New Premier Lifetime Mortgage products and reduced rates from Legal & General Home Finance
We’re pleased to announce the launch of our new Premier Flexible and Optional Payment Lifetime Mortgage products on Monday 6th September at 6pm.
The products mirror our Black and Yellow LTVs, and are currently priced 0.10% lower than the £599 Arrangement Fee equivalent rate and are on a Variable ERCs basis only. They will be available to customers who have a property valued at £1m or more and who need to borrow a minimum of £50k. In addition, for properties valued over £2m, we use the full property value, with the exception of flats, where we will continue to use 85% of the property value.
You’ll find more information, and interest rates, in our product summaries below.
- Premier Flexible Lifetime Mortgage Product Summary
- Premier Optional Payment Lifetime Mortgage Product Summary
In addition to this, we are also reducing rates across the rest of the range by up to 0.10%, see below.
- Flexible Lifetime Mortgage Product Summary
- Optional Payment Lifetime Mortgage Product Summary
- Income Lifetime Mortgage Product Summary
Pipeline cases: Pre Offer
If you have not yet submitted a Full Mortgage Application (FMA) you can select a new product in our Later Life Mortgages broker portal after 6pm on Monday 06 September by either generating a new Illustration, or if at Decision in Principle (DIP), selecting the new product on the Product Selection page, where for any inflight cases you will be prompted to select a lower rate product.
If you originally generated a Key Facts Illustration (KFI) through Apply Online, please generate the new KFI on our new portal, with the exception of our Income Lifetime Mortgage which remains on Apply Online for the time being. For these cases, please generate a new KFI on Apply Online.
If you have submitted an application on our new portal but have not yet received an Offer of Loan, and these new interest rates are lower, you don’t need to do anything. We will automatically offer on these new rates for acceptable cases.
Pipeline Cases: Post Offer
As you’re an adviser with access to our new platform, we’ve changed the way you can ask us to re-offer an existing application. If you’ve already received an Offer of Loan and would like us to re-offer on one of these new rates, simply fill out this online form, or call us on 03330 048444 (Option 2, Option 2). You can do this for applications submitted on Apply Online, or our new platform, the Later Life Mortgages Portal.
You do not need to submit a new application.