Legal & General Home Finance has extended individual pricing to its recently launched payment term lifetime mortgage product.

The business says the new “granular pricing” means customers will be offered interest rates based on the age of the youngest borrower and whether they are a sole or joint applicant. 

It adds that it has also reintroduced its higher loan-to-value offers for these applicants. 

The unit’s payment term lifetime mortgage offer was launched last November, and follows the introduction of similar individual pricing for its interest roll up lifetime mortgage and optional payment lifetime mortgage products.

Legal & General Home Finance distribution director David G. Jones says: “Our payment term lifetime mortgage product offers more choice for homeowners who are sitting on equity in their homes but can’t access this because of their age and borrowing needs. 

“To ensure the best outcomes for people looking to benefit from accessing their property wealth, we are extending our individual pricing approach to  payment term lifetime mortgage products to offer rates specific to the applicant.”