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NatWest to offer L&G lifetime mortgages to interest-only customers

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  • 17/12/2018
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NatWest to offer L&G lifetime mortgages to interest-only customers
NatWest will direct interest-only customers aged 55 and above who are at the end of their mortgage term and unable to repay their loan towards Legal & General Home Finance’s lifetime mortgage range.

 

NatWest and other Royal Bank of Scotland customers who may benefit will be offered the opportunity to speak with The Retirement Lending Advisers (TRLA) for advice on whether a lifetime mortgage would be suitable for them.

L&G Home Finance already has similar deals in place with Virgin Money, Santander and The Co-operative Bank.

TRLA is part of Key Retirement Solutions only advises on Legal & General’s lifetime mortgages.

 

Option for interest-only borrowers

Legal & General Home Finance CEO Steve Ellis (pictured) said: “We’re delighted to be collaborating with NatWest, who also recognise the positive role lifetime mortgages can play, and we look forward to working closely with the bank to provide another option for these interest-only borrowers.”

He added: “We are committed to raising awareness about the transformative impact housing wealth could have to help these borrowers, enabling them to pay off their mortgage debt and enjoy the retirement they’ve always wanted, while remaining in the home they love.”

NatWest managing director of home buying and ownership Ian McLaughlin said it was an important addition to how the lender was helping customers find a solution to best suit their circumstances.

He added: “We always work hard to support any of our interest-only mortgage customers who are reaching the end of their loan term but don’t have a repayment method in place.”

 

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