Here is the latest release from Legal and General. To view our products or for more information and tools you need to control and develop your business, visit our website here or contact the Brilliant Solutions team.
New Lifetime Mortgage interest rates from Legal & General Home Finance
On Tuesday 05 October at 6pm we are increasing our interest rates by up to 0.21% across all of our lifetime mortgage products. You’ll find more information, and interest rates, in our product summaries below.
- Flexible Lifetime Mortgage Product Summary
- Optional Payment Lifetime Mortgage Product Summary
- Premier Flexible Lifetime Mortgage Product Summary
- Premier Optional Payment Lifetime Mortgage Product Summary
- Income Lifetime Mortgage Product Summary
Pipeline cases
To secure the current interest rates:
- You must generate an illustration by 6pm on Tuesday 05 October
- You must submit the DIP by 5pm on Tuesday 12 October*
- The valuation needs to be carried out by Friday 05 November
- All supporting documentation required must be with us by Tuesday 16 November
- The case needs to be offered by Tuesday 30 November
- Completion will need to take place within the 50 day offer validity period.
*For KFIs generated on our older, Apply Online, portal you must submit the application by 5pm on Tuesday 12 October 2021.
Any cases received outside of the timescales described above will not be honoured.
Please note, following a DIP decision, if you choose to Edit DIP you will lose your current product/rate choice and only be able to proceed on prevailing rates at the time.
Pipeline cases which require a re-offer after 6pm on Tuesday 05 October will be offered on the prevailing rates at the time.
Property valuations
You should consider submitting your Full Mortgage Application (FMA) on the Later Life Mortgages Portal as early as possible to ensure you meet the deadline for valuations.
If the independent valuer provides a lower property valuation than your clients estimate your client may be able to switch to a product with higher LTVs. We will also consider honouring the interest rates available at the time the illustration was produced (providing there are no other changes to the application).
Things to Remember:
- Our Premier Lifetime Mortgage products are currently priced 0.10% lower than the £599 Arrangement Fee equivalent rate.
- Large Loan Rate reductions are available on all loans above £700k for Flexible & Optional Payment plans.