Help your clients enjoy life in the home they love
Thanks to you, more clients can embrace the future with confidence
When you set up a lifetime mortgage for your clients, you’re not just helping them release the equity in their home. You’re fulfilling dreams. Answering needs.
At Legal & General, we understand the difference your advice can make. That’s why our lifetime mortgages are here to help you do what you do, so your customers can live the lives they want.
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Get in touch to discuss your clients needs
About our Lifetime Mortgages
When your clients' spent a lifetime creating a happy home, the last thing they want to do is sell it to achieve financial stability or help their family. But many in later life think this is the only way to realise their goals.
Thanks to you and our lifetime mortgages, they'll be able to embrace the future with confidence.
Together, we make it possible for your clients to manage their financial challenges in later life, without them having to sell their home.
Our Lifetime Mortgages can be taken as a lump sum with drawdown options where available. Choose from Flexible Lifetime Mortgage, Optional Payment Lifetime Mortgage and Payment Term Lifetime Mortgage.
Who can a lifetime mortgage help?
A lifetime mortgage is a loan secured against your client’s home that is usually repaid when your client dies or moves out of their home into long term care. It can help clients in lots of different situations.
Whether they want to adapt their home for their changing needs, get grandchildren on the property ladder, go their separate ways following a divorce, fund care costs or even pay off a maturing interest-only mortgage.
Our products
Flexible Lifetime Mortgage
Allows your clients to release equity from their home without having to move or make any monthly payments.
Optional Payment Lifetime Mortgage
Allows your clients to release equity from their home and pay some or all of the monthly interest which will reduce the amount of interest that rolls up.
Payment Term Lifetime Mortgage
Allows your clients to release equity from their home and pay all the interest each month for a chosen payment term which may reduce the overall cost of the loan.
Energy Saver Cashback offer
Helping your clients
We’ll provide 10% cashback on the total cost of home energy efficiency improvements, up to £1,000 on an initial advance or £200 on a drawdown.
Key documents
Our product documents
Product comparison
Use our comparison table to help decide which product may best suit your clients needs
| Flexible Lifetime Mortgage | Optional Payment Lifetime Mortgage | Payment Term Lifetime Mortgage | |
|---|---|---|---|
| Available at age | 55 | 55 | 50 |
| A tax-free lump sum | Included
A minimum loan of £10,000 |
Included
A minimum loan of £10,000 |
Included
A minimum loan of £10,000 |
| Minimum property value | £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties | £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties | £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties. |
| No affordability checks | Included | Included | Included
Affordability checks |
| Take additional amounts through drawdown | Included | Included |
|
| Make overpayments or Optional Partial Repayments (OPR's)1 | Included | Included
Can only be made once your client stopped making the monthly interest payments |
Included
After the client's payment term has concluded |
| Fixed interest rates |
Included |
|
|
| Pay some or all of the monthly interest by Direct Debit | Not included | Included | Included |
| Stop making monthly interest payments at any time | Not included | Included | Included
As a last resort, their home may be repossessed if they do not keep up with payments |
| Compound interest | Included | Included
By paying some or all of the monthly interest, your client can reduce the overall cost of the lifetime mortgage |
Included By paying all of the monthly interest, your client can reduce the overall cost of the lifetime mortgage |
| Stay in and continue to own their home | Included | Included |
Included Subject to monthly interest payment being made throughout the term |
| Transfer mortgage when they move home2 | Included | Included | Included |
| No Negative Equity Guarantee | Included | Included |
Included The No Negative Equity Guarantee won’t apply to any monthly interest payments they fail to make in full, and on time, throughout the payment term. This includes any interest which has accrued on any monthly interest payments they fail to make. |
| May affect means-tested state benefits | Included | Included | Included |
| Inheritance Protection Option (This optional extra allows your client to protect part of the value of their home for inheritance) | Included | Included | Included |
1Subject to terms and conditions.
2Subject to the new property meeting our criteria.
Lifetime Mortgage calculator
Our Lifetime Mortgage calculator helps financial advisers to:
- Show your clients how much they may be able to release from their home.
- Demonstrate examples for both taking the maximum available as an initial advance or taking a smaller initial amount where the remainder can be drawn on in the future.
- Illustrate the effect of our inheritance protection option on the total loan amount available.
- Explore the impact of house price inflation.
- Highlight how the interest on their loan increases over time.
- Create a summary of your client's choices and possible results.
The calculator results are examples only. A lifetime mortgage is a loan secured on your client’s home. It will reduce the value of your client's estate but servicing the interest can slow or stop the growth of the loan over time and may affect their entitlement to means tested state benefits.
Our Payment Term Lifetime Mortgage will be due on the calculator shortly.
Events
We offer a series of CPD accredited events and workshops that support you in understanding the changing face of retirement.
Why choose us
Since our entry into the lifetime mortgage market in 2015, we've been a primary agent of growth and change. Find out why advisers choose Legal & General as a lender.
Tools and getting started
Existing loan information or Further Advance
Request information on your client’s lifetime mortgage or request a Further Advance.
Getting started
Helpful resources and tools to help new advisers get started in the lifetime mortgage market.
Marketing templates
We’ve created some useful templates for posters, letters and emails to save you some time and help you build your business.