- Remove tax-free cash from your home with Legal & General Equity Release
- You don’t need to make regular monthly payments
- Free valuation
- Help your family get a deposit for their own home
- Still, have some mortgage outstanding? No problems
- Continue to live in your own property
- 5.11%
How much cash can I get?
You can borrow 65% of your property’s valuation. For example, if your house is worth £330000 you can borrow £214500.
Customer Reviews for Legal & General Equity Release
Mr Williamson from Chiswick
My son is a chef in a care home. He is not well paid, and his bank would not lend him the money to buy a flat. My equity release enabled him to put a substantial deposit down, so his mortgage was very small. My equity release interest rate was close to the interest rate offered by his bank.
Mrs L from Nottingham
For my lifetime mortgage, I had to pay a valuation fee and a solicitor’s fee, but no lender or broker fees. As I was divorcing my husband of 30 years, the money went to him for his share of the house. I am happy now as I am secure and do not need to move from home.
Mrs G from Leeds
My daughter is a single mother, and I got a £ 120,000 lifetime mortgage to buy her a flat outright as she has had a succession of poorly maintained rental flats not suitable for her child.
Mrs E from London
I was advised to get equity release from my East London home to minimise inheritance tax. My son and daughter used the money to pay down their mortgages. The interest rate on the equity release was so low it was close to their mortgage rate.
Mrs Daly from Glasgow
My daughter lives in the States and does not have health insurance. My £ 30,000-lifetime mortgage paid the medical bills for her son’s birth and a year’s rent in advance for a new flat for the baby.
David P
With my power of attorney, I got an equity release on my father’s house to pay for disability provisions, including a lift and a new kitchen.
Julia A
My mother has dementia. With my solicitor and my power of attorney, I got an equity release on my mother’s house to pay for specialist modifications for her comfort.
How much is it expected to release from a home?
The older you are and the more illnesses you have, the more cash you can release.
Drawbacks of Home Reversion Schemes
A lifetime mortgage with a flexible drawdown cash release can reduce the inheritance for your family. Home reversion plans may impact the ability to claim entitlements. You may need to pay a solicitor’s fee, and you could have higher rates to pay with some schemes.
Typical loan to values of Lloyds Bank mortgages for people 60 plus, later life borrowing schemes over 55, NatWest interest only lifetime mortgages for over 70s, Legal & General interest only mortgages for over 60s, RBS interest only lifetime mortgages for people over 60 and Nationwide interest only lifetime mortgages for over 70s are 50%, 55% and 70%.
The common loan-to-values of Liverpool Victoria mortgages for pensioners over 60, More to Life mortgages for pensioners over 60, OneFamily mortgages for people 60 plus, YBS equity release schemes for over 55s, Metro Bank equity release plans for people over 60, and Sun Life pensioner mortgages over 55 are 45%, 55%, and 65%.
Some of the most popular loan-to-value percentage ratios of Standard Chartered mortgages for over 60s, Zurich over 60 lifetime mortgages, Leeds Building Society interest-only lifetime mortgages for over 60s, Skipton Building Society later life borrowing schemes over 55, Newcastle Building Society retirement mortgages over 70 and Cumberland Building Society retirement interest-only mortgages over 75 are 40%, 55% and 70%.
Successful business owners who could benefit from equity release tax planning – Legal & General Equity Release could be essential to them.
- Translation and interpretation activities Alford
- Landscape service activities Cirencester
- Manufacture of other electronic and electric wires and cables Grays
- Renting and leasing of passenger water transport equipment Queenborough-in-Sheppey
- Gathering of wild growing non-wood products Colne
- Maintenance and repair of motor vehicles Tamworth
- Retail sale of antiques, including antique books in stores Sandhurst
- Other credit granting n e c Hayes
- Other accommodation Hartlepool
- Satellite telecommunications activities Prudhoe
- Sale of new cars and light motor vehicles Leigh
- Cultural education Fazeley
- Repair of consumer electronics Wednesbury
- Plant propagation Chipping Sodbury
- Manufacture of other carpets and rugs Barton-upon-Humber
- Retail sale of musical instruments and scores Wooler
- Manufacture of knitted and crocheted hosiery Market Deeping
- Production of other food products n e c Louth
Do Legal & General do Equity Release?
