Legal & General – Later Life Lender nomination

Legal & General Home Finance (LGHF) is committed to ensuring advisers can help clients with all of their later life lending needs, and we’ve launched a number of initiatives to support this.

Last year we invested in ‘Setting the Foundations’ workshops to support intermediaries newly qualified in equity release, to provide them with the knowledge and confidence to advise clients on lifetime mortgages. Additionally, we created our ER1 qualification workshops, designed to help advisers develop functional skills and prepare them with the tools required to manage conversations about lifetime mortgages. We also delivered business growth seminars.

During UK lockdown in March we developed an Online Study Portal, which enabled advisers to keep growing their skills even when learning had to be carried out remotely. We partnered with CII-accredited trainer to bring the study tools online to get advisers ready for the CII equity release exam – all in their own time, at their own pace. The online portal comprises 14 modules covering all aspects of the CII Certificate in Equity Release, such as the types of schemes available and legal and regulatory requirements.

During the lockdown we launched our ‘In Conversation’ webinar series, which demonstrated our commitment to keeping advisers informed and supported during such a pivotal and challenging time. We called upon a wide range of experts, from within Legal & General but also externally. The series included webinars covering the role of later life lending in the current environment, building resilience, and considerations of running an advice business remotely.

We identified that there was ongoing confusion for some advisers and their clients about equity release and, specifically, lifetime mortgages. We launched a ‘Mythbusters’ creative campaign on LinkedIn and on our website to challenge misconceptions about the products. The videos have sought to address equity release myths around children inheriting debt, and maintaining home ownership.

As part of our commitment to the later life mortgage market, we have launched a Retirement Interest Only Mortgage (RIO) product. Our RIO provides a fixed interest rate for life and also supports getting new mortgage brokers involved in later life lending, without requiring additional qualifications. We’ve developed a useful factsheet, case studies and adviser interviews to support adviser understanding of the two products.

LGHF launched an Energy Saver Cashback offer across our Flexible and Optional Payment Lifetime Mortgage product ranges to support customers making climate-positive home adaptions. New customers carrying out energy efficient home improvements can get 10% (up to a maximum £1,000) cashback on their initial advance; or for existing customers, £200 on a drawdown up to a maximum of three times. To help explain how this offer works, we hosted an adviser Q&A webinar.

LGHF helps more than 91,078 customers achieve a colourful retirement. More than 1,297 customers a month join us and we’re responsible for 1 in 5 lifetime mortgages. We’ve lent more than £4.4 billion, with £963k in 2019. 77% of cases go straight to valuation and our Net Promotor Score from customers is 83.