Advising on our later life mortgages
There’s a few steps you need to take before you can start advising on later life mortgages. We’re here to make that journey as simple as possible.
Follow the links below, where you can get set up and registered, understand the criteria your enquiry needs to meet, make an application, and find out more about our products.
Getting started
Registering with us
To start advising, you’ll need to register with us on our Later Life Mortgage Portal, and wait for your welcome email and unique setup password. This should take around two days from confirmation of qualifications for appointed representatives and five days for directly authorised.
Logging on for the first time
Once you’ve received your details, log on to the Later Life Mortgages portal and familiarise yourself with the different services available.
If you need help navigating the site, call our friendly Sales Support team on 03330 048 444. Call charges will vary. We may record and monitor calls.
Quote now
-
Available Portals
Quotes for our Lifetime Mortgages products are available through the listed portals.
24/7 Apply/Request reoffers
To generate a KFI, make a new application, amend an existing one or request a reoffer.
Submitting non standard properties
In these situations we'll need some more information to assess your client's application.
Large loan request
If the total borrowing requirement is over £750,000 or the property value is over £2 million, you will need to make a large loan enquiry. Your Account Manager will take you through the process.
FAQs
How long does it take to get the money?
It usually takes around 8 to 11 weeks from the time you complete the application with your client to the time they'll receive their money (this could vary depending on the property).
Is your firm registered with Konexo UK?
Log on to the Konexo UK client console, where you can review progress with your client's application.
Would my client be suitable for a lifetime mortgage?
To find out if your client is suitable, please view our Later Life Mortgage Suitability Criteria PDF size: 121KB
If your client does not meet this criteria, please contact us.
What commission will I be paid?
We’ll pay commission up to our decency limit of £20,000.
The commission paid will depend on what you agree with your client and whether you're a member of a mortgage club. If you're a member of a mortgage club, please refer to them directly about commission paid.
For any subsequent drawdowns your client makes we'll pay 1.5% commission to you on new loans offered on or after 4 September 2019 or 1% for existing loans offered before 4th September 2019.
Once an offer has been made, what are the next steps?
Once an offer has been made, a copy of the application is sent to the client once their application is submitted.
At offer we send them -
- The Offer of Loan
- Tariff of Charges
- Terms and Conditions
- All you need to know guide
- Guide to Fixed and Variable Early Repayment Charges
You'll be sent an email to confirm the up to date status of the case.
We'll also email our solicitors, so that within 24 hours they can issue a copy of the offer pack to your client's solicitor.
What is Downsizing Protection?
Downsizing Protection allows customers to repay their lifetime mortgage without having to pay an Early Repayment Charge if they move home and their new property doesn't meet our lending criteria.
Clients must have had their lifetime mortgage for five years or more in order to qualify for Downsizing Protection.
If your client decides that they want to move home but they don’t want to transfer their lifetime mortgage or, if they choose to repay their lifetime mortgage for any other reason, they may still have to pay an Early Repayment Charge.
Downsizing Protection is available for new and existing customers.
I have a general enquiry and haven't submitted an application
Which solicitors do you accept?
We'll work with any solicitor, provided they're a member of, and can be found on, the Law Society website
How can I start to advise on lifetime mortgages?
To advise or refer clients on lifetime mortgages, you’ll need to be appropriately qualified. If you’d like to advise directly, we can support you. You’ll need a Certificate in Equity Release to meet the FCA’s requirement for mortgage advisers and those advising on equity release schemes.
What to expect from the certificate
- Develop your advisory skills.
- Gain a better understanding of equity release regulation.
- Learn everything you need to know about the products, market practice, and customer needs.
To find out more, visit the CII's official website on the Certificate in Equity ReleaseView - Certificate in Equity Release.
What qualifications do I need to be able to advise on lifetime mortgages?
To find out more about qualifying to advise on lifetime mortgages, please visit Equity Release Council website View - Equity Release Council website.
How do I submit a non-standard property application?
In these situations we'll need some more information to assess your client's application.
Which surveyors do you use?
We'll use our Surveying Service. They use a panel of independent surveyors local to the property on the application to ensure an accurate and current market appraisal.
I have an enquiry about a current application that has not yet been offered
If you've a question about an application that has not yet had an offer made, please email us at underwriting@landghomefinance.com. We'll respond within 48 hours.
If you're contacting us by email remember not to send any personal, financial or banking information belonging to you or your client because email is not a secure method of communication.
My client has requested a loan of £750,000 or above, what do I do?
If the total borrowing requirement is over £750,000 or the property value is over £2million, you will need to make a large loan enquiry. Your Account Manager will take you through the process.
If you're not sure who your Account Manager is, please get in touch with our sales support team on 03330 048444. Select Option 2, then Option 1 and they'll arrange for you to have a call back.
You can call us Monday to Friday, between 8.30am to 5.30pm. We may record and monitor calls. Call charges will vary.
Which properties are suitable?
