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.
Minimum property value considered £70,000 or £100,000 for flats, maisonettes, ex council, ex housing association or ex Ministry of Defence properties. £70,000 or £100,000 for flats, maisonettes, ex council, ex housing association or ex Ministry of Defence properties.
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.
  Our Lifetime Mortgages Our Retirement Interest Only Mortgage

A mortgage may affect means-tested benefits, your tax position and any future inheritance.

Recommend a friend

If you know a friend or family member who is interested in a later life mortgage, we'd love to hear from them.

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Discuss

If you have someone in mind then please discuss it with them first.

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Contact

When they're ready to talk to us we will ask them for your 8-digit application number. This will ensure that you both qualify for the offer. Don't worry - this will not give them access to any of your personal information.

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Enjoy

If they decide to apply for a later life mortgage we will send them, and you, the £250 Love2shop gift card when their mortgage completes as a thank you.

 

 

*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.

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Speak to one of our specialist advisers

Call us for a no-obligation chat about later life mortgages.

0808 163 8828

Monday to Friday 9:00am - 6:00pm
We may record and monitor calls.