"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."
Legal & General has announced that it is considering providing in-house lifetime mortgage advice.
The firm says it has seen demand for a Legal & General branded advice service for its lifetime mortgage products.
Since 2015, Legal & General 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).
L&G confirmed that, subject to regulatory approval, Legal & General’s own in-house lifetime mortgage advice service would over time replace the current arrangement with TRLA.
Grant Hughes, formerly head of financial planning at Mercer and CEO of Jelf Financial Planning, has joined L&G to work with the team to take the plans forward.
Chris Knight, CEO of Legal & General Retail Retirement, said: “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."
Sara McLeish, commercial director, commented: “Lifetime mortgages can transform people’s lives, providing security, dignity and enjoyment in later life. We look forward to continued close collaboration with Key and with all our intermediary partners, as we work together to bring later life lending into the mainstream.”
Will Hale, CEO of Key, added: “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.”