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Some of the key risks are:
This list is not exhaustive and your adviser will discuss your specific circumstances in more detail.
Taking out a lifetime mortgage is a big decision and it’s important to get the right advice. If you have an adviser, please discuss it with them. 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.
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 The Retirement Lending Advisers 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.
The following steps explain the process of taking out one of our Lifetime Mortgages, step-by-step.
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Our Lifetime Mortgage calculator makes it easy to see how much money you could borrow with a Legal & General Lifetime Mortgage.
I am years old and I think my property is worth £
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Your lifetime mortgage would be a new loan with Legal & General, and must be used to repay your outstanding mortgage with The Co-operative Bank. It is a condition of your lifetime mortgage that the money released is used to immediately pay off your interest-only mortgage in full.
If you stop making monthly interest 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.
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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