Later life mortgages at a glance

Legal & General offer two types of later life mortgage. A Lifetime Mortgage and a Retirement Interest-Only mortgage.

A Lifetime Mortgage is a form of equity release. The amount borrowed plus interest doesn’t need to be repaid until you die or move into long-term care. 

Find out about Lifetime Mortgages

A Retirement Interest-Only Mortgage is a type of residential mortgage, the amount borrowed doesn’t need to be repaid until you die or move into long-term care

Find out about Retirement Interest-Only Mortages 

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 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 £100,000 £100,000
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.
Actions Our lifetime mortgages Our Retirement Interest Only Mortgage

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

Lifetime mortgage calculator

This calculator helps you see how much equity your customer could release with a lifetime mortgage, a loan secured against their home. 

My date of birth is
/ /
My postcode is
My home is worth around

I'm looking to release

This is a guide to the lifetime mortgage products we offer and not advice or a personal recommendation. You can only buy a lifetime mortgage through a financial adviser.

Reminder!

The information here is for training purposes only and this URL should not be shared with anyone outside of Virgin Money or Legal & General.

Customer stories

Find out how other Legal & General customers have benefited from their lifetime mortgage.

Advice process

Find out about the Legal and General advice process