Yes, Legal & General Equity Release is 5.11% APRC.
Difficult-to-finance property variants include properties currently undergoing substantial alterations, extensions, or repairs, age-restricted properties, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, leasehold properties (with the exception of flats and maisonettes), and properties with single-skin brickwork.
What percentage can be released?
- 60% monthly payment lifetime mortgage Old Mutual Wealth
- 40% loan to value (LTV) monthly payment lifetime mortgage Shawbrook
- 30% loan to value (LTV) lifetime mortgage with flexible drawdown cash release Kent Reliance
- 50% LTV home reversion plans Aviva
- 50% LTV lumpsum lifetime mortgages Together Money
Difficult-to-mortgage property variants include timber-framed properties built before 1920, properties with spray foam insulation applied to the underside of the roof, privately developed flats, a maximum of four storeys with a lift, privately developed flats in blocks of two storeys without a lift, and flats above or adjacent to commercial premises.
Do Legal & General do Pensioner Mortgages?
Yes, Legal & General Pensioner Mortgages are 2.16% APR.
The lender will want to know if the property is a Detached freehold house or a Leasehold flat with a share of freehold and if the resident is an Owner-Occupier.
Legal & General Equity Release
In the financial world, Legal & General has carved a significant niche in the UK, especially in equity release. Their products have particularly influenced older homeowners looking to access the capital locked in their homes.
L&G Equity Release Products
Known in short form as L&G, the company offers a suite of equity release products tailored to the unique needs of the elderly demographic. These products have assisted many in achieving more financial freedom during their golden years.
Legal and General Equity Release Interest Rates
When considering any financial product, the interest rate is always paramount. L&G’s rates are competitive, reflecting the company’s standing in the market and its commitment to providing value to its clients. These rates can vary based on the chosen product, the applicant’s age, and other criteria.
Legal and General Mortgages
Beyond just equity release, Legal & General also offers a range of mortgage products suitable for various needs. These mortgages come with features designed to make homeownership more accessible and sustainable.
Feedback from Users: Legal and General Equity Release Reviews
Client Experiences and Testimonials
Client reviews and testimonials are testaments to a product’s value. L&G’s equity release products have received feedback ranging from praise for its transparent terms to its customer service.
Legal and General Valuation Process
Property valuation is an integral part of the equity release process. L&G takes a systematic approach, ensuring that homeowners get a fair and accurate valuation of their homes.
Working with Legal and General Equity Release Adviser
L&G offers advisory services for those unfamiliar with the intricacies of equity release. Their team of advisers guides potential clients through the process, ensuring they make informed decisions.
Legal & General Lifetime Mortgages
Unpacking the Lifetime Mortgage Product
One of the primary products in L&G’s equity release suite is the lifetime mortgage. This allows homeowners to borrow a portion of their home’s value, with the interest typically rolling up over time.
- nationwide mortgages for over 60s Retirement Mortgages Interest Rates
- Natwest Retirement Mortgage Broker
- Age Partnership Providers
Legal and General Equity Release Calculator
For homeowners curious about how much equity they can unlock, the Legal & General equity release calculator is a useful tool. By inputting some basic details, homeowners can estimate the potential equity they can unlock.
L&G Lifetime Mortgages Varieties
L&G recognizes that one size doesn’t fit all. Consequently, it offers various lifetime mortgage products, each tailored to specific needs.
Legal & General’s Extended Offerings
Legal and General Over 50 Plan
For those over 50, L&G has crafted specific plans that cater to the needs of this age group. These plans are ideal for those who might be considering financial planning for their post-retirement phase.
Legal and General Home Finance
Beyond just mortgages and equity releases, L&G delves into home finance, providing many services to ensure homeowners can manage their property finances efficiently.
L&G Over 50s Offerings
Given the company’s expertise in serving older demographics, the over 50s range of products is expansive, ensuring something suitable for everyone.
Adviser Resources: LandG for Advisers
L&G values its adviser community and provides resources tailored for them. Through platforms like LandG for advisers, professionals can access tools, updates, and information to serve their clients better.
Legal and General Mortgage Insurance
L&G offers mortgage insurance products to provide homeowners with peace of mind. These products ensure that homeowners can cover their mortgage payments, even in unexpected circumstances.
