Saving you time, all in one place.
We’ve made some enhancements to our product features and services – giving your clients greater choice whilst saving you time. Sign up to our Later Life Mortgages Portal to gain access to KFIs, Retirement Interest Only Mortgage (RIO) and Lifetime Mortgage applications all in the same place.
A choice of fixed or variable Early Repayment Charges (ERC) on our Flexible and Optional Payment Lifetime Mortgages.
Produce KFIs and applications in the same place, track each stage of the process online, and avoid the need for exception KFIs.
Manage your Retirement Interest Only Mortgage (RIO), Flexible Lifetime Mortgage and Optional Payment Lifetime Mortgage applications in the same place.
24/7 Request reoffers
To make changes to an existing application or request a reoffer you either,
- Contact our underwriters on 03330 048 444 option 2 option 2. One of our underwriters will make the changes for you and send you the Offer of Loan.
- Alternatively, fill out the short form below and you will receive your Offer of Loan in due course.
Large loan request
If the total borrowing requirement is over £750,000 or the property value is over £2million, you will need to make a large loan enquiry.
Submitting non standard properties
In these situations we'll need some more information to assess your client's application.
Why are you making these changes?
Our new Later Life Mortgages Portal has given us the opportunity to increase the choice we can offer your clients and make several positive product changes. We believe these changes offer increased flexibility and better choice for our customers.
Our new portal provides you with functionality that our Apply Online system doesn’t have, such as a broker portal where you can communicate with us, and case tracking. We launched our Retirement Interest Only Mortgage (RIO) on the Later Life Mortgages Portal and have made some improvements to our Flexible and Optional Payment Lifetime Mortgage products, such as fixed Early Repayment Charges (ERC).
Does this mean I can now access your Retirement Interest Only Mortgage (RIO)?
Yes, access to our Retirement Interest Only Mortgage (RIO) is only available through our Later Life Mortgages Portal. Therefore, once you've completed your registration and we've processed this, you'll have access to our RIO product. More information can be found on our RIO product page.
What products are available through the Later Life Mortgages Portal?
You’ll be able to apply for our Flexible and Optional Payment Lifetime Mortgages through the Later Life Mortgages Portal. Both now come with the option of fixed or variable ERC. Don’t worry, you’ll still be able to apply for our Income Lifetime Mortgage but, for the time being, you’ll need to continue to submit your applications for this product through Apply Online.
Why have you left your Income Lifetime Mortgage on Apply Online?
We plan to move our Income Lifetime Mortgage onto the Later Life Mortgages Portal in due course. In the meantime, you can still apply for our Income Lifetime Mortgage through Apply Online.
Can I submit large loans through the Later Life Mortgages Portal?
You can now submit large loan applications, for applications above £750k or property values greater than £2m, through the Later Life Mortgages Portal. You should still discuss large loans with your Account Manager or Sales Support before submitting the application as large loan applications will be reviewed by a Technical Underwriter during the application stage.
How do I gain access to the Later Life Mortgages Portal?
You can access the Later Life Mortgages Portal through this dedicated page. To make sure we can fully support you through this change we’ve invited firms to sign up in smaller groups. Once we’ve moved everyone across, you’ll be able to access the new system through the adviser login page as usual.
We’ve emailed you instructions on how to sign up. It takes less than 5 minutes so please follow these instructions and you’ll soon have access to our new system and improved product offering.
Why do I have to set myself up as a user, can’t you do it?
One of the benefits of the Later Life Mortgages Portal is its improved self-service, such as resetting your password. We need you to provide answers to security questions to make it easier for you if you forget your password or need to reset your memorable information. Don’t worry, it’s a simple process and takes less than five minutes.
What happens once I’ve set myself up as a user?
Once you've submitted your registration, we'll get you set up and provide you with details of how to access our new portal.
We'll complete this as fast as we can, but we're expecting high numbers of registrations and whilst we are aiming to complete this in 72 hours it may take longer.
Alternatively, you'll still be able to use your existing Apply Online log in details to apply for Variable ERC products whilst we process your request. Apply Online will not however, give you access to the new Fixed ERC products that our Later Life Mortgages Portal provides.
