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 Wednesday 13 October at 6pm we are increasing our interest rates by up to 0.39% 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
We are also increasing our interest rates by 0.20% on our Retirement Interest only (RIO) mortgage products. You’ll find more information, and interest rates, in our product summary below.
Pipeline cases
To secure the current Lifetime Mortgage interest rates:
- You must generate an Illustration by 6pm on Wednesday 13 October
- You must submit the DIP by 5pm on Wednesday 20 October*
- The valuation needs to be carried out by Monday 15 November
- All supporting documentation required must be with us by Wednesday 24 November
- The case needs to be offered by Wednesday 08 December
- Completion will need to take place within the 50 day offer validity period.
* If you have generated a KFI on our old portal Apply Online, which has now closed, you must submit the application by 5pm on Wednesday 20 October 2021. After this time you must generate and proceed with a new KFI on our new Later Life Mortgage Portal.
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 Wednesday 13 October will be offered on the prevailing rates at the time.
To secure the current RIO interest rates you must submit the DIP by 5pm on Wednesday 13 October.
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).