Over 55? Looking for a lifetime mortgage?
Equity release lets you access some of the money tied up in your property tax-free without having to move. You can usually take this as a one-off amount or in smaller amounts as and when you need it (this is often known as a drawdown). There are two types of equity release products, lifetime mortgages and home reversion plans; we only offer lifetime mortgages.
A Legal & General Lifetime Mortgage allows homeowners who are over 55 and have a property worth at least £100,000 (£150,000 for ex-council properties) to release cash from their home.
A lifetime mortgage is not suitable for everyone which is why you must take specialist advice before you buy. It's a large financial commitment that’s designed to last a lifetime. A qualified adviser can help you explore alternative options.
We charge interest on both the loan and any interest already owed and add this to the total amount that’s secured against your home. This means that the total you owe can grow quickly, reducing the equity in your home. The loan is repaid when you die or move into long-term care.
Our Lifetime Mortgages include
- Flexibility - our Flexible Lifetime Mortgages allow you to take the maximum loan all in one go, or in smaller amounts as and when you need it. If you take it in smaller amounts, the interest rate for each amount will depend on the interest rates available at the time.
- No-negative equity guarantee – you or your beneficiaries will never have to pay back more than the property is worth when it's sold.
- Optional inheritance protection – this lets you protect a part of your property's value to provide an inheritance for your beneficiaries. This will reduce the amount you can borrow.
- Optional Partial Repayments - this allows you to repay up to 10% of the loan each year without having to pay any early repayment charges.
We’ve chosen to work with The Retirement Lending Advisers. If you use The Retirement Lending Advisers, a separate company who only advise on our Lifetime Mortgages, they won't charge you an advice fee.
Visit The Retirement Lending Advisers page to find contact details or request a call back.
Alternatively, if you don't already have your own financial adviser, you can find a specialist adviser at equityreleasecouncil.com
Why we’re different
We’re committed to offering great value to our customers. If you decide that our Lifetime Mortgage is right for you we'll aim to make the process as easy and straightforward as possible.
As at February 2017, we have lent over £900 million in lifetime mortgages to thousands of people.
We are on TV
Visit our Lifetime Mortgages site to see our new TV ad and to understand how the product could work for you.
Remember, it’s important to shop around and get as much guidance and advice as you need before you make any decisions on what is best for you. Other providers may have more appropriate products or be able to offer a higher level of retirement income.