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A lifetime mortgage adviser can explain the features and risks in detail and make a personal recommendation to you.
Our Lifetime Mortgages offer Inhertiance Protectioin which can help you secure a percentage of the net sale proceeds of your home for your beneficiaries, though it will reduce the amount you can borrow.
If the maximum loan amount is required to repay the residential mortgage, Inheritance Protection may not be available.
If you give the money away, the recipient may have to pay inheritance tax in the future.
If you stop making regular payments with our Optional Payment Lifetime Mortgage, or if you choose our Flexible Lifetime Mortgage, you can still pay part of the mortgage off early with no Early Repayment Charge using the Optional Partial Repayment feature, subject to our Terms and Conditions.
Please see 'Can I repay the lifetime mortgage early?' for more information.
However, you can choose to make Optional Partial Repayment or monthly interest payments if you choose Optional Payment Lifetime Mortgage.
With our Optional Payment Lifetime Mortgage you can choose to pay some, or all, of the monthly interest, but you can also stop making monthly interest payments at any time.
If there is anything left after repaying your mortgage balance, you may use it as you wish, for example for home improvements, holidays or to improve your quality of life.
You can use your own adviser or if you don't have one you can find a qualified adviser in your area by visiting equityreleasecouncil.com or unbiased.co.uk
Alternatively, The Co-operative Bank can put you in touch with The Retirement Lending Advisers. They're not part of Legal & General, they're a separate company who only advise on our Lifetime Mortgages. They won't charge you an advice fee.
If you get advice from The Retirement Lending Advisers, a separate company who only advise on our Lifetime Mortgages, they won't charge you an advice fee.
Your adviser will have all the details and be able to check your eligibility before you apply.
It's only an estimate; the actual amount depends on a number of factors, and your financial adviser can explain these to you.
Your adviser can help you understand how any benefits you are receiving may be affected.
Some options could include selling the house, repaying the loan, and dividing the remainder between you; you could decide who’ll be the owner (and we could remove the other person from the title deeds); or, if a court is involved, any equity left after the property has been sold and our loan repaid, would be distributed as directed by the court.
Your adviser will help you find out how it may affect your tax position.
This is provided your home is sold for the best price reasonably obtainable and you have met the Terms and Conditions of your lifetime mortgage.
Unless you choose to repay it early, a lifetime mortgage is usually repaid from the sale of your home when the last surviving borrower dies, or moves out of their home and into long-term care.
Your adviser will explain these to you. Failure to meet these could result in the forced sale of your property and the loss of your right to Inheritance Protection, if this has been chosen.
However, this might result in an early repayment charge, which could be substantial. An Early Repayment Charge will not apply when the loan is repaid after the last borrower reaches age 88, as long as this is ten years or more after the loan was taken out.
Your new property will be valued by an independent valuer that we'll choose - and you’ll have to pay the valuation fee, the property transfer fee, all legal fees and any moving expenses. Depending on the situation, you may have to repay part of the loan if it exceeds the amount we would agree to lend to a new customer in comparable circumstances. There would be no early repayment charges on that amount.
Legal & General Home Finance Limited 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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