Concluding Remarks on Legal and General’s Products
Equity release is a growing market, especially for an ageing UK population. Legal & General, with its diverse products from lifetime mortgages to equity release plans, stands as a reliable pillar in this landscape. Their focus on transparency, client-centric approach, and continuous innovation makes them a preferred choice for many. For potential clients, using tools like the equity release calculator or consulting with an L&G adviser can be the first step towards unlocking the wealth in their homes.
It is very common to encounter individuals looking for lump sum lifetime mortgages or home reversion schemes. However, Just Retirement, like VitalityLife Equity Release, is keen to see proof of your personal situation in the form of investment statements.
Hodge Lifetime Retirement Mortgages
Tough-to-mortgage home variants can include properties built or converted into dwellings more than ten years ago, properties with a single annexe or another self-contained part of the property, properties with a small number of solar panels or a wind turbine on the land for domestic use, properties using rooms, land or outbuildings for business purposes which are not personal to the borrower(s) or which extend to more than 50% of the property to be secured and properties that have a private water supply provided a contract is in place with an approved maintenance company for regular testing and maintenance.
Legal and General Retirement Mortgages
Do Legal & General do Retirement Mortgages?
Yes, Legal & General Retirement Mortgages are 1.97% MER.
Areas in the UK where retirement mortgages are routine
- Queenborough-in-Sheppey
- Henley-in-Arden
- Lytham St Annes
- Oakengates
- Leatherhead
- Shefford
- Thornbury
- Huddersfield
- Holsworthy
- Lydd
- Kenilworth
- Newton Abbot
- Rowley Regis
- Ventnor
Do Legal & General do Equity Release Under 55?
Yes, Legal & General Equity Release Under 55 is 2.15% APR.
Challenging to finance property titles can include properties built on contaminated land, properties with any kind of structural defect, damp, dry, or wet rot, properties that are uninhabitable, corrugated iron construction, Reema Hollow panel, Schindler and Hawksley SGS, Stent, Stonecrete, Stour, Tarran, Underdown, Unity and Butterley, Waller, Wates, Wessex, Winget, and Woolaway.
- TSB Equity Release Plans
- NatWest Equity Release
- More to Life Capital Choice Plan
- Bridgewater Equity Release Schemes
- Just Retirement Drawdown Lifetime Mortgage
- More to Life Flexi Choice Drawdown Lite Plan
- Stonehaven Equity Release Plan
- Interest Only Lifetime Mortgage
- TSB Lifetime Interest Only Mortgage
- Canada Life Voluntary Select Gold
- Hodge Lifetime Mortgage Plus
- Nationwide Interest Only Lifetime Mortgage
- More to Life Capital Choice Plan
- TSB Equity Release
- Age Partnership Interest Only Lifetime Mortgage
- Just retirement defined benefit
- Nationwide Equity Release
- Lloyds Bank Equity Release Plans
Equity Release Scheme Providers
- Bower
- Stonehaven
- Lifetime Mortgage from L&G
- Norwich Union
- Royal London Equity Release
Does Legal & General offer Lifetime Mortgages?
Yes, Legal & General do lifetime mortgages at 5.11% MER. Legal & General Lifetime Mortgages have a loan to value of 60%.
Many of the most appealing retirement mortgage products include TSB remortgages for people over 50 years old, Barclays over 60 lifetime mortgages, NatWest retirement mortgages, L&G over 60 lifetime mortgages and Nationwide Building Society later life interest only mortgages.
Do Legal & General do a retirement remortgage for homeowners over 60?
Yes, Legal & General retirement remortgages for the over 60s are 5.11% AER fixed.
Does Legal & General do pensioner remortgages for over 60s?
Yes, a Legal & General pensioner remortgage for pensioners over 60 is 5.11% MER fixed.
Does Legal & General do later life remortgages for the over 60s?
Yes, a Legal & General later life remortgage for homeowners over 60 is 5.11% MER variable.
Does Legal & General do a best remortgage for retired for retired homeowners over 60?
Yes, Legal & General best remortgages for retired for the over 60s are 5.11% MER variable.
Do Legal & General offer remortgaging options for over 60s?
Yes, a Legal & General remortgaging option for homeowners over 60 is 5.11% MER fixed for life.
