"We always work hard to support any of our interest-only mortgage customers who are reaching the end of their loan term but don’t have a repayment method in place."
NatWest and RBS will offer interest-only customers the opportunity to speak with L&G’s specialist partner for advice on whether a lifetime mortgage would be suitable for them.
Customers will be offered advice by The Retirement Lending Advisers, part of Key Retirement Solutions, who only give advice on Legal & General’s lifetime mortgages.
The agreement adds to L&G's existing arrangements with Virgin Money, Santander and The Co-operative Bank.
Steve Ellis, CEO of Legal & General Home Finance, said: “At Legal & General Home Finance we believe that lifetime mortgages can play a central role for interest-only mortgage holders. We are committed to raising awareness about the transformative impact housing wealth could have to help these borrowers, enabling them to pay off their mortgage debt and enjoy the retirement they’ve always wanted, while remaining in the home they love.
“We’re delighted to be collaborating with NatWest, who also recognise the positive role lifetime mortgages can play, and we look forward to working closely with the Bank to provide another option for these interest-only borrowers.”
Ian McLaughlin, MD of home buying and ownership at NatWest, added: “We always work hard to support any of our interest-only mortgage customers who are reaching the end of their loan term but don’t have a repayment method in place. Introducing the option of speaking to Legal & General in relation to a lifetime mortgage is an important addition to the way in which we will help these customers find a solution that best suits their circumstances.”
