9th Feb 2015 13:01
LONDON (Alliance News) - Legal & General Group PLC on Monday said it has struck a deal to buy New Life Home Finance Ltd for GBP5 million.
New Life is a UK-based lifetime mortgage products provider, L&G said.
In addition, the FTSE 100-listed insurer said it has entered into a funding deal to be the sole funder of new lifetime mortgages originated by New Life.
"We are delighted to announce our acquisition of Newlife and entry into the lifetime mortgage market. Legal & General's acquisition of Newlife allows us to participate in this market which has huge potential while also giving customers wider choice," said L&G Retirement managing director Kerrigan Procter.
L&G shares were down 1.3% to 265.4 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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