We began offering lifetime mortgages in 2015. Since then, we’ve lent over £4.5bn and helped over 91,000 customers. On average, in 2020 we processed more than 400 applications each week. To help even more customers we've introduced our Retirement Interest Only Mortgage.
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 later life mortgage.
A later life 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 for 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 a suitable product for you, then we’ll introduce you to another advice firm, who have access to products from the whole of the market.04
No advice fee
We don't charge an advice fee and we make sure you understand every single cost involved with taking out your later life mortgage.
Your home may be your greatest asset. Shouldn’t you rely on someone you can trust?
Further details can be found on How much does a later life mortgage cost?.
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:
Retirement Interest Only Mortgage
Your adviser will inform you if you need to appoint a conveyancer. This is a solicitor who deals with the property, contracts and any documentation needed. To help you understand the legal process further, we also have a guide you can download06
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),.
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. Visit our valuation guide to find out more.
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 complete 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 later life mortgage. It’s important to take their legal advice before you sign and accept the offer.
If you have applied for a Retirement Interest Only mortgage you must insure
your property for at least the amount set out in your Mortgage Offer. This should be sufficient to cover the cost of rebuilding the property.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.
Pay off existing loans such as a mortgage, rather than sell and move. Think carefully before
securing other debts against your home. You may have to pay an early repayment charge.
Offer financial support to loved ones for university fees, wedding costs, or climbing the property ladder. Remember, if you gift money in this way, the recipient might need to pay inheritance tax in the future.
Enhance your home with a new extension, or adaptations that make it possible to stay in the
home you love for as long as possible.
Like a new car, or to pay for care in the home. Or get additional income to make life more comfortable or to bridge a gap until another income source becomes available.
Explore later life mortgages
Whether you're looking to pay off an existing mortgage, or to release some equity from your home to spend on yourself, your home or your family, one of our later life mortgages could help
A type of equity release.
A lifetime mortgage is a loan secured against your home. There's no need to make monthly payments and are available to homeowners aged 55 or over. The amount borrowed and the added interest isn'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.
If you're looking to release some money from your home to increase your income in retirement, this could be a good option for you.
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.