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 it 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 £250 Love2shop gift card and, if you were to refer a friend or family member, you both could receive a £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.

 

 

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
amount
Determined by your age and property value 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. Our Income Lifetime Mortgage has to be a minimum of £100,000 property value. £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 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? No - interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, 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.
Actions Our Lifetime Mortgages Our Retirement Interest Only Mortgage

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

 

 

Discover more about the offers

Shareholder offer

As a shareholder, if you successfully complete a Lifetime Mortgage, you could receive £250 Love2shop gift card.

This offer is available to shareholders who have completed a Legal & General Lifetime Mortgage and who have received financial advice from Legal & General Financial Advice Limited.

If you’re interested in one of our Lifetime Mortgages, call our free UK line on 0808 149 4379

We will ask you for your 11-digit investor code when you call, you can find this information on your share portal account.

Lines are open Monday to Friday 8.30am to 8.00pm and Saturday 9.00am to 1.00pm

We may record and monitor calls.

This offer cannot be used in conjunction with any other offer.

Additional terms and conditions apply.

Women on the phone

Get later life mortgage advice from our specialists today

Start getting answers to your questions about later life mortgages in less than 60 seconds, or request a call back from our team.

0808 149 4379

Monday to Sunday 8:30am - 8:00pm
We may record and monitor calls.