If you successfully complete a later life mortgage, you could receive a £500 Love2shop gift card. You could also refer a friend or family member and you could both receive a £250 Love2shop gift card. Terms and conditions apply below.
Many people know how they’d like to improve their retirement but may not have the money to do so. If you are a homeowner you may be able to use your home to change your retirement for the better with one of our Later Life Mortgages.
As you’re a Legal & General shareholder you, your friends and your family members have access to the Legal & General Later Life Mortgage referral offer as set out in these terms and conditions (the “Reward Scheme”). This means that if you were to complete a Later Life Mortgage you could receive a £500 Love2shop gift card and, if you were to refer a friend or family member, you both could receive £250 Love2shop gift card.
These terms and conditions (and the additional terms and conditions) apply to you (as a shareholder) and your friends and family who are seeking to utilise the Reward Scheme.
What is a later life mortgage?
Our later life mortgages are aimed at homeowners aged 55 (or 50 for our Payment Term Lifetime Mortgage) or over and allow you to borrow money based on the value of your home, while continuing to live there. Our later life mortgages include Lifetime Mortgages and a Retirement Interest Only Mortgage.
Lifetime mortgage
A type of equity release.
A lifetime mortgage is a loan secured against your home. There’s no need to make monthly payments, unless you choose a Payment Term Lifetime Mortgage, where you have to pay the interest off monthly for an agreed payment term. As a last resort, your home may be repossessed if you do not keep up with payments on the Payment Term Lifetime Mortgage.
The amount borrowed and the added interest aren't usually repaid until you die or move out of the home into long-term care. However, there may be cheaper ways to borrow money.
Retirement Interest Only Mortgage
A type of residential mortgage.
A Retirement Interest Only Mortgage is a loan secured against your home. You have to pay the interest off monthly, but the full amount of the loan isn't usually repaid until you die or move out of the home into long-term care. As a last resort, your home may be repossessed if you do not keep up repayments.
If you're looking to release some money from your home to pay off an existing mortgage, this is one of the options available to you.
Compare our later life mortgages
Our Lifetime Mortgages and Retirement Interest Only Mortgage 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 | 50+ for our Payment Term Lifetime Mortgage 55+ for our Interest Roll Up and Optional Payment Lifetime Mortgages |
55+ |
| Minimum loan amount | £10,000 | £10,000 |
| Maximum loan amount | Determined by your age and property value. For our Payment Term Lifetime Mortgage an affordability assessment is also required. |
Up to 60% of the value of your 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? | Yes, for our Payment Term Lifetime Mortgage No, for our Interest Roll Up and Optional Payment Lifetime Mortgages |
Yes |
| Is the loan secured against my home? | Yes | Yes |
| When do I have to repay the full amount of the loan? | The loan is usually repaid when you die or move out of your home into long-term care. | The loan is usually repaid when you die or move out of your home into long-term care. |
| Do I have to pay interest every month? | Yes, for our Payment Term Lifetime Mortgage you have to pay the full interest monthly for your chosen payment term. As a last resort, your home may be repossessed if you do not keep up with payments. No, for our Interest Roll Up and Optional Payment Lifetime Mortgages the interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, with our Optional Payment Lifetime Mortgage you can choose to pay off some or all of the monthly interest to prevent this. |
Yes - the interest due is payable in full by you each month. As a last resort, your home may be repossessed if you fail to keep up repayments. |
| 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. |
| Our Lifetime Mortgages | Our Retirement Interest Only Mortgage |
A mortgage may affect means-tested benefits, your tax position and any future inheritance.
Retirementors: John and June
John and June took out a lifetime mortgage to release money tied up in their home to enjoy with their family, and benefited from our shareholder offer. The couple have lived in their much-loved village for 30 years and are deeply rooted in the community, as the Chairman and Secretary of their local sports club. Retired Chief Executive John, explains how the lifetime mortgage has helped better the lives of their whole family and that ‘every day life gets a little bit sweeter.’
Watch their story now
Offer terms and conditions
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