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 also have access to the whole lifetime mortgage market. 
  • Costs involved Through the partnership between Virgin Money and Legal & General, the advice the customer receives is free and they will not have to pay for a valuation. Some of our products have a £599 fee and the customer must meet the cost of their own legal advice. All customers will receive a cashback of 0.3%. (On a £100k loan this is £300.)
  • Interest rates The rates available change frequently and the adviser will be able to give more information on this. In 2020 Virgin Money customers paid an average of 3.42%. 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.

Common questions