We have selected the Legal & General Optional Payment Lifetime Mortgage as our product of the month.
It is different to other lifetime mortgages because it allows a client to pay some, or all, of the monthly interest by Direct Debit, which can reduce the overall cost of the loan.
Your clients can choose a payment amount between £25 and the full monthly interest each month and choose a payment term from 1 year to the full duration of their lifetime mortgage.
There’s no affordability assessment, the interest rate is fixed for life and there is no risk of payment default, as your client can choose to stop making monthly interest payments at any time and remain in their home. If they do stop, the interest is then added to the amount they owe each month.
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