Legal & General Home Finance has enhanced its Payment Term Lifetime Mortgage (PTLM) offering to make the product more accessible to borrowers.
This move, in response to adviser feedback, removes the requirement for one borrower to be in full-time employment.
To meet the minimum eligibility criteria for the PTLM product, borrowers who are no longer in employment must have a sustainable income, whether through pensions, maintenance payments, rental income or income from secure investments.
These changes were implemented to benefit borrowers unable to get a term extension on their interest-only residential mortgages or other interest-only mortgages, as well as helping those looking to fund home improvements, gift loved ones, or buy a property to meet their individual needs.
Lorna Shah, managing director at Legal & General Retail Retirement, said: “We are always listening to adviser feedback to ensure the best outcomes for people looking to benefit from accessing their property wealth.
“That’s why we’re improving the accessibility of our PTLM product for borrowers in retirement, whose individual needs are not currently being well served in the existing market.
“While not suitable for everyone, lifetime mortgage solutions can be an important consideration as part of a holistic approach to financial planning.
“For homeowners weighing up their choices, it’s worth speaking to a mortgage broker or financial adviser to be clear about all the options available to them.”
