Six simple steps to taking out one of our Lifetime Mortgages

What are the six steps?

Lifetime mortgages can be a lifetime commitment, so it’s important you find out all you can about them. To help explain the process of getting a lifetime mortgage, we’ve put together the following steps.


  1. 1. Try our calculator

    Find out instantly how much equity you could release from your home. It only takes a minute and you don’t need exact figures, just a rough idea will do. But please be aware that the value of your home must be £100,000 or more (£150,000 for
    ex-council, ex-housing association or ex-Ministry of Defence properties).



  2. 2. Talk to your family

    We encourage you to talk to your family about your plans – you could even include them in the meeting with your adviser. Remember if you take a lifetime mortgage it will reduce any inheritance that you can leave your family.

  3. 3. Request a meeting

    You may have several options to choose from, so it’s important to talk to a financial adviser about whether a lifetime mortgage is right for you.

    If you already have an adviser who is qualified to advise on lifetime mortgages, why not get in touch with them to find out more?

    Alternatively, we could help. We’ve chosen to work with The Retirement Lending Advisers (TRLA). They’re not part of Legal & General, they’re a separate company of specialist advisers, who’ve already helped thousands of customers, find out more about lifetime mortgages.

    If you’d like your own adviser, you can find one close to you on the Equity Release Council’s website.

  4. 4. Speak to a lifetime mortgage adviser

    Your adviser will answer any questions you have, explain your options and the benefits and risks involved.

    When you speak to your adviser, you’ll need:

    • Proof of your age, identity and address.
    • Information about your salary, pension, state benefits, bank and building society accounts, and any investments.
    • A list of your regular outgoings like bills and food, and less-regular expenses like birthday celebrations or trips out.
    • Details of your mortgage.
    • Some details on how much you think your home is worth right now. Do some research on the value of similar properties in your neighbourhood. 

    Your adviser will use this information to put together a Key Facts Illustration which they will give to you. Take the time to go through it, it’s a good idea to take notes and ask questions as you need to.

    While you’re thinking about inheritance, it’s a good time to think about reviewing your will or making one, if you haven’t already.

  5. 5. Start your application

    If you decide a lifetime mortgage is right for you, then your adviser will complete and submit your application.

    You must also appoint a solicitor to act on your behalf, for independent legal advice. Your adviser will be able to help you find a solicitor, if you don’t have one.

    The application won’t take long, and the things you’ll need to do are:

    • Confirm if you’d like us to arrange Inheritance Protection, and if so, the percentage of your property’s value to secure. This will reduce the total amount you can borrow.
    • Choose whether you’d like a one-off cash sum, or smaller amounts as and when you need them. If you take smaller amounts later, a different interest rate may apply to each amount you take (depending on the interest rates available at the time).
    • Decide if you want to make monthly interest payments. If yes, you’ll need your bank details to hand.
    • Talk through the final application with your adviser and confirm any changes.
    • If you’re using the money to repay debt – you’ll need to ask your existing provider for a redemption statement or repayment figure.
    • A specialist surveyor will contact you to arrange a suitable time for the valuation to take place. Watch our short video to find out more about the valuation process.
  6. 6. Enjoy your retirement

    If approved, we’ll send you an offer along with a copy for your solicitor.

    There are checks and a legal process that must now be completed before we can release the money on your lifetime mortgage. Our PDF file: Legal process guide PDFsize: 876KB  will give you a better understanding of what is involved and what you need to do next.

    Your solicitor will go through the legal documents with you, and as soon as they come back to us, we’ll release the money.

How can I take out a lifetime mortgage?

If you’re interested in taking out a Legal & General Lifetime Mortgage, you can find out more from a lifetime mortgage adviser.

Talk to your own adviser or call The Retirement Lending Advisers (TRLA) on 0800 915 4735.

TRLA aren’t part of Legal & General – they’re a separate specialist company that advises on our Lifetime Mortgages. Calls are free.

Lines are open Monday to Friday, 9.00am to 5.30pm. TRLA may record and monitor calls.