Legal & General has recently launched a lifetime mortgage at 4.99% AER, albeit aimed at properties over £530,000 I believe this represents a significant & positive step forward for the industry. The new product is subject to a minimum release of £200,000 and maybe more popular to advisers in the south east of England due to high property prices.

However, the premier flexible lifetime mortgage brings the interest rate below the psychologically important 5% level for the first time and is great news for advisers and customers alike.

The area of product innovation in ER was discussed recently at a seminar held by Pure Retirement. When advisers and providers get together it is a great forum to discuss what currently works and how the market may look in the future. Within the two hour meeting the group had come up with some great new product ideas that could evolve in due course.

Thanks to the team at Pure for putting on the event which is also being run at two further venues. Making products transparent to customers will help grow the public perception and improve the bad press that the sector still receives from time to time.