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Help your customers find out how taking out a lifetime mortgage works
When your customer takes out a lifetime mortgage with Legal & General, we're with them every step of the way. Your customer has their own personal advice team who'll guide them through the advice journey. (This is the process Legal & General follow but the steps are similar when using an independent adviser).
01Get in touch with Legal & General
Just call us to find out more. No question is too small, we're ready to take your customer's call and very happy to help whatever the query. There's no obligation and no pushy sales tactics.
02Getting to know the customer
Your customer will be assigned a Customer Service Agent, who will gain a deep understanding of their financial circumstances and particular needs. This information forms the basis of our research and final recommendation.
03Introducing your Adviser
The customer gets sent a short biography and photo of their Adviser so that they know exactly who they're talking to when they call to introduce themselves, and who to expect at the door when they arrive for the recommendation meeting.
04Recommendation meeting
This meeting is in the customer's home. Their Adviser will take them through their recommendation in person, so that they can ask questions and take time to fully understand the product they’re recommending. This is an important meeting so customers are encouraged to invite family or a close friend along.
If they choose to proceed with the recommendation, we’ll do all the paperwork and submit the application.
05Appoint a solicitor
Your customer will need to appoint a solicitor who specialises in Lifetime Mortgages to act on their behalf and to provide them with independent legal advice. We can help your customer find a solicitor if they do not already have one.
06Valuation
We’ll arrange for an independent valuation of your customer’s house.
07Offer and Legals
Once the valuation is done and the application is approved, the offer will be sent to the customer and their solicitor. The solicitor will discuss the offer with the customer and make sure they understand the implications of a lifetime mortgage. It’s important to take their legal advice.
08Money received
A completion date will be agreed and the money will be released to the solicitor, who will repay any existing mortgage or debt against the customer's home. If the customer has chosen to pay the solicitor costs out of the loan, they’ll deduct these before paying the remainder to them.
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What happens once the loan has been approved?
A lifetime mortgage comes with built-in flexibility around when you receive the money, how you repay the loan and what happens when you move home.
Pay off their outstanding mortgage
Your customer will first need to pay off their outstanding mortgage balance. If there's any money left over they are free to spend it however they'd like.
Take more money at a later date
Your customer has the option to take more money from their lifetime mortgage so long as they haven’t exceeded their limit. This will be explained at outset so they'll always be aware of how much they can take.
They can still move house
Your customer may not want to move now, but sometime in the future it may make sense. They can move house at any time, but they will need to talk to Legal & General first. Legal & General need to check that the property is of a type they would normally lend against, and that there’s enough equity in the new property to meet the loan and interest. If not, you may have to repay part of the loan when you move.
Paying off the loan
Your customer can repay some of the money they’ve borrowed at any time. This will reduce how much they owe. However, there are limits on how much can be repaid and how often they can make repayments. If they exceed the limits, or want to pay back all of the loan and interest, there may be an Early Repayment Charge.
Reminder!
The information here is for training purposes only and this URL should not be shared with anyone outside of Santander or Legal & General.
Customer stories
Find out how other Legal & General customers have benefited from their lifetime mortgage.
Supporting your customers
Use the calculator to find out how much your customer could get.