What is a lifetime mortgage?

A lifetime mortgage is a type of equity release. A loan secured against your home, that lets you release tax-free cash to use now, without having to move or sell your home. You can take the cash all at once, or in smaller amounts when you need them, up to the full loan amount.

More and more people are choosing to take a lifetime mortgage in later life.

Our Lifetime Mortgages in a snapshot

  • Release £10,000 to £100,000 or more, as tax-free cash.
    83% of our new customers received an initial lump sum of between £10,000 and £100,000 in the first half of 2018. Amount released is subject to individual circumstances.

  • An interest rate that's fixed for life.

  • With no need to make monthly payments.

  • No affordability assessments.

Benefits and risks

A lifetime mortgage is a serious commitment. Here are some of the benefits and risks you may want to consider.

  • Tax-free cash lump sum, or smaller amounts as and when you need them.
  • Stay in your own home, or move if you want to.
  • No monthly payments.
  • The loan is usually repaid from the sale of your home when the last surviving borrower dies or goes into long-term care.
  • No Negative Equity Guarantee.
  • Inheritance Protection available.
  • How you spend or use the money  may affect the tax you pay and/or the benefits you receive.
  • 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.
  • Interest is added, so the total amount you owe increases quickly over time.
  • Lifetime commitment.
  • Reduced inheritance.

For more information about our Lifetime Mortgages, take a look at our Lifetime Mortgages product page.

Why choose Legal & General?

Money Facts 5 star Equity Release 2018

5-star products

Moneyfacts awarded all our Lifetime Mortgage products five stars in 2018.

Equity Release Council logo

Responsible lender

As a member of the Equity Release Council, we uphold their standards and regulations.

Shaking Hands

We're here to help you

As at August 2018, we have lent over £2.55 billion in lifetime mortgages to thousands of people.

Call us

Like any big decision, it's important to talk to a financial adviser about whether a lifetime mortgage is the right option for you. If you don't have a financial adviser, we can help. We've chosen to work with The Retirement Lending Advisers (TRLA), specialist advisers who've already helped thousands of people like you learn more about their options.

When you call the number shown below, you will be put through to TRLA. They aren't part of Legal & General. They're a separate company who advise on our Lifetime Mortgages. They'll answer any questions, check if you're eligible and, if you decide to go ahead, arrange a free, no-obligation appointment.

Call free on 0808 302 6478

Monday to Friday, 9.00am to 5.30pm. TRLA may record and monitor calls.