Legal & General is considering giving in-house lifetime mortgage advice.
Subject to regulatory approval, a lifetime mortgage advice service would form part of the growing retail retirement division of Legal & General.
A spokesperson from Legal & General said: “We are currently exploring the options around providing a Legal & General branded advice service for our lifetime mortgage products. We will update the market as and when we have confirmed our plans.”
Chris Knight, chief executive of Legal & General Retail Retirement, added: “As a generation of asset-rich, cash-poor retirees increasingly look to release their housing wealth, demand for lifetime mortgages will continue to grow.
“While we will continue to develop new and innovative products, we believe the next challenge for this market is to match demand more closely with distribution.”
Grant Hughes, formerly head of financial planning at Mercer and chief executive of Jelf Financial Planning, has joined Legal & General this week, to work with Sara McLeish, strategy and commercial director, in taking the plans forward.
Since 2015 L&G Home Finance has offered its customers access to advice on its lifetime mortgage products through Key, formerly Key Retirement, operating under the brand name ‘The Retirement Lending Advisers’ (TRLA).
If L&G does launch, and subject to regulatory approval, its own in-house lifetime mortgage advice service, will over time replace this current arrangement with TRLA.
Will Hale, chief executive of Key, said: “Having worked closely with Legal & General for more than three years to provide their customers with access to their range of lifetime mortgage products, we are very happy to continue to support them whilst they explore options and confirm their plans.
“We look forward to continued close collaboration with Legal & General as we both work to ensure that customers who are looking for advice and support around later life lending decisions receive the best possible service.”