Compare our later life mortgages

Lifetime mortgages and retirement interest-only mortgages 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 55+ 55+
Minimum loan amount £10,000 £10,000
Maximum loan
amount
Determined by your age and property value 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. Our Income Lifetime Mortgage has to be a minimum of £100,000 property value. £70,000 or £100,000 for flats, maisonettes, ex council, ex housing association or ex Ministry of Defence properties.
Is there an affordability assessment? No 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? No - interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, 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.
Actions 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

The recommend a friend promotion is a £250 Love2shop gift card reward to be sent to the person making the referral (the referrer) after the person receiving the referral (the referee) successfully finalises a Legal & General Later Life Mortgage  The referrer will also receive a £250 Love2shop gift card at the same time as the referee. (The referrer must have an application number given to them by Legal & General Financial Advice Limited.)

This offer is available to customers who have completed a Legal & General Later Life Mortgage application and who have received financial advice from Legal & General Financial Advice Limited.

The offer currently has no end date but Legal & General reserve the right to withdraw the offer at any time. 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. There is no limit to the number of referrals that can be made by an individual referrer.

This offer cannot be used in conjunction with any other offer.

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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 Sunday 8:30am - 8:00pm
We may record and monitor calls.

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