To establish if your client's property is considered standard please view our Later Life Mortgage Suitability Criteria PDF size: 121KB
If your client's property is not considered standard, please contact us.
I have a query with a completed case
If your case has completed and you've a question, please email customerservices@landghomefinance.com. We'll respond within 48 hours.
If you're contacting us by email remember not to send any personal, financial or banking information belonging to you or your client because email is not a secure method of communication.
How do I register with you?
You can register to use our Later Life Mortgage Portal so you can produce Key Facts Illustrations and apply for a client's lifetime mortgage any time, day or night.
Please allow 48 hours for registration to be completed.
Please note, we'll ask written or emailed confirmation from your company to verify your role with them and we'll keep you informed of the progress.
How do I get involved in the lifetime mortgage market?
There are different ways of getting more involved with lifetime mortgages see our getting started with lifetime mortgage page for more information.
I have a query about the completion of my case
If you've a case that's received an offer from us and that your client has accepted, please email us at underwriting@landghomefinance.com. We'll respond within 48 hours.
If you're contacting us by email remember not send any personal, financial or banking information belonging to you or your client because email is not a secure method of communication.
How do I produce a Key Facts Illustration (KFI)?
You can create a KFI quickly and easily using our online portal.
- Register to use Later Life Mortgage Portal
- Log in to our portal.
-
Available Portals
Quotes for our Retirement Interest Only Mortgage (RIO) are available through the listed portals.
Ready to apply?
Log in to start the application process for your client's RIO product to start an illustration and submit an application.
Application process
We've outlined below the steps you take when you're ready to apply for your client's application with us for a Retirement Interest Only Mortgage.
Register for online services
You'll need to register with Legal & General Home Finance to produce illustrations and submit applications.
Our application process
We've outlined below the steps you take when you're ready to apply for your client's application with us for a Retirement Interest Only Mortgage (RIO).
-
1
Decision in Principle (DIP)
When your client is considering a RIO you'll submit their details to us for a DIP. An affordability assessment will be completed at this stage as well as a soft credit search.
-
2
Mortgage illustration
The mortgage illustration (ESIS) will show the product that is being recommended for the applicant/applicants’. An European Standardised Information Sheet (ESIS) will also describe the risks and benefits, amount of money they could borrow, costs and estimated value of the property.
-
3
Application Submission
Application for the mortgage is submitted. The applicant’s document proofs will be checked specifically with regards to income and expenditure.
FAQs
Would my client qualify for a RIO?
To find out if your client is suitable, please view our Later Life Mortgage Suitability Criteria PDFsize:100KB.
How much can they borrow?
You can find out how much your client may be able to borrow by viewing our Retirement Interest Only Mortgage Product Summary PDFsize:65KB. The amount we’re willing to lend will be subject to an affordability assessment and our Retirement Interest Only Mortgage Lending Policy PDFsize:197KB.
What if my client can no longer afford the monthly interest payments?
If your client is experiencing financial difficulties or thinks that they may not be able to make their monthly payment, then they should contact us as early as possible. We’ll always look to help them find a solution.
Is there an Early Repayment Charge and how is it calculated?
The circumstances when an Early Repayment Charge would apply, and the way we calculate it, is detailed in our Retirement Interest Only Mortgage - All you need to know PDFsize:1489KB.
Will a RIO have any impact on inheritance?
As the RIO is designed to be repaid from the sale of your client’s home then this may reduce the value of their estate and the amount which they'll leave to their beneficiaries.
Which solicitor do you use?
We'll use our solicitors, Konexo, who are a global law practice.
Can my client use their own solicitors?
Yes, they can. We also have our own solicitors, Konexo, who're eligible to act on your client's behalf.
If your client wants to use their own solicitors, we'll assess them against our criteria. Once accepted we'll load them onto our system as acting solicitor.
Are interest rates fixed?
The interest rate on our RIO is fixed for the life of the mortgage meaning that your client can be certain of their monthly payments for as long as they've got the mortgage.
Who should I contact if I have a query about my application?
Call our team on 03330 048 444 or email us.
Monday to Friday, 8.30am to 5.30pm.
We may record and monitor calls. Call charges may vary.
If you're contacting us by email please remember not to send any personal, financial or banking information belonging to you or your client because email is not a secure method of communication.
How will I be updated on the progress of an application?
Once an application is submitted, you can check the status of your application through our portal View - portal.
When you log in, the summary page will show you the current status of your applications.
You can click on the application summary section to immediately see if there have been any updates.
You’ll also be able to see in the notes section if our underwriters have requested additional information.
-
Key documents
Existing customers
Online requests for your client's lifetime mortgage
Further Advance
Does your client need a further advance? You can check if your client is eligible by using our form.
Loan information
You can make a request for your client's lifetime mortgage information by using our form.
Drawdowns
Your client can request a drawdown from their lifetime mortgage using our online form.
Events
At Legal & General, your development matters to us. We offer a series of CPD accredited events and workshops that support you in understanding the changing face of retirement.
