Lifetime mortgages - At a glance

  • Lifetime Mortgages eligibility criteria A customer aged 55 or over, nearing the end of their interest only mortgage term could benefit from a lifetime mortgage. They need to live in the property.
  • Lifetime mortgage products There are two types of products, one where they can pay the interest each month, and one where they don’t pay anything. Any unpaid interest is added to the loan.
  • The amount they can borrow The older they are, the more they can borrow. Use the calculator below to see how much your customer can borrow.
  • The customer must get advice Legal & General can help customers understand if a Legal & General Lifetime Mortgage is the right option for them. If Legal & General don't have the right product for your customer, they also have access to the whole lifetime mortgage market. 
  • Costs involved Through the partnership between Santander and Legal & General, the advice the customer receives is free and they will not have to pay for a valuation. Some of our products have a £599 fee and the customer must meet the cost of their own legal advice. All customers will receive a cashback of 0.3%. (On a £100k loan this is £300).
  • Interest rates The rates available change frequently and the adviser will be able to give more information on this. Between 1 November 2022 and 31 October 2023, Santander customers paid an average of 6.55%. The higher the LTV, the higher the rate that is charged.

Equity release calculator

This calculator helps you see how much equity your customer could release with a lifetime mortgage, a loan secured against their home. You can skip the 'Just one more step' option.

Your customer's date of birth is
/ /
My postcode is
Your customer's home is worth around

Your customer is looking to release

This is a guide to the lifetime mortgage products we offer and not advice or a personal recommendation. 

Retirement Interest Only Mortgage - At a glance

  • Use the money however they want You can spend it in all sorts of ways. If you give the money away, the recipient may need to pay inheritance tax in the future. There are few restrictions on how you spend the money. You can even pay off an existing mortgage.
  • Interest is payable each month The interest due is payable in full each month, so your customer always know how much they owe.
  • There’s no fixed term They don't have to repay the loan on a specific date. It’s repaid when the customer dies or when they move permanently into long-term care. At this point, the property is sold and the loan repaid. If they take out the loan with someone else, the property isn’t sold until both of them have either died or moved permanently into long-term care.
  • The interest rate doesn’t vary The interest rate is fixed throughout so there are no surprises. They pay the same amount every month.
  • They can pay more to reduce how much they owe If they want to pay off more than the interest due each month, they can make overpayments from time to time. So long as any overpayments don’t exceed our limits, there are no charges.
  • They're portable.If your customer wants to move home in the future, they can port the loan to the new property.

Compare our later life mortgages

Lifetime mortgages and Retirement Interest Only Mortgages may appear similar, but it's important to understand the differences between each product. We've pulled out some of the key points below.


  Our Lifetime Mortgages Our Retirement Interest Only Mortgage
Age 55+ 55+
Minimum loan amount £10,000 £10,000
Maximum loan
Determined by your customer's age and property value Up to 60% of the value of your customer's  home, subject to an affordability assessment
Minimum property value considered £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties. £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties
Is there an affordability assessment? No Yes
Is the loan secured against the customer's home? Yes Yes
When is the full amount of the loan repaid? The loan is usually repaid when your customer dies or moves out into long-term care. The loan is usually repaid when your customer dies or moves into long-term care.
Is interest paid every month? No - interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, they can choose to pay off some or all of the monthly interest to prevent this. Yes - the interest due is payable in full each month. 
Is the interest rate fixed? Yes. The interest rate is fixed for the life of the loan. Yes. The interest rate is fixed for the life of the loan.

A mortgage may affect means-tested benefits, your tax position and any future inheritance.

Advice process


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