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Later life mortgages

Umbrella Benefits

You could enjoy a £250 Love2shop gift card when you take out a Legal & General Later Life Mortgage. Terms and Conditions apply*

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.

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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.

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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.

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 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.

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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 later life mortgages.

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

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The reward

Customers eligible for the reward following a successful completion of a later life mortgage will be sent the £250 Love2shop gift card in the post, approximately 60 days post completion of the 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.

As your employer has a group protection policy with Legal & General Assurance Society Limited, you have access to the Legal & General Later Life Mortgage referral offer as set out in these terms and conditions (the “Reward Scheme”). This means that if you were to complete a Later Life 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 in the additional terms and conditions tab) apply to you (as your employer has a group protection policy with Legal & General Assurance Society Limited) when seeking to utilise the Reward Scheme.

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Speak to one of our specialist advisers

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

0808 231 1594

Monday to Friday 9:00am - 6:00pm
Saturday 9:00am - 1:00pm
We may record and monitor calls.

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