What is a lifetime mortgage?
A lifetime mortgage is a type of equity release, a loan secured against your home that allows you to release tax-free cash without needing to move out.
Lifetime mortgages are available to homeowners aged 55 or over. You can take the money as a lump sum or as series of lump sums. No repayments are required until you die or move out of your home into long-term care.
Whether you're looking to pay off an existing mortgage, make some home improvements, or gift money to a family member, a lifetime mortgage could help.
Download our later life mortgage guide to find out more.
Lifetime mortgage pros and cons
You can only get a lifetime mortgage through a qualified equity release adviser, but it's important to understand the benefits and risks.
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Tax-free cash
When you release equity with one of our Lifetime Mortgages, you can take a lump sum in one go or as a series of smaller lump sums when it suits you. -
Spend it how you want
You can use the money you release for home improvements, helping children buy their first property or increase your income in retirement. It's up to you. -
Nothing to repay
Unless you choose otherwise, there's nothing to repay until you die or move permanently into long-term care. -
Flexible repayments
If you prefer, there's an option to repay some or all of the interest. You can also choose to repay part of the original loan. -
Stay in your home
With equity release, you don't need to downsize and can stay in your home until you die or move permanently into long-term care. -
You can still move house
So long as the new property is acceptable to us. -
Inheritance protection
Part of the value of your home can be passed on if you choose our Inheritance Protection option. -
No negative equity guarantee
Whatever happens you'll never repay more than the value of your home when it is sold - even if that's less than the amount owing. Subject to terms and conditions.
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The interest can build up quickly
If you choose not to repay any interest until you die or move permanently into long-term care, the interest can rapidly build up over time. There may be cheaper ways to borrow money. -
Reduced inheritance
Even with our Inheritance Protection option, releasing equity with a lifetime mortgage will reduce how much you can leave as an inheritance. -
Inheritance tax
If you gift the money, the recipient may need to pay inheritance tax in the future. -
Early Repayment Charge
If you choose to repay all or a significant part of the loan early, there may be an Early Repayment Charge. -
Means-tested state benefits
If you're receiving certain means-tested state benefits, taking a lifetime mortgage could impact your entitlement to these benefits. -
Higher interest rates
Usually the interest rates for a lifetime mortgage are higher than the rates charged for a traditional mortgage. -
Repaying an existing mortgage
You may have to pay an Early Repayment Charge to your existing lender if you remortgage.
Equity release calculator
This calculator helps you see how much equity you could release with a lifetime mortgage, a loan secured against your home. You can also register your details and request a call back if you wish.
How to use this calculator
- If you want a joint lifetime mortgage use the age of the youngest applicant
- Once you have your result you can keep using the calculator to see the different ways you could release the money
Would you like a call back?
If would like to request a call back to discuss the product details, please complete the form. You can also provide your email address if you’d like to opt in to receiving emails about our products and services.
Alternatively, to just view the calculation, press skip.
We’ll never share your details with third parties for their own marketing purposes. Details of how we process your information can be found in our privacy policy. You can opt out of marketing at any time by emailing LGFAoptout@landg.com
Good news!
Based on the information supplied, you could release the amount below:
The maximum amount you could release is:
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and individual circumstances. There may be cheaper ways for you to borrow money.
Based on the information supplied, you could release up to:
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and individual circumstances. There may be cheaper ways for you to borrow money.
Good news!
Based on the information supplied, with our Payment Term Lifetime Mortgage you could release:
The maximum amount you could release with our Payment Term Lifetime Mortgage is:
This is based on you making monthly interest payments until you retire. As a last resort, your home may be repossessed if you fail to keep up repayments.
Based on the information supplied, with our Payment Term Lifetime Mortgage you could release:
This is based on you making monthly interest payments until you retire. As a last resort, your home may be repossessed if you fail to keep up repayments.
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and individual circumstances. There may be cheaper ways for you to borrow money.
Good news!
Based on the information supplied, with our Payment Term Lifetime Mortgage you could release:
The maximum amount you could release with our Payment Term Lifetime Mortgage is:
This is based on you making monthly interest payments until you retire. As a last resort, your home may be repossessed if you fail to keep up repayments.
