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 £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.
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. | £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.
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
Discover more about the offers
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