“Today’s announcement – to provide a fee free drawdown facility on all products – is another part of that commitment; giving consumers more options in how they release the equity tied up in their home and in particular, to only borrow the money they need, when they need it.
“Lifetime mortgages have a much more central role to play in providing potential retirement lending solutions to a greater number of people.
“By reducing our minimum borrower age to 55 we hope that more customers will be able to consider accessing the money stored in their home to provide greater financial certainty for themselves and those who they care about.”