What changes are you making to ERC?
We now provide your clients with the option of fixed or variable ERC on our Flexible or Optional Payment Lifetime Mortgages and we'll charge the same interest rate no matter which option is better for your client. Please note, that Fixed ERC products are only available on our Later Life Mortgages Portal. Any applications submitted through our Apply Online portal will only be available with variable ERC.
What are the benefits of Fixed ERC?
Our Fixed ERC products will provide your client with more certainty as to what they'll have to pay if they choose to redeem their lifetime mortgage at any given time in the future.
What does your Fixed ERC structure look like?
Your client may have to pay an ERC if they repay all or part of their lifetime mortgage within the first 15 years following completion. If they are repaying all of the lifetime mortgage early the ERC is calculated as a percentage of their loan amount, excluding any interest that has been added to the amount they owe. If they repay part, the % will apply to the amount they repay excluding any interest that has been added. If they repay all or part of their lifetime mortgage in:
Table Year ERC rate Years 1 to 5 9% Years 6 to 8 8% Year 9 7% Year 10 6% Year 11 5% Year 12 4% Year 13 3% Year 14 2% Year 15 1% Year 16 onwards 0%
See our guide for more infomation on Fixed ERC.
Why are you continuing to offer variable ERC?
We recognise that variable ERC products still have a place in the market, and we understand that your client's value choice. That's why we'll continue to offer variable ERC products alongside our new fixed ERC product range. To ensure that both product ranges offer fair value to our customers, fixed and variable ERC products will be offered with the same interest rate.
See our guide for more infomation on Variable ERC.
Why are Fixed ERC not available on the Income Lifetime Mortgage?
Our Income Lifetime Mortgage provides your client with a small upfront lump sum, followed by a monthly income for a fixed term of either 10, 15, 20 or 25 years. If the mortgage is redeemed early, we only charge an ERC on the money they have received to date. To ensure that we’re able to keep this approach and continue to offer fair value to customers, we've decided to continue to only offer variable ERC on this product.
What changes are you making to the Optional Payment Lifetime Mortgage?
We're increasing the number of payment dates available to your clients and making changes to the payment term on our OPLM product.
How are OPLM payment dates changing?
We've increased the number of available payment dates, giving your clients more flexibility. Your client can now choose to make payments on 1st to the 28th of each month. However, once your client has selected their monthly interest payment date, this cannot be changed in the future.
What's changing with OPLM payment terms?
We'll no longer ask your client to tell us up front how long they wish to make monthly interest payments for. Instead they can stop making monthly interest payments and convert to full interest roll up at any time, by contacting us.
My client(s) doesn't want to make monthly interest payments for the full term, what should I do?
Our Key Facts Illustration and Offer of Loan documentation will continue to display the effect on the lifetime mortgage of paying for a third of the term. Alternatively, you can visit our lifetime mortgage calculator to illustrate to your client the effect of making monthly interest payments for less than the full term of the mortgage.
Your client can still choose to stop making monthly interest payments at any time. However, once they stop making monthly interest payments, they cannot restart making them. Furthermore, if your client misses more than six monthly interest payments in total, they'll also have to stop making monthly payments and their lifetime mortgage will be converted to interest roll up. A payment will be missed if it is not made before the next payment is due.
Before your client stops making monthly interest payments, we’ll write to them to illustrate the effect on their lifetime mortgage and show them how the amount they owe will increase over time
What's changing on Optional Partial Repayments (OPRs)?
For customers who take additional borrowing, we're changing the way we allocate OPRs across their loans, for new applications submitted through the Later Life Mortgages Portal. Any OPR your client makes will first be allocated to the loan attracting the highest interest rate, up to the OPR limit, with any remaining funds then applied to the loan attracting the next highest rate of interest and so on.
This replaces the current process which allocates OPRs proportionally, across your client’s loans, based on the balance of each loan. Existing customers are unaffected by this change.
Your client can continue to make up to four OPRs without incurring an ERC in any 12 month period but they must be a minimum of £500 each.
How is the larger loan interest rate changing?
If your client is borrowing £700,000 or more, as an initial advance, they could qualify for an interest rate reduction of up to 0.09%.
