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Legal & General Equity Release with Free Valuation

Legal & General Equity Release

  • 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

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.

  • Free No Obligation Quote

  • Please enter a number from 3000 to 2000000000.
  • Please enter a number from 30000 to 100000000.
  • Leave blank if no mortgage outstanding
  • About You

Customer Reviews for Legal & General Equity Release

RIO

Mr Williamson from Chiswick

My son is a chef in a care home. He is not well paid. No way his bank would 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.

RIO

Mrs L from Nottingham

I had to pay a valuation fee and a solicitor’s fee, but no lender or broker fees for my lifetime mortgage. 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 I do not need to move from my home.

RIO

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.

RIO

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

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 to be born and a year’s rent in advance for a new flat for the baby.

david-p-london

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

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.

  • Free No Obligation Quote

  • Please enter a number from 4000 to 20000000.
  • Leave blank if no mortgage outstanding
  • About You

  • By clicking Submit and ticking the box above you agree to be contacted by an FCA authorised advisor that you have read and agreed to our Terms & Conditions and our Privacy Policy.
Money tied up in house
Homeowner in their 60s
West London Home
Southfields House

How much is it common to release from a home

The older you are and the more illnesses you have you are, 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.

Aviva lifetime mortgage

Common 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%.

Hodge Lifetime - Lump Sum Lifetime Mortgage

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 55’s, Metro Bank equity release plans for people over 60 and Sun Life pensioner mortgages over 55 are 45%, 55% and 65%.

more 2 life joint lifetime mortgage

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%.

LV= Flexible Lifetime Mortgage

Successful business owners who could benefit from equity release tax planning – Legal & General Equity Release could be key 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 2.01% 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 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 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 for itself in the UK, especially in the domain of equity release. Their products have been particularly influential for older homeowners who are 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. Through these products, they 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 age of the applicant, 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

Reviews and testimonials from clients are a testament 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

An integral part of the equity release process is property valuation. L&G has a systematic approach, ensuring that homeowners get a fair and accurate valuation of their homes.

Working with Legal and General Equity Release Adviser

For those unfamiliar with the intricacies of equity release, L&G offers advisory services. 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.

Legal and General Equity Release Calculator

For homeowners curious about how much they can release, the Legal & General equity release calculator is a useful tool. By inputting some basic details, they can get an estimate of the potential equity they can unlock.

L&G Lifetime Mortgages Varieties

L&G has recognized that one size doesn’t fit all. Consequently, they offer 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 also delves into home finance, providing a plethora of 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 that there’s something suitable for everyone.

Adviser Resources: LandG for Advisers

L&G values its adviser community, and as such, provides resources tailored for them. Through platforms like LandG for advisers, professionals can access tools, updates, and information to better serve their clients.

Legal and General Mortgage Insurance

To provide homeowners with peace of mind, L&G offers mortgage insurance products. These are designed to 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, lump sum lifetime mortgages or home reversion schemes, however, Just Retirement like VitalityLife Equity Release are 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 10 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, property is uninhabitable, corrugated iron construction and 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 2% 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 3.32% AER fixed.

Does Legal & General do pensioner remortgages for over 60s?

Yes, a Legal & General pensioner remortgage for pensioners over 60 is 3.72% 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 3.75% 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 3.59% MER variable.

Do Legal & General offer remortgaging options for over 60s?

Yes, a Legal & General remortgaging option for homeowners over 60 is 3.16% MER fixed for life.

Does Legal & General offer a mortgage calculator over 60?

Yes, Legal & General mortgage calculators for over 60s shows 3.98% APRC fixed for life.

Do Legal & General offer RIO mortgages for people over 60?

Yes, a Legal & General RIO mortgage for over 60s is 3.21% 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 3.32% 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 as and when they need it.

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 tailored specifically 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.