Patricia and Les live in Wales. They downsized from a large five bedroom family house to a two bedroom home, but as time went on they missed having space in which to relax. The ideal solution was a conservatory. However, with limited income in retirement that seemed unachievable – until they looked at lifetime mortgages.

  1. What Patricia and Les wanted

    "Our situation was really simple. We’ve retired. We don’t want to move, we like it where we are, but we did want a bit more space. 

    The kitchen’s a bit run-down too, so we thought it would be nice to improve that as well – it’ll only add to the value of the place, and we thought a new porch would make life a bit easier. The trouble was, now that we’ve retired, we didn’t have any money coming in to save for all these improvements.We thought a conservatory and a new kitchen would be nice….somewhere to sit in the sun in the afternoons."

  2. Their idea

    "We knew that house prices had gone up recently, so we were sure we could make better use of the equity we have in our home."

  3. What they did

    We saw an ad. We hadn’t really thought about looking into loans or mortgages before then, these improvements had always felt a bit out of reach. But we spoke to our daughter, then phoned the number – and everything went from there, really.

    There were lots of questions to answer...but that was good - this is a big thing to do, and you'd be a bit suspicious if it was all over and done with just like that. Our adviser was ever so helpful. even though there was a lot to go through, he made sure everything was done properly. It didn't take long at all.

    Patricia and Les are real customers. Find out more about some of our other lifetime mortgage customers.

  4. How did they release equity from their home?

    Patricia and Les used our Lifetime Mortgage to release some of the equity that's tied up in their home - tax-free - to use now.

    A lifetime mortgage creates a debt on your home. It's important to know that interest is charged on the total loan amount plus any interest already charged.

    It means that the total owed grows quickly, reducing the equity left in your home and the value of any inheritance, but with our No-negative equity guarantee you or your beneficiaries will never have to pay back more than the property is worth when it's sold.  Provided it is sold for the best price reasonably obtainable and have met our Terms and Conditions of the lifetime mortgage. It could also affect any entitlements to state benefits.

  5. Important things to consider

    • To qualify for a Legal & General Lifetime Mortgage, you must be over 55, live in England, Wales or mainland Scotland, and own your own home worth at least £100,000 (or £150,000 for ex-council properties).

    • Any money is repaid when the last remaining borrower dies or moves into long-term care. If you decide to repay the loan before this, you may need to pay an Early Repayment Charge which could be substantial.

    • By releasing some of the equity to use now, it will affect the value of any inheritance that you could leave.

    • You should consider other options to borrow money, which may be more cost effective.