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Discover how equity release works and how it may help you.
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See how much tax-free cash you could release from your home.
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There are important things you need to consider before deciding whether a lifetime mortgage is right for you. Please read on to understand more about the benefits and risks.
If you have equity in your home you may be able to use it to change retirement for the better with a lifetime mortgage – and our product may help you achieve this.
We’re backed by the strength and security of the Legal & General Group. We take your security and happiness very seriously, we only offer our lifetime mortgage through fully qualified and approved financial advisers.
Request a printed copy, or download our free guide to lifetime mortgages.
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What's more, with our no-negative equity guarantee, we can promise you’ll never be left with an outstanding debt after your property is eventually sold. This is provided your home is sold for the best price reasonably obtainable and you have met your terms and conditions of your lifetime mortgage.
It’s important to know that we charge interest on the total loan amount plus any interest already charged. Because you don't have to make any regular payments, the amount you owe grows quickly and reduces the equity left in the property. A lifetime mortgage will reduce an inheritance and affect entitlements to state benefits. Repaying a loan early could mean substantial early repayment charges. If property values fall, that may affect the equity available to you or your estate. You should consider other options to borrow money which may be more cost effective.
This plan can be taken out by just yourself or with your spouse or partner, but you must be 55 or over to apply and your UK property must be worth at least £100,000 (£150,000 for ex local authority properties).
Our Flexible Lifetime Mortgage allows you to take the maximum loan all in one go, or in a smaller amount as and when you need it. If you take it in smaller amounts, the interest rate for each amount will depend on the interest rates available at the time.
You decide what percentage of the property’s value you’d like to protect to pass on as an inheritance. However, be aware this will reduce the amount you can borrow.
This is your home, so we want you to be sure about your decisions. You could talk to your own financial adviser about lifetime mortgages or we can put you in touch with The Retirement Lending Advisers (TRLA). They're a separate company who only advise on Legal & General's Lifetime Mortgages and they won't charge you an advice fee.
For our customers who were charged an advice fee by an independent financial adviser, the majority paid £1,034 or more. This fee could have been saved if they had used TRLA to advise them on their Legal & General Lifetime Mortgage.
Savings are based on advice fees paid by Legal & General customers between January and June 2017. Independent financial advisers can give advice on all lifetime mortgages available in the market. Advice fees vary and any actual savings will depend on your individual circumstances.
Our lifetime mortgage calculator makes it easy to see how much money you could release from your home with a Legal & General Lifetime Mortgage.
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You should consider other savings and investments before taking a lifetime mortgage and look into other options to borrow money that may be more cost effective. We’ll ask you to see a specialist lifetime mortgage adviser to explain the features and risks in detail and make a recommendation to you.
We also have a step by step guide, which helps explain much of what happens next.
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If you choose not to use your own adviser we can put you in touch with a specialist team of lifetime mortgage advisers - The Retirement Lending Advisers. Unlike many other similar services, if you use The Retirement Lending Advisers, a separate company who only advise on our lifetime mortgages, they won't charge you an advice fee.
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Even if your home goes down in value, you’ll never have to pay back more than the net sale proceeds of the property – even if it’s less than the outstanding mortgage balance. This is provided the property is sold for the best price reasonably obtainable and you have met your terms and conditions. You and your family will be clear, knowing there’ll be no nasty surprises later on. A lifetime mortgage will reduce an inheritance and affect entitlements to state benefits.
As members of the Equity Release Council, you can have complete confidence in Legal & General’s lifetime mortgages.
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Pay off your existing mortgage
Help your children or grandchildren
Do more of the things you enjoy
Holiday of a lifetime for the whole family
Improve general standard of living
Supplement your pension income
A lifetime mortgage creates a debt on your home. There may be cheaper ways to borrow money.
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Speak to a specialist lifetime mortgage adviser who can confirm if you qualify.
You only need to repay the loan when you die or go into long-term care. If you decide to repay the loan before this, you may need to pay an early repayment charge.
All our lifetime mortgages offer an option that you can choose at outset to protect a percentage of the value of your home for your beneficiaries. If you take the inheritance protection option it will reduce the amount you can borrow.
Legal & General Home Finance is a wholly owned subsidiary of Legal & General Group plc. Registered in England and Wales number 04896447. Registered office: One Coleman Street, London EC2R 5AA.
Legal & General Home Finance Limited is authorised and regulated by the Financial Conduct Authority.
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