Does Legal & General offer a mortgage calculator over 60?
Yes, Legal & General mortgage calculators for over 60s shows 5.11% APRC fixed for life.
Do Legal & General offer RIO mortgages for people over 60?
Yes, a Legal & General RIO mortgage for over 60s is 5.11% APRC fixed.
Does Legal & General offer a retirement interest only mortgage for the over 60s?
Yes, Legal & General retirement interest only mortgages for homeowners over 60 are 5.11% MER variable.
Mortgages Over 55
The UK’s ageing population has led to an increasing demand for mortgage products tailored for the over 55s. With many reaching retirement age yet feeling financially squeezed, these tailored mortgage options provide a lifeline.
Benefits of Mortgages Over 55
Flexibility in Repayment
Mortgages designed for those over 55 often offer more flexibility, accommodating the unique financial challenges faced by those in retirement or nearing retirement.
Enhanced Loan-to-Value Ratios
Many lenders recognize the equity older homeowners have built in their properties and are willing to offer better loan-to-value ratios.
Mortgages Over 60
With the state pension age rising, many over 60s are finding themselves in a position where they still need mortgage products to suit their circumstances.
Features of Mortgages Over 60
Extended Terms
Many providers have recognised the increasing longevity of the UK population and are willing to extend mortgage terms beyond the traditional age limits.
Interest-Only Options
Some mortgages for over 60s offer interest-only repayment options, allowing for lower monthly payments.
Mortgages Over 65
By the age of 65, many homeowners are looking for ways to release the equity from their home or to downsize.
Equity Release Options for Over 65s
Products like equity release and reverse mortgages have gained popularity among this age group, allowing them to unlock the wealth stored in their homes.
Drawdown Facilities
Some equity release schemes offer a drawdown facility, enabling homeowners to release money when needed.
Mortgages Over 70
While a lesser-talked-about category, the over 70s still have mortgage needs, primarily driven by the desire to help younger generations or cover care costs.
Challenges and Solutions
Age Restrictions
Traditional lenders might impose age restrictions, but several specialist lenders are more accommodating to the over 70s.
Income Considerations
Providers will consider pension income, investments, and even rental income when assessing mortgage eligibility.
Mortgages Over 75
Mortgages for those over 75 are relatively niche but crucial for those seeking to remortgage or release equity in their later years.
Why Consider a Mortgage Over 75
Debt Consolidation
Some seniors opt for a mortgage to consolidate existing debts into a single, manageable monthly payment.
Legacy Planning
Others might want to gift money to loved ones or even invest in another property.
Retirement Remortgages
Remortgaging during retirement can offer a range of benefits, from securing a lower interest rate to accessing better loan terms.
Benefits of Retirement Remortgages
Financial Flexibility
With many pension pots not stretching as far as hoped, remortgaging can provide the necessary financial breathing room.
Capital Release
Many retirees opt to remortgage to release capital for various reasons, from home improvements to holidays.
Pensioner Remortgage
As the name suggests, these are remortgage products explicitly tailored for pensioners.
Features of Pensioner Remortgages
Income Flexibility
Lenders will consider various income sources, including state pensions, private pensions, and other investments.
Age Considerations
While age might be a factor, the equity in the home often plays a significant role in eligibility.
Lifetime Mortgage
One of the most popular forms of equity release, lifetime mortgages allow homeowners to borrow against the value of their home.
Understanding Lifetime Mortgages
No Monthly Repayments
Interest is rolled up, with the loan and interest repaid when the house is sold, usually when the homeowner moves into long-term care or passes away.
Fixed Interest Rates
Many lifetime mortgages come with fixed interest rates, ensuring no unexpected costs in the future.
Release Equity
Equity release schemes have become a popular means for older homeowners to access the wealth tied up in their homes without selling.
Types of Equity Release
Home Reversion Plans
This involves selling a portion or all of the home to a reversion company while retaining the right to live there.
Lifetime Mortgages
As previously discussed, this allows homeowners to borrow against their property’s value.
Equity Release
Equity release can be a complex decision involving various product types and considerations.
Factors to Consider
Impact on Inheritance
Releasing equity can reduce the value of your estate, impacting the inheritance for heirs.