The lender will now give “tailored decisions” based on all the information that the customer provides.
It said that the approach had been applied across most of its lifetime mortgage products and advisers would be able to find exact rates on the firm’s online portal.
Legal and General Home Finance has also simplified product names to enable better customer understanding.
The company’s flexible lifetime mortgage has been renamed to interest roll-up lifetime mortgage to “support advisers’ conversations with clients”. This also reflects its suite of products with varying interest servicing options.
Legal and General Home Finance has been changing its proposition, including launching its payment term lifetime mortgage, which “improves the options available for borrowers over 50 whose needs are not always being met”.
Andrew Gilbert, product director, Legal and General Home Finance, said: “In today’s fast-paced market, we are constantly innovating and driving good customer outcomes for people looking to benefit from accessing their property wealth. That’s why we are embracing more intelligent and tailored pricing, which considers multiple factors, to give borrowers the best rate for their specific circumstances.
“The lifetime mortgage industry has evolved significantly over the years by offering more solutions for changing customer needs, like the flexibility to manage a loan by paying interest as you go. It’s important to note that a lifetime mortgage isn’t for everyone, so those considering applying for them must speak to a qualified financial adviser to be clear about all the options available to them.”
