Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Legal & General Reports 23% Growth in Lifetime Mortgage Lending

Legal & General (L&G) increased its lifetime and retirement interest-only mortgage lending by 23% in the first half of this year, reaching £128 million, up from £104 million in the same period last year. The company also reported growth in its protection business and a 7% rise in core operating profit to £918 million.

L&G’s half-year results show that new business annual premiums in its protection division rose by 22% to £168 million. Gross protection premiums for retail customers increased by almost 2% to £784 million, while group protection gross premiums rose by 5% to £406 million.

The company stated that growth in later life lending was supported by pricing changes implemented in the second half of 2023, but noted that volumes remained sensitive to market conditions.

These results may be of interest to UK letting agents and inventory clerks monitoring trends in later life lending and protection products, as changes in mortgage lending and protection uptake can influence the rental and property management sectors.