Lifetime mortgage range launched by L&G

Legal & General has launched its own brand of Lifetime Mortgages following the acquisition of specialist equity release provider Newlife in April 2015.

Related topics:  Finance
Warren Lewis
22nd June 2015
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Lending is expected to exceed £100m in 2015 with a significant increase in 2016.

The Lifetime Mortgage market has shown strong growth recently, and looks set to become an increasingly popular way for consumers to benefit from the equity tied up in their homes. Lifetime mortgages enable customers to release much needed funds to provide for their retirement and later life, as the cost of care is growing and property values continue to rise in real terms.

The equity release market grew by 29% in 2014, and the Lifetime Mortgage market is forecast to grow to over £2.3bn by 2019.

Over 60’s in the UK own nearly £1.3 trillion of housing equity giving plenty of scope for market growth.

Bernie Hickman, Managing Director, Individual Retirement at Legal & General, said: “The launch of Legal & General Lifetime Mortgages marks an important and significant point in the evolution of our retirement business. In the UK there is a clear need for housing to play a more central role in helping create better outcomes for more people, particularly as they progress deeper into retirement. The market is growing and we want to be known as a brand that helps more and more people release the money tied up in their property.”
 

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