Lifetime mortgages at a glance

  • Lifetime Mortgages eligibility criteria A customer aged 55 or over, nearing the end of their interest only mortgage term could benefit from a lifetime mortgage. They need to live in the property.
  • Lifetime mortgage products There are 2 types of products, one where they can pay the interest each month, and one where they don’t pay anything. Any unpaid interest is added to the loan.
  • The amount they can borrow The older they are, the more they can borrow. Use the calculator below to see how much your customer can borrow.
  • The customer must get advice Legal & General can help customers understand if a  Legal & General Lifetime mortgage is the right option for them. If Legal & General don't have the right product for your customer, they can put them in touch with another advice firm, who has access to the whole lifetime mortgage market. 
  • Costs involved Through the partnership between Virgin Money and Legal & General, the advice that a customer receives is free. If choosing a Legal & General Lifetime Mortgage, your customer will not pay a product fee (usually £599), no valuation fee and if they choose an eligible product, they may receive an additional cashback. However they will need to meet the cost of their own legal advice.
  • Interest rates The rates available change frequently and the adviser will be able to give more information on this. In 2019, Virgin Money customers paid between 2.76%-5.84%. The higher the LTV, the higher the rate that is charged.

Is a lifetime mortgage right for your customer?

They won't have to move out of their home

A lifetime mortgage means your customer can stay in their own home, but still access the money tied up in it.

No negative equity guarantee

Whatever happens to the value of the customer’s property, they will never owe more than the price it is sold for. Subject to terms and conditions.

Fixed interest rates

The rates for a Legal & General Lifetime Mortgage are fixed so they will never change during the life of the loan.

Option to make payments

Your customer can opt to pay all, some or none of the monthly interest. If they choose pay all of the interest each month, the balance will never change. Any unpaid interest is added to loan.

Lifetime mortgages are portable

If your customer wants to move home in the future, they can port the loan to the new property.

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. 

I am years old
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.

Common questions

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