Legal and General Home Finance will permit new flexible lifetime mortgage customers to make up to 12 partial repayments a year to make the product range as “flexible as possible”.
This is up from four previously.
Partial repayments of up to 10 per cent of the total amount borrowers over a year will be allowed penalty free and now they can be made by standing order.
The move was in response to changing customer needs and adviser feedback, and means new customers can lower the cost of borrowing through the lifetime of the loan.
Customers also have the option to stop and restart payments without the need to contact Legal and General directly.
The lender has made several changes to its proposition including extending the offer validity period to 90 days earlier this year and lowering the minimum drawdown amount to £1,000 to offer further flexibility.
Andrew Gilbert, product director at Legal and General Home Finance, said: “We’re always looking for ways to drive greater flexibility and help customers manage their interest payments in a way that best suits their financial needs. As inflation continues to put a strain on finances, we’re taking active steps to ensure our customers are in the best position for later life.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
