Six steps to our Lifetime Mortgage

These steps explain the process of getting a Legal & General Lifetime Mortgage. A lifetime mortgage is a serious commitment, so you must find out everything you can about lifetime mortgages.

  1. 1. Use our calculator

    It only takes a minute or so and you’ll find out instantly how much equity you could release from your home.

    Use our calculator 

    You don’t need precise 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

    It’s always your decision but we encourage you to talk to your family about your plans and why you’re interested in a lifetime mortgage. 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. Prepare for your meeting

    When you make an appointment with an adviser, you’ll need the following information.

    About you

    The adviser needs to see proof of your age, identity and address.

    Your income

    Make a note of things like your salary, pension, state benefits, bank and building society accounts, and any investments.

    Your outgoings

    List all of your regular outgoings like bills and food, and less regular expenses like birthdays or trips out.

    Your property

    Write down a few details and what you think it’s worth.

  4. 4. Speak to a lifetime mortgage adviser

    They can help you understand all the benefits and risks involved.

    Take time to go through the personal Key Facts Illustration they give you. Feel free to take notes and ask questions as you go. Then explore all of your options in depth and think about the plans you’d like to make for leaving an inheritance. Now’s also a good time to consider making a will if you don’t have one already. You can only get a personalised illustration for our Lifetime Mortgage through a specialist Lifetime Mortgage adviser.

    If you don’t have an adviser, you could use The Retirement Lending Advisers (TRLA). They’re not part of Legal & General, they’re a separate company of specialists that only advise on our Lifetime Mortgages. If you use TRLA, they won’t charge you an advice fee.

    If you don't use The Retirement Lending Advisers you can find an adviser local to you here Link to Equity Release Council's website.

    A specialist adviser can look at your situation and explain the features and risks involved before you apply for a lifetime mortgage; every financial product has advantages and disadvantages. Watch our animation to find out what you can expect from a lifetime mortgage adviser.

  5. 5. Start your application

    Once you’re ready, and the adviser has confirmed that a lifetime mortgage is right for you, you can get underway with the application. It won’t take long and your specialist lifetime mortgage adviser will help you. You’ll need to:

    • Confirm if you’d like us to arrange Inheritance Protection, and if so, the percentage of your property’s value to secure for your estate. This will reduce the total amount you're able to borrow.
    • Choose whether you’d like a one-off lump sum or access to smaller amounts as and when you need them. If you take more money later, the interest rate for that loan will be set at that time and may be higher or lower than the rate you pay on your initial amount.
    • Decide whether or not you would want to make monthly interest payments.
      If you do, you'll need to have your bank details ready so that you can set up a Direct Debit.
    • Talk through the final application with your adviser and confirm any changes.
    • Request a redemption statement or repayment figure from your existing provider, if you're using the money to repay a debt such as a loan or outstanding mortgage.
    • Wait for us to arrange for your property to be valued by a specialist surveyor. 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.

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

    Then you can start spending your money. Whether you’ve planned home improvements, want to take the holiday of a lifetime, or are simply looking forward to a more comfortable retirement, the choice is yours.

    Find out how other customers used their Legal & General Lifetime Mortgages with our selection of short videos.

Frequently asked questions

Commonly asked questions about lifetime mortgages.

The Retirement Lending Advisers

Find out more about TRLA