Legal & General Home Finance has introduced a new personalised approach to lifetime mortgage pricing.

It said the new pricing will help provide customers with the best possible rate for their specific circumstances.

From today (29 Jan), the provider will give tailored decisions based on all the information the customer provides.

The new pricing has been applied across most lifetime mortgage products. Advisers will now be able to find exact rates on Legal & General’s online portal.

The lender said it has simplified product names to help customers understand the best solution for their needs.

It said it has changed the name of its Flexible Lifetime Mortgage to the Interest Roll Up Lifetime Mortgage to support advisers’ conversations with clients.

These changes are part of a number of innovations introduced in recent months to help advisers better service their customers’ needs. 

Among the innovations launched is the first-of-its-kind Payment Term Lifetime Mortgage (PTLM) which improves the options available for borrowers over 50 whose needs are not always being met. PTLM’s current pricing approach will remain the same for the time being.

Legal & General Home Finance product director Andrew Gilbert said: “The lifetime mortgage industry has evolved significantly over the years by offering more solutions for changing customer needs, like the flexibility to manage a loan by paying interest as you go. It’s important to note that a lifetime mortgage isn’t for everyone, so those considering applying for them must speak to a qualified financial adviser to be clear about all the options available to them.”