Legal & General Home Finance has joined Sesame Network’s later life lending panel.
The partnership will provide Sesame’s equity release qualified advisers with access to the breadth of Legal & General Home Finance’s product offering, including its retirement interest-only (RIO) mortgage, flexible lifetime mortgage and optional payment lifetime mortgage (OPLM).
The lifetime and RIO mortgages are for over-55s and the loans are secured against a client’s home and have fixed interest rates for life.
The lifetime mortgages have options to draw money as and when needed and to choose to pay some, or all, of the monthly interest.
The RIO is based on an affordability assessment and monthly interest must be paid each month.
Claire Singleton (pictured), chief executive of Legal & General Home Finance, said: “Property wealth is increasingly being used as a component of modern retirement planning and we are delighted to join Sesame’s panel to offer our range of flexible lifetime mortgage products to their network of advisers.
“We have designed our range to provide flexibility, enabling advisers to select the most appropriate features and empowering the customer to manage the amount of loan they drawdown and the interest they pay.
“This partnership will offer Sesame advisers the flex and choice they need in order to help more people make the most of their retirement.”
Stephanie Charman, head of strategic relationships, lender, at Sesame Bankhall Group, added: “We welcome the addition of the Legal & General lifetime mortgage range to our panel.
“With a rapidly growing later life lending market, Legal & General has a diverse and innovative product range, which will no doubt enable our network advisers to deliver better solutions for their customers.”