L&G - Rate Decrease - 27th June
On Tuesday 27 June at 6pm we are making the following changes to our products:
Reducing some of our Lifetime Mortgage interest rates by up to 0.13%
Reintroducing our Flexible and Optional Payment Green product variants for new business Initial Advance sale, with the following restrictions:
Available for Single Lives aged 70 and over
Available for Joint Lives aged 80 and over
Flexible Green and Optional Payment Green will remain closed to Further Advance customers.
Find out more about each product’s rate:
How can I get the lower rates on my pipeline cases?
Pre-Application Cases
· On Tuesday 27 June after 6pm, create a new illustration or Decision in Principle (DIP) by choosing the new or lower rate on the Product Selection page.
· We’ll prompt you to select the lower product rate for any in-flight cases.
Pre-Offer Cases
· Where possible, we’ll automatically offer our new lower rates on already submitted cases.
Pipeline Cases: Post Offer
· If you’ve already received your customer’s offer and would like us to re-offer with our new lower rate, follow the below steps:
Log into our Later Life Mortgages Portal
Click ‘Update Application’ on the existing application’s summary page.
Follow screens until you’ve made all necessary changes.
You don’t need to submit a new application.
We’re also reducing our minimum drawdown amount to £1,000 to support our customers and provide additional flexibility
· Customers will now be able to borrow smaller amounts of £1,000 as and when they need.
· Customers who have between £1,000 and £2,000 left in their facility now have additional available funds.
· A minimum facility of £1,000 means roll up interest could have a reduced impact on customers in a higher interest rate environment.
Improving your on-line journey
We’ve also recently launched an online form for you to be able to check if your client is eligible for a Further Advance. This will tell you if your client is eligible, how much they may be able to borrow, and the minimum property value needed. All applications for a Further Advance are subject to our lending criteria and terms at the time of applying. The eligibility form can be found on our Later Life Mortgage website, in the contact us pages, or by using the link below:
Further Advance Eligibility Check
What if I need further information?
If you have any queries or need further information, there are several ways you can get in touch.
Send us an email. For security reasons please don’t include any personal, financial or banking information.
Call us on 03330 048444. Our lines are open between 8.30am
