Later life mortgages
You could enjoy a £250 Love2shop gift card when you take out a Legal & General Later Life Mortgage. Terms and Conditions apply*
What is a later life mortgage?
Our later life mortgages are aimed at homeowners aged 55 (or 50 for our Payment Term Lifetime Mortgage) or over and allow you to borrow money based on the value of your home, while continuing to live there.
Our later life mortgages include Lifetime Mortgages and a Retirement Interest Only Mortgage.
Lifetime mortgage
A type of equity release.
A lifetime mortgage is a loan secured against your home. There’s no need to make monthly payments, unless you choose a Payment Term Lifetime Mortgage, where you have to pay the interest off monthly for an agreed payment term. As a last resort, your home may be repossessed if you do not keep up with payments on the Payment Term Lifetime Mortgage.
The amount borrowed and the added interest aren't usually repaid until you die or move out of the home into long-term care. However, there may be cheaper ways to borrow money.
Retirement Interest Only Mortgage
A type of residential mortgage.
A Retirement Interest Only Mortgage is a loan secured against your home. You have to pay the interest off monthly, but the full amount of the loan isn't usually repaid until you die or move out of the home into long-term care. As a last resort, your home may be repossessed if you do not keep up repayments.
If you're looking to release some money from your home to pay off an existing mortgage, this is one of the options available to you.
Compare our later life mortgages
Our Lifetime Mortgages and Retirement Interest Only Mortgage may appear similar, but it's important to understand the differences between each product. We've pulled out some of the key points below.
Our Lifetime Mortgages | Our Retirement Interest Only Mortgage | |
|---|---|---|
Age | 50+ for our Payment Term Lifetime Mortgage 55+ for our Interest Roll Up and Optional Payment Lifetime Mortgages | 55+ |
Minimum loan amount | £10,000 | £10,000 |
Maximum loan amount | Determined by your age and property value. For our Payment Term Lifetime Mortgage an affordability assessment is also required. | Up to 60% of the value of your home, subject to an affordability assessment. |
Is there an affordability assessment? | Yes, for our Payment Term Lifetime Mortgage No, for our Interest Roll Up and Optional Payment Lifetime Mortgages | Yes |
Is the loan secured against my home? | Yes | Yes |
When do I have to repay the full amount of the loan? | The loan is usually repaid when you die or move out of your home into long-term care. | The loan is usually repaid when you die or move out of your home into long-term care. |
Do I have to pay interest every month? | Yes, for our Payment Term Lifetime Mortgage you have to pay the full interest monthly for your chosen payment term. As a last resort, your home may be repossessed if you do not keep up with payments. No, for our Interest Roll Up and Optional Payment Lifetime Mortgages the interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, with our Optional Payment Lifetime Mortgage you can choose to pay off some or all of the monthly interest to prevent this. | Yes - the interest due is payable in full by you each month. As a last resort, your home may be repossessed if you fail to keep up repayments. |
Is the interest rate fixed? | Yes. The interest rate is fixed for the life of the loan. | Yes. The interest rate is fixed for the life of the loan. |
A mortgage may affect means-tested benefits, your tax position and any future inheritance. | ||
The offer
Through your employer having a group protection policy with us, as part of our Umbrella Benefits Scheme, you could receive a £250 Love2shop gift card if you receive financial advice from Legal & General Financial Advice Limited and successfully complete one of our later life mortgages.
This offer cannot be used in conjunction with any other offer.
The reward
Customers eligible for the reward following a successful completion of a later life mortgage will be sent the £250 Love2shop gift card in the post, approximately 60 days post completion of the mortgage. The Love2shop gift card is non-exchangeable.
Terms and conditions for the use of the Love2shop gift card may apply.
Terms and conditions
This is a promotion by Legal & General Home Finance Limited in which you could receive a Love2shop gift card to the value of £250, subject to these terms and conditions.
As your employer has a group protection policy with Legal & General Assurance Society Limited, you have access to the Legal & General Later Life Mortgage referral offer as set out in these terms and conditions (the “Reward Scheme”). This means that if you were to complete a Later Life Mortgage and have received financial advice from Legal & General Financial Advice Limited you could receive a £250 Love2shop gift card.
These terms and conditions (and the additional terms and conditions in the additional terms and conditions tab) apply to you (as your employer has a group protection policy with Legal & General Assurance Society Limited) when seeking to utilise the Reward Scheme.