If you don't want to make monthly interest payments or or you want to stop making monthly interest payments at any time then the maximum amount you could release with our other Lifetime Mortgages is:
Based on the information supplied, with our Payment Term Lifetime Mortgage you could release:
This is based on you making monthly interest payments until you retire. As a last resort, your home may be repossessed if you fail to keep up repayments.
If you don't want to make monthly interest payments or or you want to stop making monthly interest payments at any time then the maximum amount you could release with our other Lifetime Mortgages is:
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and individual circumstances. There may be cheaper ways for you to borrow money.
Next steps
If you’d like to speak to us to discuss your quotation, you can call us directly, for a free, no-obligation chat on:
0808 149 7895
Alternatively, to request a call back from the team to discuss your quotation, please use our form.
Monday to Friday 9:00am - 5:30pm. We may record and monitor calls.
A lifetime mortgage is a loan secured on your home. Interest is charged on the loan plus any interest already added. This means the amount you owe can increase quickly over time.
Step 1 / 2
How would you like to receive your money?
There's more than one way to release your money with one of our Lifetime Mortgages.
A lifetime mortgage will reduce the equity left in your home and the value of any inheritance. A lifetime mortgage is usually repaid when the last borrower dies or moves out of the home and into long term care.
Subject to property value and eligibility.
Step 2 / 2
Your options for taking a lump sum
Depending on how you need the money, you can receive it as a one off cash lump sum or as a series of smaller cash sums as and when you need it. The option to take lump sums in the future is not guaranteed and will depend on whether you're still eligible to borrow more money.
There's an option to pay the interest off as you go. Ask our Customer Service Agents for more information.
You may be able to borrow between and
Total you've chosen below:
Total remaining:
Step 2 / 3
Your options for a regular income
If you're interested in a regular income, you can select this to be paid for a set number of years.
Once the fixed income term ends the monthly income will stop but interest will continue to roll up until the lifetime mortgage is repaid.
Over how many years would you like your income to be paid?
Though you've chosen a regular income, you have to take an initial lump sum of at least £2,500. You can take more than this. It's your choice.
You've chosen a and an initial lump sum of . That means you could receive a monthly income of up to for .
Step 2 / 2
You're interested in a lump sum of
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and your individual circumstances. Taking a lifetime mortgage could affect your eligibility for state benefits.
You're interested in a series of lump sums
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and your individual circumstances. Taking a lifetime mortgage could affect your eligibility for state benefits.
You're interested in a regular income
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and your individual circumstances. Taking a lifetime mortgage could affect your eligibility for state benefits.
Next steps
We'll be in touch shortly if we haven't already called. In the meantime, consider these products.
| Flexible Lifetime Mortgage | Optional Payment Lifetime Mortgage | |
| Age | 55+ | 55+ |
| Minimum property value considered | £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. |
| How is the loan paid out? | Lump sum or series of lump sums | Lump sum or series of lump sums |
| Minimum initial lump sum | £10,000 | £10,000 |
| Minimum additional loan amounts for each release | £1,000 | £1,000 |
| Maximum loan amount | Determined by your age and property value. | |
| Is the loan secured against my home? | Yes. | |
| When do I have to repay the full amount of the loan? | The loan is usually repaid when you die or move out of the home and go into long-term care. | |
| How is interest charged on the loan? | Interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time unless you pay off some or all of the interest. You may have cheaper ways to borrow money. | |
| Do I have to pay interest every month? | No - but you can choose to make partial repayments if you want to manage the amount owed on the loan and interest. | No - but you can pay some or all of the monthly interest to reduce the overall cost of the loan, and you can stop making payments at any time. If you choose to stop payments, you can't restart them. |
| Can I end up owing more than the home is worth? | No. With our No Negative Equity Guarantee, as long as you follow the terms and conditions of the loan, you'll never owe more than the home is worth. | |
| Is the interest rate fixed? | Yes. The interest rate is fixed for the life of the loan. | |
