What is a lifetime mortgage?
A lifetime mortgage is a type of equity release, a loan secured against your home that allows you to release tax-free cash without needing to move out.
Lifetime mortgages are available to homeowners aged 55 or over. You can take the money as a lump sum, series of lump sums or as a regular income. No repayments are required until you die or move out of your home into long-term care.
Whether you're looking to pay off an existing mortgage, make some home improvements, or gift money to a family member, a lifetime mortgage could help.
Lifetime mortgage pros and cons
You can only get a lifetime mortgage through a qualified equity release adviser, but it's important to understand the benefits and risks.
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Tax-free cash
When you release equity with one of our lifetime mortgages, you can take a lump sum in one go or a series of smaller lump sums when it suits you. You can also choose to take a monthly income if you prefer. -
Spend it how you want
You can use the money you release for home improvements, helping children buy their first property or to top up your monthly income. It's up to you. -
Nothing to repay
Unless you choose otherwise, there's nothing to repay until you die or move permanently into long-term care. -
Flexible repayments
If you prefer, there's an option to repay some or all of the interest. You can also choose to repay part of the original loan. -
Stay in your home
With equity release, you don't need to downsize and can stay in your home until you die or move permanently into long-term care. -
You can still move house
So long as the new property is acceptable to us - we don't lend against properties with thatched roofs, for example - you can still move house. -
Inheritance protection
Part of the value of your home can be passed on if you choose our Inheritance Protection option. -
No negative equity guarantee
Whatever happens you'll never repay more than the value of your home when it is sold - even if that's less than the amount owing. Subject to terms and conditions.
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The interest can build up quickly
If you choose not to repay anything until you die or move permanently into long-term care, the interest can rapidly build up over time. There may be cheaper ways to borrow money. -
Reduced inheritance
Even with our Inheritance Protection option, releasing equity with a lifetime mortgage is likely to reduce how much you can leave as an inheritance. -
Inheritance tax
If you gift the money, the recipient may need to pay inheritance tax in the future. -
Early Repayment Charge
If you choose to repay all or a significant part of the loan early, there may be an Early Repayment Charge. -
Means tested benefits
If you're receiving certain means tested benefits, taking a lifetime mortgage could impact your entitlement to these benefits. -
Higher interest rates
Usually the interest rates for a lifetime mortgage are higher than the rates charged for a traditional mortgage. -
Less freedom to move house
If you have no mortgage, you can move to any type of property. With a lifetime mortgage, the new home has to be acceptable to the lender. -
Leaving an existing mortgage
You may have to pay an Early Repayment Charge to your existing lender if you remortgage.
Is a lifetime mortgage right for you?
To be eligible to release equity from your home with one of our lifetime mortgages:
- You must be aged 55 or over.
- You must own (or be buying) your own home, with little or no mortgage left to pay.
- Your home must be worth £100,000 or more.
Our lifetime mortgage specialists are available to answer any questions you have. Why not give us a call today. Or, if you'd rather, you can give us your number and we'll give you a call back.
Equity release calculator
This calculator helps you see how much equity you could release with a lifetime mortgage, a loan secured against your home. We'll ask you to register your details to show you the calculation, then give you a call.
How to use this calculator
- If you want a joint lifetime mortgage use the age of the youngest applicant
- Once you have your result you can keep using the calculator to see the different ways you could release the money
Just one more step...
To find out how much you could receive and be sent your personalised quote, including interest rates, please provide your email address. If you'd like you can also add your phone number to receive a call back to discuss your options.
By providing your email address you give us consent to send you emails with news, information and offers on the products and services provided by Legal & General Financial Advice. Details of how we process your information can be found in our privacy policy. You can opt out of marketing at any time by emailing LGFAoptout@landg.com
Good news!
Based on the information supplied, you could release the amount you specified:
The maximum amount you could release is:
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and individual circumstances. There may be cheaper ways for you to borrow money.
Based on the information supplied, you could release up to:
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and individual circumstances. There may be cheaper ways for you to borrow money.
Congratulations. You've joined one of the 396 people who contact us each week to enquire about our Lifetime Mortgages.
One of our Customer Service Agents will contact you with indicative interest rates based on your information. If you shared your phone number you can also expect to receive a call from us in the next day or two. Or an email will be with you shortly.
If you’d like to speak to us sooner you can call us directly, for a free, no-obligation chat on:
Monday to Sunday 8:30am - 8:00pm. We may record and monitor calls.
A lifetime mortgage is a loan secured on your home. Interest is charged on the loan plus any interest already added. This means the amount you owe can increase quickly over time.
Step 1 / 3
How would you like to receive your money?
There's more than one way to release your money with one of our Lifetime Mortgages.
A lifetime mortgage will reduce the equity left in your home and the value of any inheritance. A lifetime mortgage is usually repaid when the last borrower dies or moves out of the home and into long term care.
Step 2 / 3
Your options for taking a lump sum
Depending on how you need the money, you can receive it as a one off cash lump sum or as a series of smaller cash sums as and when you need it. The option to take lump sums in the future is not guaranteed and will depend on whether you're still eligible to borrow more money.
There's an option to pay the interest off as you go. Ask our Customer Service Agents for more information.
You may be able to borrow between and
Total you've chosen below:
Total remaining:
Step 2 / 3
Your options for a regular income
If you're interested in a regular income, you can select this to be paid for a set number of years.
Once the fixed income term ends the monthly income will stop but interest will continue to roll up until the lifetime mortgage is repaid.
Over how many years would you like your income to be paid?
Though you've chosen a regular income, you have to take an initial lump sum of at least £2,500. You can take more than this. It's your choice.
You've chosen a and an initial lump sum of . That means you could receive a monthly income of up to for .
Step 3 / 3
You're interested in a lump sum of
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and your individual circumstances. Taking a lifetime mortgage could affect your eligibility for state benefits.
You're interested in a series of lump sums
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and your individual circumstances. Taking a lifetime mortgage could affect your eligibility for state benefits.
You're interested in a regular income
This is an estimate of the amount you may be able to release. The amount you can release depends on your property and your individual circumstances. Taking a lifetime mortgage could affect your eligibility for state benefits.
Next steps
We'll be in touch shortly if we haven't already called. In the meantime, consider these products.
Our lifetime mortgages

