"We are embracing more intelligent and tailored pricing, which considers multiple factors, to give borrowers the best rate for their specific circumstances."
- Andrew Gilbert, product director at Legal & General Home Finance
Legal & General Home Finance has introduced a new personalised approach to lifetime mortgage pricing, which it says will help provide customers with the best possible rate for their specific circumstances.
From today, the provider will give tailored decisions based on all the information the customer provides. The new pricing approach has been applied across most lifetime mortgage products, and advisers will be able to find exact rates on L&G’s online portal.
L&G Home Finance has also simplified product names to help customers understand the best solution for their needs. Now that it offers a suite of products with varying interest servicing options, has changed the name of its flexible lifetime mortgage to the interest roll up lifetime mortgage, to support advisers’ conversations with clients.
L&G has introduced a series of changes in recent months to help advisers better service their customers’ needs, including the launch of the payment term lifetime mortgage (PTLM), which improves the options available for borrowers over 50. PTLM’s current pricing approach will remain the same for the time being.
Andrew Gilbert, product director at Legal & General Home Finance, said: “The lifetime mortgage industry has evolved significantly over the years by offering more solutions for changing customer needs, like the flexibility to manage a loan by paying interest as you go.
“In today’s fast-paced market, we are constantly innovating and driving good customer outcomes for people looking to benefit from accessing their property wealth. That’s why we are embracing more intelligent and tailored pricing, which considers multiple factors, to give borrowers the best rate for their specific circumstances."