Seven steps to our Lifetime Mortgages

These steps explain the process of getting a Legal & General Lifetime Mortgage. It's a serious commitment, so you must find out everything you can about lifetime mortgages first.

  1. 1. Use our calculator

    It only takes a minute or so to find out how much tax-free cash you could borrow.

    Use our calculator

    You don't need precise figures. A rough idea will do, as long as your home's worth £100,000 or more (£150,000 for ex-council, ex-housing association or ex-Ministry of Defence properties).

  2. 2. Talk to your family

    It’s always your decision but we encourage you to talk to your family about your plans and explain why you’re interested in finding out more about our Lifetime Mortgages. You could even include them in the meeting with your adviser. Remember, if you take a lifetime mortgage it will reduce any inheritance that you can leave your family.

  3. 3. Talk to the Co-operative Bank

    The Co-operative Bank will help you decide if you could be eligible for a lifetime mortgage. If this is the right option for you, they will refer you to The Retirement Lending Advisers, to make a first appointment. In the meeting, the adviser will help you understand the benefits and risks of a lifetime mortgage.

  4. 4. Prepare for your meeting

    When you make an appointment with an adviser, you’ll need the following information.

    About you
    The adviser needs to see proof of your age, identity and address.

    Your existing mortgage
    You'll need to provide full details of your existing mortgage balance and any additional debt you might be using the lifetime mortgage to pay off.

    Your income
    Make a note of things like your salary, pension, state benefits, bank and building society accounts, and any investments.

    Your outgoings
    List all your regular outgoings like bills and food, and less regular expenses like birthdays or trips out.

    Your property
    Write down a few details and what you think it’s worth.

  5. 5. Speak to a lifetime mortgage adviser

    They can help you understand all the benefits and risks involved.

    Take time to go through the personal Key Facts Illustration they give you. Feel free to take notes and ask questions as you go. Then explore all your options in depth and think about the plans you’d like to make for leaving an inheritance. Now’s also a good time to consider making a will or a Lasting Power of Attorney, if you don’t have one already. 

    If you don’t already have an adviser, View - The Co-operative Bank can put you in touch with The Retirement Lending Advisers. If a lifetime mortgage isn't right for you, they will let you know.

    If you'd prefer to talk to your own financial adviser but you don't have one, you can find a list of advisers in your area on the Link to Equity Release Council's website or Unbiased websites.

    A specialist adviser can look at your situation and explain the features and risks involved before you apply for a lifetime mortgage; every financial product has advantages and disadvantages. Watch our animation  to find out what you can expect from a lifetime mortgage adviser.

  6. 6. Start your application

    Once your adviser has confirmed that a lifetime mortgage is right for you, you can get under way with the application. You’ll need to:

    • Request a redemption statement or repayment figure from your existing mortgage provider, to check if the amount you are eligible to borrow will pay off your existing mortgage balance in full.
    • Confirm if you’d like us to arrange Inheritance Protection, and if so, the percentage of your property’s value to secure for your beneficiaries. This will reduce the amount you’re able to borrow, so may not be suitable if you need to borrow the maximum amount allowable.
    • Assuming there's some remaining money after paying off your existing mortgage balance in full, choose whether you’d like a one-off cash sum or access to smaller amounts as and when you need them. If you take smaller amounts later, a different interest rate may apply to each amount you take, depending on the interest rates available at the time.
    • Decide whether or not you would want to make monthly interest payments. If you do, you'll need to have your bank details ready, so that you can set up a Direct Debit.
    • Talk through the final application with your adviser and confirm any changes.
    • Wait for us to arrange for your property to be valued by a specialist surveyor.
  7. 7. Pay off your existing mortgage

    If approved, we’ll send you an offer along with a copy for your solicitor.

    Your solicitor will go through the legal aspects, and as soon as the documents come back to us, we’ll release the money. From the date you apply, it usually takes about seven weeks to get the money.

    Your solicitor will arrange to pay back the existing mortgage balance directly to your lender. If there is any extra money left, this will be transferred directly to you to spend as you wish. This might include planning home improvements, taking the holiday of a lifetime, or simply to enjoy a more comfortable retirement — the choice is yours.

    Find out how other customers used their Legal & General Lifetime Mortgages with our selection of short videos.

Frequently asked questions

Commonly asked questions about lifetime mortgages.

Find out more

Speak to The Co-operative Bank about our Lifetime Mortgages