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Legal and General Home Finance triples partial repayment limit for lifetime customers
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.
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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.”