Legal & General Home Finance has launched a later life mortgages portal.
The portal offers 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 will allow advisers to produce key fact illustrations, as well as track each stage of the lifetime mortgage application online.
L&G joins Sesame Network’s later life panel
Advisers will also have 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.
Claire Singleton, CEO at 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.
“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.”
Jan Johnson, director of 55 Plus Equity Release, added: “This is a great example of a lender that has listened to broker feedback and responded with an easy-to-use portal, that makes things simple, and saves us time, while also making things speedier for our clients.
“We can now do everything in one place, from getting an illustration to submitting an application and tracking its progress, without having to call the lender. As an adviser, online portals are a fantastic innovation – they mean hanging on the phone is hopefully a thing of the past!”
Legal & General has established a phased roll-out of the portal and will be inviting advisers to sign up over the coming weeks.