Recommend a friend for one of our later life mortgages
What is a later life mortgage?
Our later life mortgages are aimed at homeowners aged 55 (or 50 for our Payment Term Lifetime Mortgage) or over and allow you to borrow money based on the value of your home, while continuing to live there.
Our later life mortgages include Lifetime Mortgages and a Retirement Interest Only Mortgage.
Lifetime mortgage
A type of equity release.
A lifetime mortgage is a loan secured against your home. There’s no need to make monthly payments, unless you choose a Payment Term Lifetime Mortgage, where you have to pay the interest off monthly for an agreed payment term. As a last resort, your home may be repossessed if you do not keep up with payments on the Payment Term Lifetime Mortgage.
The amount borrowed and the added interest aren't usually repaid until you die or move out of the home into long-term care. However, there may be cheaper ways to borrow money.
Retirement Interest Only Mortgage
A type of residential mortgage.
A Retirement Interest Only Mortgage is a loan secured against your home. You have to pay the interest off monthly, but the full amount of the loan isn't usually repaid until you die or move out of the home into long-term care. As a last resort, your home may be repossessed if you do not keep up repayments.
If you're looking to release some money from your home to pay off an existing mortgage, this is one of the options available to you.
Compare our later life mortgages
Our Lifetime Mortgages and Retirement Interest Only Mortgage may appear similar, but it's important to understand the differences between each product. We've pulled out some of the key points below.
Our Lifetime Mortgages | Our Retirement Interest Only Mortgage | |
|---|---|---|
Age | 50+ for our Payment Term Lifetime Mortgage 55+ for our Interest Roll Up and Optional Payment Lifetime Mortgages | 55+ |
Minimum loan amount | £10,000 | £10,000 |
Maximum loan amount | Determined by your age and property value. For our Payment Term Lifetime Mortgage an affordability assessment is also required. | Up to 60% of the value of your home, subject to an affordability assessment. |
Is there an affordability assessment? | Yes, for our Payment Term Lifetime Mortgage No, for our Interest Roll Up and Optional Payment Lifetime Mortgages | Yes |
Is the loan secured against my home? | Yes | 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 your home into long-term care. | The loan is usually repaid when you die or move out of your home into long-term care. |
Do I have to pay interest every month? | Yes, for our Payment Term Lifetime Mortgage you have to pay the full interest monthly for your chosen payment term. As a last resort, your home may be repossessed if you do not keep up with payments. No, for our Interest Roll Up and Optional Payment Lifetime Mortgages the interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, with our Optional Payment Lifetime Mortgage you can choose to pay off some or all of the monthly interest to prevent this. | Yes - the interest due is payable in full by you each month. As a last resort, your home may be repossessed if you fail to keep up repayments. |
Is the interest rate fixed? | Yes. The interest rate is fixed for the life of the loan. | Yes. The interest rate is fixed for the life of the loan. |
A mortgage may affect means-tested benefits, your tax position and any future inheritance. | ||
Recommend a friend
*Terms and conditions
The offer
A customer (the “Referrer”) may participate in the recommend a friend promotion by referring a person (the “Referee”) to our specialist advisers to receive financial advice about Legal & General later life mortgages. If, after receiving the referral, the Referee successfully finalises a Legal & General later life mortgage, both the Referrer and the Referee will receive a £250 Love2shop gift card reward.
To be eligible to participate the Referrer must be a customer who has completed a Legal & General later life mortgage application and received financial advice from Legal & General Financial Advice Limited. Note that the Referrer must have a valid application number given to them by Legal & General Financial Advice Limited. Please see the “Eligibility requirements for the reward” tab for more details of how to make a successful referral. Additional terms and conditions apply.
The reward
Customers eligible for a reward following a successful referral, as set out in the “Eligibility requirements for the reward” tab, will be sent a £250 Love2shop gift card in the post approximately 60 days following completion of the Referee’s Legal & General later life mortgage. The Referee will also receive a £250 Love2shop gift card at the same time as the Referrer.
