L&G Home Finance reaches £3bn total lending since 2015 launch
Legal & General Home Finance has reached £3bn of total lending since entering the market in 2015.
This follows results in the first six months of 2018, with lifetime mortgage advances up 23% on 2017 at £521m and a market share of 28%. This growth means that Legal & General Home Finance is now responsible for one in three new lifetime mortgage originations in the UK.
Steve Ellis, chief executive of Legal & General Home Finance, said: “£3bn of total lending is a significant milestone. Our mission is simple – to be the mortgage lender of choice for the over 55s in the UK market.
“This figure not only reflects the robustness of our business: it means we have enabled more customers to access their property wealth, helping them enjoy a better retirement. And helping people have the best retirement they can is what we are all about.
“However, whilst it has been another record year for the lifetime mortgage market, and we expect customer activity to continue to be strong for the rest of the year, none of us in the retirement lending sector can afford to be complacent.
“Brexit uncertainty, a muted housing market and the relatively fragile nature of the consumer economy will be hurdles we all need to overcome, but for this market to really reach its full potential we must strive to grow distribution.
Ellis also urged brokers to discuss all alter life lending options to clients.
He added: “It is our mission at Legal & General Home Finance to normalise later life lending and support retirees across the UK to enjoy their best retirement.
“If we can double the number of advisers talking to their clients about lifetime mortgages – and help them to realise the potential of their property wealth – then we really will be well on the way to reaching the goal of making retirement lending mainstream.”