Legal & General Home Finance has announced the launch of its new Later Life Mortgages Portal designed to better cater for the needs of advisers and customer choice.
The portal has been designed following feedback from advisers, who will now save time on administration whilst enjoying access to new product features, including access to both fixed and variable Early Repayment Charges (ERCs) on LGHF’s Flexible Lifetime Mortgages (FLTM) and Optional Payment Lifetime Mortgages (OPLM).
It also boasts greater automation and improved product functionality which have been included to help advisers take advantage of opportunities for later life lending. Advisers can also produce key fact illustrations and digitally track each stage of the lifetime mortgage application. In addition, the portal will provide them with access to Legal & General’s Retirement Interest Only Mortgage (RIO), a residential mortgage designed for those aged 55 and over, used to replace an existing interest-only mortgage or as a new interest-only mortgage.
A phased roll-out has been planned by Legal & General, which will begin in the coming weeks as advisers are invited to sign up and gain access to these new features.
Claire Singleton, CEO of Legal & General Home Finance, said: “As the lifetime mortgage market continues its lockdown recovery, operational efficiencies created by technology will play an increasingly important role in helping advisers achieve the best outcome for customers. To help advisers fully take advantage of opportunities in this market, we have created a portal that will make a real difference to the advice process, not only saving advisers time but offering more choice and greater flexibility, so they can better support customers.”
She added: “We have also listened to advisers and introduced fixed ERCs to provide customers with greater choice but also the surety of how much they would pay in the unlikely event they need to repay the lifetime mortgage early. Our goal is to help advisers protect and support customers throughout their later years, and these enhancements provide another step forward in that journey.”