How does a Lifetime Mortgage work?

Tax-free cash to spend on whatever you want

A Lifetime Mortgage, also known as equity release, is a loan secured against your home. It's a product that allows homeowners, aged 55 and over, to take some of the value of their home as cash. The amount you can release is based on your age and the value of your home.

Depending on the type of product, you can usually choose whether to receive the money as a lump sum or as a series of lump sums. Whichever form of equity release you choose, you continue to live in your home until the last surviving borrower dies or moves out of the home and into long term care. The cash released is tax-free and you can use it for whatever you like, whether that's for home improvements, travel or to pay off an existing mortgage.

Before choosing a Lifetime Mortgage, you must speak to a financial adviser for equity release advice. The product can only be taken out through a qualified equity release adviser. Our specialist advisers only advise on our Lifetime Mortgages, and the advice they give you is confidential and with no obligation to progress. We don't charge an advice fee (for more details please see further information on how much Legal & General advice costs) and we make sure you understand every single cost involved with taking out your Lifetime Mortgage. No costs are payable until your money is released.

Is a lifetime mortgage right for you?

Use the money however you want

Home improvements, pay off an existing mortgage or increase your income in retirement – it’s up to you. However, there may be cheaper ways to borrow money

Provide an inheritance

You can protect part of the value of your home so it can still be left as an inheritance

You don't have to move home

A lifetime mortgage means you can stay in your own home, but still access the money tied up in it

Fixed interest rates

Our rates are fixed so they will never change during the life of the loan

Nothing to repay while you live in the home

You don’t have to repay any of the money or the interest until you die or move permanently out of your home into long-term care

No negative equity guarantee

Whatever happens to the value of your property, you will never owe more than the price it is sold for. Subject to terms and conditions

Our Lifetime Mortgages

Find out more about the Lifetime Mortgages we offer and how they could help you.

The offer

Through your employer having a group protection policy with us, as part of our Umbrella Benefits Scheme, you could receive a £250 Love2shop gift card if you receive financial advice from Legal & General Financial Advice Limited and successfully complete one of our lifetime mortgages.

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

The reward

Customers eligible for the reward following a successful completion of a lifetime mortgage will be sent the £250 Love2shop gift card in the post, approximately 60 days post completion of the Lifetime Mortgage. The Love2shop gift card is non-exchangeable.

Terms and conditions for the use of the Love2shop gift card may apply.



Terms and conditions

This is a promotion by Legal & General Home Finance Limited in which you could receive a Love2shop gift card to the value of £250, subject to these terms and conditions.

The offer

As your employer has a group protection policy with Legal & General Assurance Society Limited, you have access to the Legal & General Lifetime Mortgage referral offer as set out in these terms and conditions (the “Reward Scheme”). This means that if you were to complete a Lifetime Mortgage and have received financial advice from Legal & General Financial Advice Limited you could receive a £250 Love2shop gift card.

These terms and conditions (and the additional terms and conditions) apply to you (as your employer has a group protection policy with Legal & General Assurance Society Limited) when seeking to utilise the Reward Scheme.

Women on the phone

Speak to one of our specialist advisers

Call us for a no-obligation chat about lifetime mortgages.

0808 231 1594

Monday to Sunday 8:30am - 8:00pm
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