Legal & General Home Finance is extending its individual pricing approach to its recently introduced Payment Term Lifetime Mortgage (PTLM) product.

The new pricing approach will mean that customers will be offered interest rates based on the age of the youngest borrower and whether they are a sole or joint applicant.

As part of the changes, Legal & General Home Finance has also reintroduced its higher LTV offering for PTLM applicants.

This follows the introduction of a similar individual pricing approach for Legal & General Home Finance’s Interest Roll Up Lifetime Mortgage and Optional Payment Lifetime Mortgage products, which helps advisers provide customers with the best possible rate for their specific circumstances.

David G Jones, distribution director at Legal & General Home Finance, said: “Our Payment Term Lifetime Mortgage (PTLM) 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 PTLM products to offer rates specific to the applicant.

“For homeowners weighing up their choices, it’s worth speaking to a suitably qualified financial adviser to be clear about all the options available to them, including the potential a lifetime mortgage can offer them.”