Thanks to you, more clients can embrace the future with confidence

When you set up a lifetime mortgage for your clients, you’re not just helping them release the equity in their home. You’re fulfilling dreams. Answering needs. At Legal & General, we understand the difference your advice can make. That’s why our lifetime mortgages are here to help you do what you do, so your customers can live the lives they want.

When your clients' spent a lifetime creating a happy home, the last thing they want to do is sell it to achieve financial stability or help their family. But many in later life think this is the only way to realise their goals.

Together, we make it possible for your clients to manage their financial challenges in later life, without them having to sell their home. A lifetime mortgage is a loan secured against your client’s home that is usually repaid when your client dies or moves out of their home into long term care.

Want to hear more?

Get in touch to discuss your clients needs

 

 

Key documents

Product comparison

Use our comparison table to help decide which product may best suit your clients needs

Comparison
  Interest Roll Up Lifetime Mortgage Optional Payment Lifetime Mortgage Payment Term Lifetime Mortgage
Available at age 55 55 50
A tax-free lump sum Included

A minimum loan of £10,000

Included

A minimum loan of £10,000

Included

A minimum loan of £10,000

Minimum property value £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties.
No affordability checks Included Included Included

Affordability checks

Take additional amounts through drawdown Included Included
  •  
Make overpayments or Optional Partial Repayments (OPR's)1 Included Included

Can only be made once your client stopped making the monthly interest payments 

Included

After the client's payment term has concluded

Fixed interest rates
Included  

  

Pay some or all of the monthly interest by Direct Debit Not included Included Included
Stop making monthly interest payments at any time Not included Included Included

As a last resort, their home may be repossessed if they do not keep up with payments

Compound interest Included Included

By paying some or all of the monthly interest, your client can reduce the overall cost of the lifetime mortgage

Included

By paying all of the monthly interest, your client can reduce the overall cost of the lifetime mortgage

Stay in and continue to own their home Included Included

Included

Subject to monthly interest payment being made throughout the term

Transfer mortgage when they move home2 Included Included Included
No Negative Equity Guarantee Included Included

Included

The No Negative Equity Guarantee won’t apply to any monthly interest payments they fail to make in full, and on time, throughout the payment term. This includes any interest which has accrued on any monthly interest payments they fail to make.

May affect means-tested state benefits Included Included Included
Inheritance Protection Option (This optional extra allows your client to protect part of the value of their home for inheritance) Included Included Included

1Subject to terms and conditions.

2Subject to the new property meeting our criteria.

 

 

Lifetime Mortgage calculator

Our Lifetime Mortgage calculator helps financial advisers to:

  • Show your clients how much they may be able to release from their home.
  • Demonstrate examples for both taking the maximum available as an initial advance or taking a smaller initial amount where the remainder can be drawn on in the future.
  • Illustrate the effect of our inheritance protection option on the total loan amount available.
  • Explore the impact of house price inflation.
  • Highlight how the interest on their loan increases over time.
  • Create a summary of your client's choices and possible results.

The calculator results are examples only. A lifetime mortgage is a loan secured on your client’s home. It will reduce the value of your client's estate but servicing the interest can slow or stop the growth of the loan over time and may affect their entitlement to means tested state benefits.

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