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What is a lifetime mortgage?
A lifetime mortgage is a way for your client to release money from their home without them having to move. It’s a loan that’s secured against their home to give them a tax-free cash sum.
Is your client eligible for a lifetime mortgage?
If your client meets the following criteria, they could be eligible for a Legal & General Lifetime Mortgage:
- Aged 55 or over.
- Living in (or buying) their own home with a small or no mortgage.
- Wants to borrow a minimum of £10,000 for our Flexible and Optional Payment Lifetime Mortgages or wants an initial loan amount of at least £2,500 with a monthly fixed income of a minimum £200 for 10 years for our Income Lifetime Mortgage.
- A homeowner of a property worth at a minium of £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties. Our Income Lifetime Mortgage has to be a minimum of £100,000 property value.
- Living in England, Wales or mainland Scotland.