Legal and General Home Finance entered the equity release marketplace in early 2015 by acquiring existing lifetime mortgage company New Life Mortgages. This enabled them a quicker route to market with immediate permissions, whilst at the same time obtaining PRA & FCA regulatory approval.
Legal & General started life with a range of flexible drawdown lifetime mortgage plans and high maximum lump sum plans, all with the control-ability measure of the 10% partial repayment function. Since withdrawing the L&G equity release income plan in 2022, their focus is now on the range of drawdown and optional payment schemes, the latter is effectively an interest only lifetime mortgage. L&G are looking to fulfil the increasing demands of retirement living and develop plans to meet the expanding post-retirement lending marketplace.