The new LTV options have been added to the lender’s flexible and optional payment lifetime mortgage products and will be the lowest LTVs available. 

Under the Opal range, LTVs from 3.5 per cent will be offered to borrowers aged 55, or up to 32 per cent at age 85 or over. 

In the Carbon range, the LTV will start from six per cent at age 55, up to 34.5 per cent at 85 or older. 

For borrowers aged 70, LTVs are at 18.5 per cent and 21 per cent respectively.  

The Opal optional payment lifetime mortgage has a monthly equivalent rate (MER) of 5.74 per cent, or 5.7 per cent with a £599 fee. The Carbon equivalent has an MER of 5.83 per cent or 5.79 per cent with a £599 fee. 

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The lender has also reduced rates across its lifetime mortgage range by up to 0.3 per cent. 

Additionally, it has extended the validity period for all lifetime mortgages to 90 days, up from 50 days. This is following adviser feedback. 

Craig Brown (pictured), CEO of Legal and General Home Finance, said: “Since we entered the lifetime mortgage market in 2015, we’ve been committed to innovating, championing choice and driving good customer outcomes for people looking to benefit from accessing their property wealth. We are constantly listening and onboarding adviser feedback, looking at ways that our products can change to reflect customer needs. These improvements are a direct response to this feedback and will better support the needs of our advisers and their customers. 

“Lifetime mortgages continue to be an effective modern financial planning tool. We want to help support advisers who play an increasingly important role in helping homeowners to understand if a lifetime mortgage is a suitable solution to support their financial planning, supplement their income or to improve their home in a sustainable way. Our new product enhancements provide greater peace of mind around the interest rate they will be able to secure on their lifetime mortgage.”