Legal & General Home Finance has updated its payment term lifetime mortgage (PTLM) in response to adviser feedback.

The change removes the requirement for one borrower to be in full-time employment.

The lender requires those that are no longer in employment to have a sustainable income either through pensions, maintenance payments, rental income or income from secure investments.

PTLM customers can borrow up to 69.9% loan-to-value (LTV).

The product allows borrowers to access property wealth from 50 instead of 55.

In addition, it offers a tax-free cash lump sum in return for fixed monthly interest repayments up until retirement or age 75, whichever comes first.

However, if they are already retired, the payment term can last up to the oldest borrower’s 75th birthday.

Legal and General retail retirement managing director Lorna Shah says: “We are always listening to adviser feedback to ensure the best outcomes for people looking to benefit from accessing their property wealth.”

“That’s why we’re improving the accessibility of our PTLM product for borrowers in retirement, whose individual needs are not currently being well served in the existing market.”