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 2021 Virgin Money customers paid an average of 3.08%. The higher the LTV, the higher the rate that is charged.