What is a lifetime mortgage?

A lifetime mortgage is a type of equity release, a loan secured against your home that allows you to release tax-free cash without needing to move out.

Our Lifetime Mortgages are available to homeowners aged 55 (or 50 for our Payment Term Lifetime Mortgage) or over. You may be able to take the money as a lump sum or a series of lump sums. The loan doesn’t have to be fully repaid until until you die or move permanently into long-term care.

If you have the financial means, you can choose to pay off some or all of the monthly interest. It would reduce the amount of interest added over the life of the mortgage and reduce the amount you’ll owe in the end.

Whether you're looking to pay off an existing mortgage, make some essential home improvements, or gift money to a family member, a lifetime mortgage could help.

Lifetime mortgage pros and cons

You can only get a lifetime mortgage through a qualified equity release adviser, but it's important to understand the benefits and risks.

  • Tax-free cash

    When you release equity with one of our Lifetime Mortgages, you can take a lump sum in one go or as a series of smaller lump sums when it suits you.

  • Spend it how you want

    You can use the money you release for home improvements, helping children buy their first property or increase your income in retirement. It's up to you.

  • Nothing to repay

    Unless you choose otherwise, there's nothing to repay until you die or move permanently into long-term care.

  • Flexible repayments

    If you prefer, there's an option to repay some or all of the interest. You can also choose to repay part of the original loan.

  • Stay in your home

    With equity release, you don't need to downsize and can stay in your home until you die or move permanently into long-term care.

  • You can still move house

    So long as the new property is acceptable to us.

  • Inheritance protection

    Part of the value of your home can be passed on if you choose our Inheritance Protection option.

  • No negative equity guarantee

    Whatever happens you'll never repay more than the value of your home when it is sold - even if that's less than the amount owing. Subject to terms and conditions.

  • The interest can build up quickly

    Any unpaid interest can rapidly build up over time. There may be cheaper ways to borrow money.

  • Reduced inheritance

    Even with our Inheritance Protection option, releasing equity with a lifetime mortgage will reduce how much you can leave as an inheritance.

  • Inheritance tax

    If you gift the money, the recipient may need to pay inheritance tax in the future.

  • Early Repayment Charge

    If you choose to repay all or a significant part of the loan early, there may be an Early Repayment Charge.

  • Means-tested state benefits

    If you're receiving certain means-tested state benefits, taking a lifetime mortgage could impact your entitlement to these benefits.

  • Higher interest rates

    Usually the interest rates for a lifetime mortgage are higher than the rates charged for a traditional mortgage.

  • Repaying an existing mortgage

    You may have to pay an Early Repayment Charge to your existing lender if you remortgage.

  • With the Payment Term Lifetime Mortgage your home may be repossessed

    This may happen as a last resort if you fail to keep up with payments.

Is a lifetime mortgage right for you?

To be eligible to release equity from your home with one of our lifetime mortgages:

  • You must be aged 55 (or 50 for our Payment Term Lifetime Mortgage) or over.
  • You must own (or be buying) your own home, with little or no mortgage left to pay.
  • Your home must be worth at least £70,000 or £100,000 depending on your property type.

Our lifetime mortgage specialists are available to answer any questions you have. Why not give us a call today. Or, if you'd rather, you can give us your number and we'll give you a call back.

Get lifetime mortgage advice Lifetime mortgage calculator

Equity release calculator

This calculator helps you see how much equity you could release with a lifetime mortgage, a loan secured against your home. We’ll ask you to register your details so we can show you the calculation. You may also receive a call from us to assist you with your enquiry.

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This is a guide to the lifetime mortgage products we offer, and not advice or a personal recommendation. You can only buy a lifetime mortgage through a financial adviser.

If we call, we’ll use your address to look up your property to assist with your enquiry.

Our lifetime mortgages

Flexible product image

Flexible Lifetime Mortgage

If you're aged 55 or over and you'd like to take a lump sum, or a series of lump sums, and pay nothing until you die or move into long term care, this could be right for you.

Flexible Lifetime Mortgage
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Optional Payment Lifetime Mortgage

If you're aged 55 or over and you'd prefer to take a lump sum, or a series of lump sums, and pay off some or all of the interest, this could be right for you.

Optional Payment Lifetime Mortgage
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Payment Term Lifetime Mortgage

If you're aged 50 or over and you'd prefer to take a lump sum and pay all the interest each month for a chosen payment term, this could be right for you.

Payment Term Lifetime Mortgage

"We did look at downsizing but, having been here nearly 30 years, we love this village. We love this house, so, the way we’ve done the lifetime mortgage means we’ve got all the benefits of living here and yet all the benefits of being able to help ourselves, our children, our grandchildren and having a lot more fun."

- John, Oxfordshire

Find out how much you could release
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How much is a lifetime mortgage?

One of the main things people want to know about lifetime mortgages is how much the loan will cost. There are two parts to this answer:

Lifetime mortgage interest rates: This is the rate of interest charged on the loan, which affects the total amount you need to pay back. 

Costs involved in releasing equity: These are the costs you need to pay during the process of releasing equity with a lifetime mortgage, for example arrangement fees and solicitors fees. We don't charge an advice fee.

Lifetime mortgage interest rates Costs to release equity

Why Legal & General

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We're here to help you

Since 2015, we've lent over £6.46 billion to over 115,000 customers.

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For lifetime mortgages

We're a proud member of the Equity Release Council.

Highly Commended as the Best Equity Release Provider in 2023.

Award winning

Moneyfacts awarded us Highly Commended for Best Equity Release Provider in 2023.

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Get in touch about our lifetime mortgages

To speak to us about a lifetime mortgage, call our advice team on the number below.

For any other enquiries please get in touch via our contact us page

0808 301 70440808 301 7044

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

More about later life mortgages

Find out more about your later life mortgage options.

Compare later life mortgages

Which later life mortgage is right for you?

Lifetime Mortgages (a type of equity release) and Retirement Interest Only Mortgages are sometimes grouped together as 'later life mortgages' or 'later life lending' products. While similar and often used for similar purposes, these are different products and it's important to understand the differences between the two. There may be cheaper ways for you to borrow money.

Find out more about our range of later life mortgages, or use our simple tool to find out which product might best suit your needs.

Compare later life mortgages Which later life mortgage?

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.

About our Retirement Interest Only Mortgage Retirement Interest Only Mortgage calculator