9 simple steps to taking out a lifetime mortgage

A lifetime mortgage is a type of equity release which is a loan secured on your home. If you are a homeowner aged 55 or over and decide to take out a lifetime mortgage with us, we’re with you every step of the way. You’ll have your own personal Legal & General advice team who’ll guide you through the advice journey.

This is the process we follow but the steps are similar if you’re using your own independent adviser.


  1. 1. Try our calculator

    Find out how much equity you could release from your home. It only takes a minute and you don’t need exact figures, just a rough idea will do. But please be aware that the value of your home must be £70,000 or £100,000 depending on your property type and product chosen.

    Try our calculator
  2. 2. Call The Cooperative Bank

    Why not call The Cooperative Bank to find out more. No question is too small, we're ready to take your call and very happy to help whatever the query. There's no obligation and no pushy sales tactics. We can check you meet the basic eligibility criteria if you would like us to before referring you onto Legal & General.

    We recommend that all our customers talk to a family member or trusted friends before taking out one of our Lifetime Mortgages.

    Legal & General Customer Service Agents can only advise on our Lifetime Mortgage products.

    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 Equity Release Council or Unbiased website.

  3. 3. Getting to know you

    Now it’s time to find out more about you. A Legal & General Customer Service Agent will call you to gain a deeper understanding of your financial circumstances and particular needs. This information forms the basis of our research and final recommendation to you.

  4. 4. Introducing your Customer Service Agent

    We’ll send you a short biography and photo of your Customer Service Agent so that you know exactly who you’re talking to when they introduce themselves as part of the recommendation call.

  5. 5. Recommendation call

    Your Legal & General Customer Service Agent will talk you through their recommendation, so that you can ask questions and take time to fully understand the product they’re recommending. This is an important meeting so do feel free to invite family or a close friend along to join the call. This can be carried out using a 3 way call process which the Customer Service Agent will be able to provide full details on how this works. If you choose to proceed with our recommendation, we’ll do all the paperwork and submit the application for you

  6. 6. Appoint a solictor

    You’ll need to appoint a solicitor who specialises in equity release to act on your behalf and to provide you with independent legal advice. If your own solicitor isn’t a specialist or you’d just like some help finding a suitable solicitor, we recommend you contact the Equity Release Council who have a list of equity release solicitors. To help you understand the legal process further, we also have a guide you can download:

    PDF file: Download PDF size: 168 KB
  7. 7. Valuation

    Our number one priority is your health and safety and that of the valuers who visit your home. That is why we will arrange for an independent valuation of your home. The surveyor will call you to complete a questionnaire and understand whether it's more appropriate for a valuer to visit your property in person, or value it using publicly available information without the need to enter your home (a desktop valuation),.

    You can also watch our short video about the lifetime mortgage valuation process.

    If a desktop valuation is the most appropriate option, this will be completed by an independent valuer using publicly available information to assess the value of your home. This includes getting details about your property from the Land Registry and using online information to review any previous sales history. The final valuation figure will also consider the actual sale prices of similar properties in your area.

    Because a desktop valuation may provide us with less information than a valuer visiting your property, we will use 95% of the desktop valuation when we calculate the amount we can lend to you.

    If everything is acceptable to us, we’ll send you your Offer of Loan and the application process will continue.

    Your financial adviser will be able to provide more information on the options available.

  8. 8. Offer and legal

    Once the valuation is done and your application is approved, we’ll send you and your solicitor the offer. Your solicitor will discuss the offer with you and make sure you understand the implications of a lifetime mortgage. It’s important to take their legal advice.

  9. 9. Money received

    A completion date will be agreed and the money will be released to your solicitor, who will repay any existing mortgage including any early repayment charge. Think carefully before securing an debt against your home. If you’ve chosen to pay the solicitor costs out of the loan, they’ll deduct these before paying the remainder to you.

Frequently asked questions

Commonly asked questions about lifetime mortgages.

Getting advice

Find out how to get more information and advice about taking out a lifetime mortgage.