Legal & General Home Finance has launched two new lower loan-to-value (LTV) variants to its flexible and optional payment lifetime mortgages.

These will be the lowest LTV products available across its product range and will be priced below its current graphite and black products. LTVs will be available from 3.5% at age 55.

The lender has announced the extension of its lifetime mortgage offer validity from 50 days to 90 days, following adviser feedback.

It said this will help those taking out a lifetime mortgage while buying and selling a property, as well as customers remortgaging in more complex situations, such as those involving divorce or matrimonial considerations, trusts and wills, and title issues.

In addition, Legal & General will reduce interest rates across its lifetime mortgage range by up to 0.30% available from tonight (2 February).

Legal & General Home Finance chief executive Craig Brown says: “We are constantly listening and onboarding adviser feedback, looking at ways that our products can change to reflect customer needs. These improvements are a direct response to this feedback and will better support the needs of our advisers and their customers.”