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LLLE2022: Lifetime mortgages can improve energy efficiency of UK’s housing stock – Singleton

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  • 31/01/2022
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LLLE2022: Lifetime mortgages can improve energy efficiency of UK’s housing stock – Singleton
Lifetime mortgages can be used to improve the housing stock in the UK, by providing funding to make energy efficient upgrades, delegates at the Later Life Lending Event (LLLE) heard.

 

Presenting at the event on Thursday, Claire Singleton, outgoing chief executive of Legal and General Home Finance said this could be an “ever-increasing” use of the product in the future. 

She added: “We know that there’s going to be some governmental pushes to try and do more around improving our housing stock.  

“I’m really pleased that we do see people taking lifetime mortgages to improve the energy efficiency of their homes and in turn to bring down their energy costs – which is another crisis that’s facing society.” 

Singleton referenced the launch of an energy saver cashback product from Legal and General last year, which allows borrowers to use their lifetime mortgages to renovate their homes and make them greener. 

“I do think that’s another area for the market where we’ll see innovation,” she added. 

Speaking of innovation in the sector, Singleton said she was “pleased” to see more customer protections being added to products such as no negative equity guarantees and interest servicing. 

Singleton said: “Lifetime mortgages can be used for many different uses, and therefore flexibility is key.” 

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