How does my client qualify for the interest rate reduction?
If your client borrows an initial advance of between £700,000 and £1,199,999 we'll reduce the Monthly Interest Rate (MER) by 0.04%. If your client borrows an initial advance of £1,200,000 or more, we'll reduce the MER by 0.09%.
Please note, the interest rate reduction will only apply to your client’s initial loan amount and will not be applied on any additional borrowing they take.
How do I apply for the interest rate reduction?
You should generate a KFI and submit your application using the Later Life Mortgages Portal. When applying, you should select the appropriate product. For loans between £700,000 and £1,199,999, the KFI will show the rate with the 0.04% MER reduction applied.
For loans of £1,200,000 or more, the KFI will show the rate with the 0.09% MER reduction applied. You'll then be able to proceed to submit and complete the application when you’re ready to do so.
If your clients estimated property value is greater than £2m, or their total facility is greater than £750k you should continue to discuss the case with your Account Manager or Sales Support before submitting the application.
Where can I find information about the larger loan interest rate reduction?
The interest rate reductions will be reflected on the sourcing systems, and clearly displayed in our product summaries and communications we send to you about this change.
Why are you offering this discount?
We understand that you want to source the best available deal for your clients and appreciate that offering a larger loan interest rate reduction will help you to support them further.
Are there any other changes you're making?
We’re also withdrawing the option to voluntarily rebate your commission to your client through our Later Life Mortgages Portal. Don’t worry, you can still do this yourself, but you'll need to arrange this with your client directly, independently of Legal & General Home Finance.
What will happen to existing applications that I have already submitted?
If you’ve already submitted an application, you don't need to do anything, your application will continue to be processed through Apply Online.
I’ve already generated a KFI using Apply Online and my client wishes to proceed to application, what should I do?
If you've already generated a KFI using Apply Online, you can proceed to application as usual, for as long as the KFI remains valid. This is usually until we change our interest rates.
Alternatively, you can generate a new illustration on the Later Life Mortgages Portal to progress your application.
I’ve submitted an application on Apply Online, can I request for it to be reoffered with Fixed ERC?
You'll need to submit a new application on the Later Life Mortgages Portal if you wish to apply for a product with Fixed ERC. The new application will be underwritten again, which you should discuss with your client, as this may delay the completion of their lifetime mortgage.
Can I still make changes to an existing Apply Online application?
Yes, there are some changes you can make without having to submit a new application. For example, changing the loan amount or requesting an Offer of Loan on a different product or interest rate.
How do I request changes to an existing application or Offer of Loan?
You'll need to follow our new process for requesting changes to an existing application.The easiest way for you to make changes is to call us on 03330 048 444 option 2 option 2*. One of our underwriters will make the changes for you and send you the Offer of Loan.
Alternatively, fill out this short form and you will receive your Offer of Loan in due course.
You'll need to do this going forward for applications submitted on either Apply Online or the Later Life Mortgages Portal.
*Call us Monday to Friday, between 8.30am to 5.30pm. We may record and monitor calls. Call charges will vary.
When will my access to Apply Online be removed?
Shortly after you're set up for the Later Life Mortgages Portal, we'll remove your ability to generate new Flexible and Optional Payment Lifetime Mortgage KFIs on Apply Online. Your existing log in details will still allow you to log in and generate Income Lifetime Mortgage KFIs.
What will I notice is different when I submit an application on the new portal?
Aside from the look and feel of the new portal, you'll notice that the application process is split into three stages – Illustration, Decision in Principle (DIP) and Full Mortgage Application (FMA.) The DIP and FMA stages combined cover all the questions we currently ask you in Apply Online. Once you’ve submitted your clients’ application, you’ll also notice that you can view case updates in the broker portal, add notes to the case and upload any documents required to progress your clients’ application. You can also download a copy of the completed application form and the clients Offer of Loan.
Download your guide to ERC
We’ve explained the changes for Fixed and Variable ERC in our documents below.
Your new portal explained
In this short webinar, we explain everything that has changed and what you need to do next to help you get the most out of our Later Life Mortgages Portal.