L&G launches Later Life Lending Hub

Legal & General Mortgage Club has announced the launch of its Later Life Lending Hub.

The new tool helps its members offer a holistic service to customers who may need mortgages in later life.

L&G says this is a growing area, with more than a third of new mortgages now extending beyond the borrower's 65th birthday.

The Later Life Lending Hub caters for advisers in the retirement lending sector, providing them with market news on mainstream and lifetime lending, equity release and product innovation. 

The hub will also contain educational support that advisers can access, benefiting both them and their customers.

The hub panel already offers adviser referrals to Key Retirement, Age Partnership, Bower Retirement and Responsible Life.

It has now added four new lenders to its direct offering: Legal & General Home Finance, Hodge Lifetime, Pure Retirement and More2Life, and plans to add more lenders soon.

Jeremy Duncombe, director, Legal & General Mortgage Club, said: “The launch of this hub is an exciting new development for Legal & General, one that both advisers and customers will benefit from.

"Many people are now entering the mortgage market later, and as a result a number of mainstream lenders have adapted their Later Life criteria and maximum lending ages.

"This hub aims to help these borrowers navigate what can seem like a complicated process and enables them to consider later life lending as a viable option.”