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Some things are hard to predict, like property values for example. Others, like the cost of going to university, we can be more certain about – and that means we can plan to meet them.
What we’re confident of though, is that traditional mortgage providers are now asking for a significant amount of money as the deposit on a first home – and that may be hard to save when you’re paying rent and perhaps even bringing up a young family. Of course, there may be other ways to raise the money, and we encourage everyone to look at all the alternatives to a lifetime mortgage first. A lifetime mortgage will reduce an inheritance and if property values fall, that may affect the equity available to you or your estate.
A lifetime mortgage may be a way to offer a step-up onto the property ladder – and to help out with the rising costs of school fees or going away to university. There may be ways to borrow money that are more cost-effective. But if you’re confident that you’ve exhausted all the alternatives, and you’d still like to explore a lifetime mortgage as being a practical option for your situation, your adviser will be able to help. Then you can be confident of staying in your own home, while enjoying seeing your money make a real difference to future generations of your family.
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Legal & General Home Finance Limited is authorised and regulated by the Financial Conduct Authority.
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