Terms and conditions for use of the Love2shop gift card will apply.
See “Additional terms and conditions” tab for further details.
Eligibility requirements for the reward
The Referrer
The Referrer must have completed a Legal & General later life mortgage application and received financial advice from Legal & General Financial Advice Limited. The Referrer will have received an 8-digit application code from Legal & General after making their application. Please speak to your Legal & General contact if this 8-digit application code cannot be found.
The Referee
The Referee must quote the Referrer’s 8-digit application code in order for the Referrer and the Referee to successfully qualify for the promotion. The rewards will only be granted when the Referee’s Legal & General later life mortgage has completed.
See “Additional terms and conditions” tab for further details.
Additional terms and conditions
For the purposes of these terms and conditions, ‘Legal & General’ shall mean Legal & General Financial Advice Limited
- The reward scheme has no end date but Legal & General reserves the right to withdraw or amend the offer at any time, and Legal & General will state the end time and date of the offer at legalandgeneral.com/enjoy250 prior to such time and date. The offer will remain open to all entries received prior to such time and date.
- The promotion is open to residents of England, Wales or Mainland Scotland, except employees of Legal & General or any related companies, their families, agents or anyone professionally connected with this promotion, and any applicant of a later life mortgage with Legal & General Home Finance Limited will also need to meet the qualifying age for the product.
- To qualify for the promotion, applicants of a later life mortgage must quote when asked the Referrer's eight digit application code from Legal & General. The Referrer will receive the eight digit application code from Legal & General after completing their later life mortgage application. (Please speak to Legal & General if this application code cannot be found).
- If a Referrer refers a Referee to Legal & General Financial Advice Limited to receive advice on Legal & General later life mortgages, and the Referee completes a later life mortgage, then the Referrer and Referee, then the Referrer and Referee will each receive a £250 Love2shop gift card within 60 days of the completion of the Referee’s Legal & General later life mortgage.
- The recipient of any Love2shop gift card will be notified by telephone using the contact details provided on your account. Any recipient of the Love2shop gift card must confirm their address in order to claim the reward, which Legal & General will dispatch to them in the post.
- There is no cash alternative to the Love2shop gift card. Legal & General reserves the right (but is not obliged) to substitute a reasonably equivalent alternative reward, of equal or greater value, if it considers it necessary.
- Love2shop are not a party to these terms and conditions. Additional terms and conditions may apply to the Love2shop gift card including but not limited specifying where and how the gift card can be spent. You must read the terms and conditions of the Love2shop gift card to understand any such requirements. Legal & General accept no liability in relation to the Love2shop gift card itself.
You can find Love2shop terms and conditions here. - Any decision of Legal & General as to eligibility to take part in this promotion or the result of the promotion will be final and no correspondence will be entered into. Legal & General accepts no responsibility for referrals that are incomplete, delayed, lost, damaged or unreadable, or any other reason.
- Legal & General reserves the right to delay or amend this promotion in the event of circumstances outside its reasonable control, which it considers make it necessary for it to do so.
- A recipient of a Love2shop gift card through this promotion may be asked to take part in non-paid publicity or advertising relating to the promotion, which may include having their photograph taken for promotional and press purposes.
- By entering this promotion, all applicants consent to the transfer of any personal data to the Data Controller for the purposes of the administration of this promotion and the Referrer, and if applicable the Referee, consent to the transfer of their personal data to the Data Controller for the purposes of advertising, promotion and/or publicity in connection with this promotion.
- Legal & General and Data Controller: Legal & General Financial Advice Limited Registered office: One Coleman Street, London EC2R 5AA
- This promotion and these terms and conditions are subject to English law. Any disputes must be referred to the English courts.
Legal & General Financial Advice Limited is a wholly owned subsidiary of Legal & General Group plc. Registered in England and Wales number 11901252. Registered office: One Coleman Street, London EC2R 5AA. Legal & General Financial Advice Limited is authorised and regulated by the Financial Conduct Authority.
