We began offering lifetime mortgages in 2015. Since then, we’ve lent over £4.4bn and helped nearly 89,000 customers. On average, we process more than 400 applications each week.
With Legal & General you’re in experienced hands and, with our advice service, you can be confident you're making fully informed decisions when considering a lifetime mortgage.
A lifetime mortgage is a loan secured against your home.02
A dedicated advice team
We will never hurry you, you set the pace. You will have your own Adviser and Customer Service Agent who will guide you every step of the way. They are rewarded for great customer service not sales.03
Dedicated to helping you make the right choice
It's important to us that we only recommend products we know, and are accountable for. If we don't have the right product for you, we will refer you to another advice firm, who has access to the whole lifetime mortgage market.04
No advice fee
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.
Your home may be your greatest asset. Shouldn’t you rely on someone you can trust?
Just call us to find out more. No question is too small, we're ready to take your call and very happy to help whatever the query. There's no obligation and no pushy sales tactics. We can check you meet the basic eligibility criteria if you would like us to.02
Getting to know you
Now it’s time to find out more about you. Your Customer Service Agent will call you to gain a deeper understanding of your financial circumstances and particular needs. This information forms the basis of our research and final recommendation to you.03
Introducing your Adviser
We’ll send you a short biography and photo of your Adviser so that you know exactly who you’re talking to when they introduce themselves as part of the recommendation call.04
Your Adviser will talk you through their recommendation, so that you can ask questions and take time to fully understand the product they’re recommending. This is an important meeting so do feel free to invite family or a close friend along to join the call. This can be carried out using a 3 way call process which the adviser will be able to provide full details on how this works. If you choose to proceed with our recommendation, we’ll do all the paperwork and submit the application for you.05
Appoint a solicitor
You’ll need to appoint a solicitor who specialises in equity release to act on your behalf and to provide you with independent legal advice. If your own solicitor isn’t a specialist or you’d just like some help finding a suitable solicitor, we recommend you contact the Equity Release Council who have a list of equity release solicitors. To help you understand the legal process further, we also have a guide you can download:06
Our number one priority is your health and safety and that of the valuers who visit your home. That is why we will arrange for an independent valuation of your home. The surveyor will call you to complete a questionnaire & understand whether it's more appropriate for a valuer to visit your property in person, or value it using publicly available information without the need to enter your home (a desktop valuation),.
You can also watch our short video about the lifetime mortgage valuation process.
If a desktop valuation is the most appropriate option, this will be completed by an independent valuer using publicly available information to assess the value of your home. This includes getting details about your property from the Land Registry and using online information to review any previous sales history. The final valuation figure will also consider the actual sale prices of similar properties in your area.
Because a desktop valuation may provide us with less information than a valuer visiting your property, we will use 95% of the desktop valuation when we calculate the amount we can lend to you.
If everything is acceptable to us, we’ll send you your Offer of Loan and the application process will continue.
Your financial adviser will be able to provide more information on the options available.07
Offer and Legals
Once the valuation is done and your application is approved, we’ll send you and your solicitor the offer. Your solicitor will discuss the offer with you and make sure you understand the implications of a lifetime mortgage. It’s important to take their legal advice.08
A completion date will be agreed and the money will be released to your solicitor, who will repay any existing mortgage or debt against your home. If you’ve chosen to pay the solicitor costs out of the loan, they’ll deduct these before paying the remainder to you.
Spend it however you want
Home improvements, pay off an existing mortgage or just top up your monthly income – it’s up to you how you spend the money. And it’s tax-free too.
Take more money whenever you like
Unless you’ve chosen a monthly income, you can take more money from your lifetime mortgage so long as you haven’t exceeded your limit. This will be explained to you at outset so you’ll know how much you can take.
You can still move house
You may not want to move now, but sometime in the future it may make sense. You can move house at any time, but you do need to talk to us first. We need to check that the property is of a type we would normally lend against - no thatched roofs, for example. And we need to make sure there’s enough equity in the new property to meet the loan and interest. If not, you may have to repay part of the loan when you move.
Paying off the loan
You can repay some of the money you’ve borrowed at any time. This will reduce how much you owe. However, there are limits on how much you can repay and how often you can make repayments. If you exceed the limits, or you want to pay back all of the loan and interest, there may be an Early Repayment Charge.
Explore equity release
Looking to find out more about equity release? Try our equity release calculator to see how much you could get, or take a look at our range of lifetime mortgages.