The insurer has also increased loan-to-value (LTV) ratios for its Premier Flexible lifetime mortgage by 2% at all ages, for qualifying lifetime mortgage customers.
The mortgages offer optional partial repayment features allowing customers to repay up to 10% of the amount borrowed each year without early repayment charges.
Bernie Hickman, managing director, individual retirement at Legal and General, said: “Lifetime mortgages are becoming a key part of retirement planning for consumers across the country, and for all sorts of reasons too. Research by Legal & General has predicted that the Bank of Mum and Dad will be involved in 25% of all property transactions in 2016, but not all of us have the cash at hand to help our loved ones. Instead, more and more people are now looking to lifetime mortgages as a means of funding their children’s, or grandchildren’s property ambitions.”
He added: “As an industry, we need to continue driving value for money for consumers, so that more borrowers, and their family members across the country can benefit from the positive impact of accessing the ‘savings you never knew you had’.”
