Legal & General has removed the arrangement fee on its flexible and lump sum lifetime mortgage products.

The deal will be available until further notice, which Legal & General says will save customers nearly £600 in fees.

An arrangement fee remains in place for its premier flexible lifetime mortgage although it has recently been reduced from £4,999 to £1,999.

Legal & General has also announced a further reduction to lifetime mortgage rates across its whole product range following a reduction on 16 August 2016. The flexible lifetime mortgage now has an AER of 3.89%. The lump sum product is being reduced by 0.25 percentage points to 5.19% AER and the lender’s premier flexible lifetime mortgage is now priced at 3.71% AER.

Steve Ellis, chief operating officer at Legal & General Home Finance, said: “The decision to remove the arrangement fee for the majority of our lifetime mortgages and further reducing the interest we charge for borrowing, ensures that we remain at the forefront of providing ever improving value for consumers.

“We hope that these changes will make it easier for more and more people to consider how a lifetime mortgage could help to improve their retirement.”