L&G lowers rate for new Optional Payment Lifetime Mortgage customers – Mortgage Strategy
L&G has launched a reduced rate for new customers of its optional payment lifetime mortgage (OPLM) product.
The update means that all new OPLM customers will receive a tailored rate reduction of between 0.01% and 1.00%.
Customers will retain the reduced rate for life, including future drawdowns, if payments are made for the first 15 years of the loan.
New joint borrowers of an OPLM loan will be given greater flexibility over missed interest periods for a period of time.
L&G managing director of home finance, product and strategy director, retail retirement Mike Batty says: “We’re committed to helping our customers in a way that best suits their circumstances and gives them the space to adjust as those circumstances change.”
“We’ve drawn on customer insights and analysed existing offerings across the market to ensure that the latest updates to our OPLM product are innovative, competitive, and offer an appropriate degree of flexibility.”
