Seven simple steps to taking out one of our Lifetime Mortgages

What are the seven 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 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.

    Try our calculator
  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. Talk to Santander

    Santander will help you decide if you could be eligible for a lifetime mortgage. If this is the right option for you, they will refer you to Legal & General, to make a first appointment.

  4. 4. 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 existing mortgage
    You'll need to provide full details of your existing mortgage balance and any additional debt you might be using the lifetime mortgage to pay off.

    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 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.

  5. 5. 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 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 or a Lasting Power of Attorney, if you don’t have one already. 

    If you don’t already have an adviser, Santander can put you in touch with us. If a lifetime mortgage isn't right for you, we will let you know.

    If you'd prefer to talk to your own financial adviser but you don't have one, you can find a list of advisers in your area on the Equity Release Council or Unbiased websites.

    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.

  6. 6. 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, such as a loan or outstanding mortgage – you’ll need to ask your existing provider for a redemption statement or repayment figure. Think carefully before securing other debts against your home.
    • A specialist surveyor will contact you to arrange a suitable time for the valuation of your property.
  7. 7. 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 documents, and as soon as they come back to us, we’ll release the money.

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