The changes are as follows:
- Minimum age has been reduced to 55.
- All products are now flexible and have a draw down facility
- All products now have a minimum initial advance of £10,000
- All offers are now valid for 50 calendar days (previously 35 days)
Lifetime mortgages now available from age 55
From 6pm on Thursday 30 March L&G are reducing the minimum age on their Lifetime Mortgage to 55.
Drawdown facilities for all clients
All of their products will also include a drawdown facility. As with their current flexible products, where your client borrows less than the maximum available, the rest is available in a drawdown facility for them to take as and when they need it.
L&G will be replacing their Lump Sum and Lump Sum Plus products from this time with their new Flexible Max and Flexible Max Plus products. Please see the pipeline instructions below.
The minimum initial advance across all products (excluding Premier Flexible) will be £10,000.
Offer of Loans now valid for longer
Offers are now valid for 50 calendar days from the date they are issued.
When will these changes take effect?
These changes will be implemented from 6pm on Thursday 30 March and you can view the amended product summaries on their website from this time.
Existing Lump Sum & Lump Sum Plus Pipeline
KFIs generated on or before 6pm on Thursday 30 March will be offered on the existing products.