If you are eligible for the Reward Scheme, you will be sent the £250 Love2shop gift card in the post; approximately 60 days post completion of the Later Life Mortgage. The Love2Shop gift card is non-exchangeable. Terms and conditions for the use of the Love2shop gift card may apply.
The recipient of any Love2shop gift card will be notified by telephone using the contact details provided on your account. Any recipient of the Love2shop gift card must confirm their address when we contact you in order to claim the reward, which Legal & General will dispatch to them in the post.
- As an employee of a Legal & General Assurance Society Limited group protection policyholder, if you successfully complete a later life mortgage, you could receive £250 Love2shop gift card.
- This offer is available to employees of a group protection policyholder, who have completed a Legal & General Later Life Mortgage and who have received
- financial advice from Legal & General Financial Advice Limited.
- If you’re interested in one of our Later Life Mortgages, call our free UK line on 0808 149 4379.
- Lines are open Monday to Friday 9am to 6pm and Saturday 9am to 1pm.
- We may record and monitor calls.
- This offer cannot be used in conjunction with any other offer.
- Additional terms and conditions apply.
For the purposes of these terms and conditions, ‘Legal & General’ shall mean Legal & General Home Finance Limited.
- The Reward Scheme is open to residents of England, Wales and Mainland Scotland aged 50 to 90.
- The Reward Scheme is open to employees of group protection policy holders with Legal & General Assurance Society Limited.
- If an employee of a group protection policy holder completes a later life mortgage with Legal & General through the Reward Scheme, and has received financial advice from Legal & General Financial Advice Limited in connection with that later life mortgage, they will receive a £250 Love2Shop gift card within 60 days of the later life mortgage completing. For the purposes of these terms and conditions, a later life mortgage will be considered to be complete when the mortgage funds are received by the applicant.
- The recipient of any Love2shop gift card will be notified by telephone using the contact details provided on your account. Any recipient of the Love2shop gift card must confirm their address in order to claim the reward, which Legal & General will dispatch to them in the post.
- Legal & General reserves the right to withdraw this reward and scheme at any time without prior notice.
- There is no cash alternative to the Love2shop gift card. Legal & General reserves the right (but is not obliged) to substitute a reasonably equivalent alternative voucher, of equal or greater value, should circumstances make this necessary.
- Love2shop are not a party to these terms and conditions. Additional terms and conditions may apply to the Love2shop gift card including but not limited specifying where and how the gift card can be spent. You must read the terms and conditions of the Love2shop gift card to understand any such requirements. Legal & General accept no liability in relation to the Love2shop gift card itself. You can find Love2shop terms and conditions here.
- Any decision of Legal & General as to eligibility to take part in the Reward Scheme or the result of the Reward Scheme will be final, and no correspondence will be entered into. Legal & General accepts no responsibility for any entry which are incomplete, delayed, lost, damaged or unreadable submission of incomplete information or any other reason. Legal & General accepts no responsibility for any Love2shop gift card if it is delayed, lost, damaged or does not work for any other reason outside the control of Legal & General.
- Legal & General reserves the right to delay the Reward Scheme in the event of circumstances outside its reasonable control, which it considers make it necessary for it to do so.
- Legal & General reserves the right to not send you the Love2shop gift card should Legal & General discover or have a reasonable suspicion that you are abusing the terms of this offer.
- A recipient of a Love2shop gift card through the Reward Scheme may be asked to take part in non-paid publicity or advertising relating to the Reward Scheme, which may include having their photograph taken for promotional and press purposes.
- By entering the Reward Scheme, all applicants consent to the transfer of any personal data to the Data Controller for the purposes of the administration of this Reward Scheme and the applicant consents to the transfer of their personal data to the Data Controller for the purposes of advertising, promotion and/or publicity in connection with the Reward Scheme.
- Legal & General and Data Controller: Legal & General Home Finance Limited, One Coleman Street, London, England, EC2R 5AA
- Please see Legal & General’s privacy policy for how Legal & General will use your personal data at www.legalandgeneral.com/privacy-policy/,
- The Reward Scheme and these terms and conditions are subject to English law. Any disputes must be referred to the English courts.
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.
Legal & General Financial Advice Limited is a wholly owned subsidiary of Legal & General Group plc. Registered in England and Wales number 11901252. Registered office: One Coleman Street, London EC2R 5AA. Legal & General Financial Advice Limited is authorised and regulated by the Financial Conduct Authority.
