Drawdown commission changes FAQs
We’re increasing drawdown commission from 1% to 1.5%, where the Initial Advance is offered after 5 September 2019.
Below are a few FAQs to answer any queries you may have:
What is happening?
We’re increasing drawdown commission from 1% to 1.5%.
The increase will apply to all drawdowns taken, where the Initial Advance is offered after 05 September 2019.
Will the increased rate of commission apply to my existing cases?
If the Initial Advance was offered before 05 September 2019 the commission we will pay on drawdowns will remain at 1%.
The 1.5% commission for drawdowns will apply if the Initial Advance is offered after 05 September 2019.
Can I request a new reoffer on the same terms to benefit from the new drawdown commission rate?
No, please don’t request a new offer unless there is a genuine customer need.
Does this apply to all Legal & General Lifetime Mortgages?
The increase will apply to our Flexible and Optional Payment Lifetime Mortgages. There is no drawdown facility available on our Income Lifetime Mortgage.