This achievement comes on the back of results in the first six months of 2018 which showed lifetime mortgage advances up 23% on 2017 at £521m and a market share of 28%.
This growth means that Legal and General Home Finance is now responsible for one in three new lifetime mortgage originations in the UK.
Over 2018 Legal and General Home Finance has brought to the market a series of key product launches.
These include the Optional Payment Lifetime Mortgage (OPLM) which enables borrowers to make monthly interest payments, and the Income Lifetime Mortgage, giving customers the ability to use their housing wealth to provide a regular monthly income.
Additionally, the lender has also sought to assist UK’s interest-only customers by securing new agreements this year with Virgin Money and NatWest – following earlier tie-ups with Santander and The Co-Operative Bank.
Steve Ellis, CEO of Legal and General Home Finance (pictured), said that he expects customer activity to continue to be strong for the rest of the year.
“Brexit uncertainty, a muted housing market and the relatively fragile nature of the consumer economy will be hurdles we all need to overcome, but for this market to really reach its full potential we must strive to grow distribution.
“The fundamentals of demand for what we do are strong but brokers need to ensure that they have a holistic later life lending offering, and feel confident having these conversations with clients.
“It is our mission to normalise later life lending and support retirees across the UK to enjoy their best retirement. If we can double the number of advisers talking to their clients about lifetime mortgages, then we really will be well on the way to reaching the goal of making retirement lending mainstream.”