Later life mortgages shareholder offers
If you successfully complete a later life mortgage, you could receive a £500 Love2shop gift card. You could also refer a friend or family member and you could both receive a £250 Love2shop gift card. Terms and conditions apply below.
Many people know how they’d like to improve their retirement but they may not have the money to do so. If you are a homeowner you may be able to use your home to change your retirement for the better with one of our later life mortgages.
As you’re a Legal & General shareholder you, your friends and your family members 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 you could receive a £500 Love2shop gift card and, if you were to refer a friend or family member, you both could receive £250 Love2shop gift card.
The Reward Scheme's terms and conditions apply to you (as a shareholder) and your friends and family who are seeking to utilise the Reward Scheme.
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. | ||
Retirementors: John and June
John and June took out a lifetime mortgage to release money tied up in their home to enjoy with their family, and benefited from our shareholder offer. The couple have lived in their much-loved village for 30 years and are deeply rooted in the community, as the Chairman and Secretary of their local sports club. Retired Chief Executive John, explains how the lifetime mortgage has helped better the lives of their whole family and that ‘every day life gets a little bit sweeter.’
Watch their story now
Legal and General Later Life Mortgages with John and June / 10 Aug 2022 / 02:55
Offer terms and conditions
As a shareholder, if you successfully complete a Legal & General later life mortgage, you could receive £500 Love2shop gift card.
This offer is available to shareholders 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
We will ask you for your shareholder reference number when you call, you can find this information on your share portal account.
Lines are open Monday to Friday 9:00am - 5:30pm. We may record and monitor calls.
This offer cannot be used in conjunction with any other offer.
Additional terms and conditions apply. See 'Additional terms and conditions' tab for further details.
As a shareholder, your friends and family can use your shareholder reference number, and if they successfully complete a Legal & General later life mortgage having received financial advice from Legal & General Financial Advice Limited, we will send them, and you, a £250 Love2shop gift card.
You (as the shareholder) don't have to apply for a later life mortgage and there is no limit to the number of referrals that can be made.
If you know someone who is interested in one of our later life mortgages, ask them to call our free UK line on 0808 149 4379
We will ask them for your shareholder reference number, please share this with them before they call. You can find this information on your share portal account.
Lines are open Monday to Friday 9:00am - 5:30pm.We may record and monitor calls.
This offer cannot be used in conjunction with any other offer.
Additional terms and conditions apply. See 'Additional terms and conditions' tab for further details.
For the purposes of these terms and conditions, ‘Legal & General’ shall mean Legal & General Financial Advice Limited
- Legal & General reserves the right to withdraw this Reward Scheme at any time without prior notice.
- The Reward Scheme is open to Legal & General Group plc shareholders, their friends and their family members. Each participant must be a resident of England, Wales or Mainland Scotland and any applicant of a later life mortgage with Legal & General Home Finance will also need to meet the qualifying age for the product.
- To qualify for the Reward Scheme, applicants of a later life mortgage must quote when asked the referrer's shareholder reference number. The Legal & General Group plc shareholder participating in the Reward Scheme will be able to access their shareholder reference number from the Legal & General share portal account. (Please speak to Legal & General if this reference number cannot be found).
- If a Legal & General Group plc shareholder completes a later life mortgage with Legal & General Home Finance through the Reward Scheme, they will receive a £500 Love2shop gift card within 60 days of completion of the later life mortgage
- If a friend or family member of a Legal & General shareholder completes a Legal & General later life mortgage through the Reward Scheme, the shareholder making the referral and the friend/ family member will each receive a £250 Love2shop gift card within 60 days of the completion of the later life mortgage.
- 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.
- There is no cash alternative to the Love2shop gift card. Legal & General reserves the right (but is not obliged) to substitute a reasonable alternative reward, of equal or greater value, if it considers 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 to 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 the Love2shop gift card terms and conditions PDF.
- 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 referrals that are incomplete, delayed, lost, damaged or unreadable submission of incomplete information or any other reason.
- Legal & General reserves the right to delay or amend the Reward Scheme in the event of circumstances outside its reasonable control, which it considers make it necessary for it to do so.
- 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 referrer and referee consent 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 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.
- The Reward Scheme and these terms and conditions are subject to English law. Any disputes must be referred to the English courts.
