L&G new equity product - exclusively through HIAsLegal and General have launched a new lifetime mortgage for Home Improvement Agency clients. Developed with Age Partnerships and Foundations the new product has no advice fees, no arrangement fees and heavily subsidised legal costs. And uniquely, the valuation is based on the improved value of the property so should work for a much wider range of run down properties that standard equity release products. Minimum loan amount is £10k, going up to £100k+
L&G are very keen to work with HIAs as a trusted and reliable way of getting works carried out - and so an agency fee is an integral part of the package.
The plan is to set up a meeting with an initial cohort of HIAs after Easter to work through the process so that everything is compliant with financial regulations - and then to deliver some projects. L&G have set aside £10m initially but this could quickly grow if it proves successful.
If you're interested in taking part in and attending the meeting please email us at firstname.lastname@example.org