Legal & Home Finance has reduced its minimum drawdown amount to £1,000.

The decision is designed to provide customers with flexibility should they need to access additional funds.

The reduction means that customers who have between £1,000 and £2,000 left can access their lifetime mortgage funds as and when they need.

Andrew Gilbert, product director at Legal & General Home Finance, said: “We want to ensure that the positive impact from lowering our minimum drawdown will be applicable to both new and existing loans. As we continue through challenging and inflationary times, it’s important to help as many people as possible wishing to use their property to meet their retirement needs, in a way that minimises the impact of rolled up interest.

“We are dedicated to reviewing and evolving our products and processes in line with changing customer needs in a fast-paced, rapidly changing environment. At Legal & General, we champion innovation to meet the growing needs of the market, making sure that our customers are in the best possible position for later life.

“This change is a further example of us listening and reacting to feedback from customers and the advisers we work with. Whilst it won’t be suitable for everyone, lifetime mortgage solutions should always be considered as part of a holistic approach to financial planning.”