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Even though you may have saved diligently and built up a pension fund, your regular income in retirement may not be stretching as far as you’d hoped it would. And as you get older, you may not have as many chances to find more work, or, indeed, you may not want to work anymore. If your savings are dwindling it may be much harder to access funds using traditional methods of borrowing and you will have to have money available to repay any loans you take.
However, with a lifetime mortgage you could release some of the equity in your home – and then use that tax-free lump sum as a way to ease the burden on your finances.
With a Legal & General Flexible Lifetime Mortgage you could even make arrangements which allow you to release some of the full loan amount now and then come back later to borrow more, up to the agreed full loan amount. It may cost more or less depending on the interest rate at the time. If you take more later the interest rate for that loan will be set at that time and may be higher or lower than the rate you're paying on your initial amount. Your financial adviser will remind you it’s important to use other savings or investments first before considering a lifetime mortgage. It will create a debt on your home and there may be ways to borrow money that are more cost-effective. Interest is charged on the total loan amount plus any interest already charged. 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 happy to help you proceed to an application. A lifetime mortgage may help you realise the savings that you never knew you had.
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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