Flexible Lifetime Mortgage
If you'd like to take a lump sum, or a series of lump sums, and pay nothing until you die or move into long term care, select this option.

Optional Payment Lifetime Mortgage
If you'd prefer to take a lump sum, or a series of lump sums, and pay off some or all of the interest, this could be right for you.

Income Lifetime Mortgage
Or, if you'd like to have an income paid on a regular basis rather than a lump then take a closer look at our Income Lifetime Mortgage.
Compare our lifetime mortgages
Flexible Lifetime Mortgage | Optional Payment Lifetime Mortgage | Income Lifetime Mortgage | |
Age | 55+ | 55+ | 55+ |
Minimum property value considered | £100,000 | £100,000 | £100,000 |
How is the loan paid? | Lump sum or series of lump sums | Lump sum or series of lump sums | Initial lump sum then a monthly income |
Minimum initial lump sum | £10,000 | £10,000 | £2,500 |
Minimum additional loan amounts for each release | £2,000 | £2,000 | n/a |
Minimum monthly income | n/a | n/a | £200 |
Maximum loan amount | Determined by your age and property value. | ||
Is the loan secured against my home? | 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 the home and into long-term care. | ||
How is interest charged on the loan? | Interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time unless you pay off some or all of the interest. You may have cheaper ways to borrow money. | ||
Do I have to pay interest every month? | No - but you can choose to make partial repayments if you want to manage the amount owed on the loan and interest. | No - but you can pay some or all of the monthly interest to reduce the overall cost of the loan, and you can stop making payments at any time. If you choose to stop payments, you can't restart them. | No - but once you've stopped receiving the monthly income you can choose to make partial repayments if you want to manage the amount owed on the loan and interest. |
Can I end up owing more than the home is worth? | No. With our No Negative Equity Guarantee, as long as you follow the terms and conditions of the loan, you'll never owe more than the home is worth. | ||
Is the interest rate fixed? | Yes. The interest rate is fixed for the life of the loan. |
How much is a lifetime mortgage?
One of the main things people want to know about lifetime mortgages is how much the loan will cost.
Costs involved in releasing equity: These are the costs you need to pay during the process of releasing equity with a lifetime mortgage, for example arrangement fees and solicitors fees. We don't charge an advice fee.
Why Legal & General
Experienced lifetime mortgage specialists, since 2015 we've lent £4.4bn to over 89,000 customers.

5-star products
Moneyfacts awarded our Lifetime Mortgages five stars in 2019.

Responsible lender
As a member of the Equity Release Council, we uphold their standards and safeguards.

Later life lending specialists
Awarded Later Life Lender of the Year in The Mortgage Awards 2020

Get in touch about our lifetime mortgages
To speak to us about a lifetime mortgage, call our advice team on the number below.
For any other enquiries please get in touch via our contact us page
Monday to Sunday 8:30am - 8:00pm
We may record and monitor calls
More about later life mortgages
Find out more about your later life mortgage options.
Compare later life mortgages
Which later life mortgage is right for you?
Lifetime Mortgages (a type of equity release) and Retirement Interest Only Mortgages are sometimes grouped together as 'later life mortgages' or 'later life lending' products. While similar and often used for similar purposes, these are different products and it's important to understand the differences between the two. There may be cheaper ways for you to borrow money.
Find out more about our range of later life mortgages, or use our simple tool to find out which product might best suit your needs.
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.