Later life mortgages

We’ve partnered with Legal & General, an award-winning lender for later life mortgages

Use a later life mortgage to release equity from your home, and help bring your plans to life. It lets you borrow money based on the value of your home, either as a lump sum or as a series of lump sums. 

Use it for things that matter to you most. Like paying off a mortgage, improving your home, or helping children or family buy their own property. Or to help get the financial security you need. 

We’ve partnered with Legal & General, who offer a range of award-winning products. Their specialist advisers will talk to you about your personal situation and if this type of mortgage is right for you. 

Types of later life mortgage

Lifetime Mortgage

A lifetime mortgage is a type of equity release, where a loan is secured against your home. It lets you release tax-free cash without the need to move out.

You could get a lifetime mortgage if you own a home and are aged 55 or over. You may be able to take the money as a lump sum or as a series of lump sums. The loan doesn't have to be repaid until the last borrower dies or permanently moves into long-term care.
Interest rates are tailored to you and fixed for the life of the loan.

You’ll be charged interest on the loan, plus on any interest already added. So the amount you owe will go up quickly over time. 

If you have the money, you can choose to pay off some, or all the monthly interest. This will reduce the interest added over the mortgage’s life. So, it’ll lower the amount you owe in the end. 

To help you understand the features and risks of the mortgage, you’ll receive a tailor-made illustration.​

Retirement Interest Only Mortgage

You could get a Retirement Interest Only Mortgage, sometimes called a ‘RIO Mortgage’, if you own your home and are aged over 55. 

It’s a loan secured against your home. You pay the interest each month, so the amount you owe doesn’t go up.

You can use it to pay off a mortgage you already have, and most other things. The loan doesn't have to be repaid until the last borrower dies or permanently moves into long-term care.

The interest rate is fixed for the life of the loan, so there are no surprises. You’ll pay the same amount every month.

As a last resort, your home may be repossessed if you do not keep up repayments. 

Get started

For an idea of how much you could borrow, choose ‘Mortgage calculators’ below to get started. If you think a later life mortgage might be right for you, call us and find out if you’re eligible. We’ll need a rough idea of your home’s value, and details of any mortgage you have on it now. Such as the balance you have left to pay, repayment type, and how long the term has left to run. 

All applications are subject to status and Legal & General’s lending criteria. A later life mortgage may affect any means-tested benefits you get, your tax position, and anything you wish to leave as inheritance for others.

To apply, you must live in the UK and be aged 55 or over. Later life mortgages are provided by Legal & General Home Finance. Not available if you're in Northern Ireland.

See how much you could get

Learn more about later life mortgages and use the calculator to see how much you could get.



Mortgage calculators

Speak to us

We'll do basic checks to see if you could get a later life mortgage. If so, we'll connect you with a Legal & General specialist adviser. They'll talk through your options, and say if it's right for you. You then decide if you want to go ahead. You're not obliged to continue.

Call now

How to get a later life mortgage

Step 1:  Eligibility​

  • We’ll check you’re eligible. If you are, we’ll put you through to Legal & General.
  • We’ll talk to you about your situation and what you’d like to do. Then Legal & General will set up a meeting between you and one of their specialist advisers, whenever suits you. Your family and friends can also join if you like. 
  • The adviser will take the details you share with them and recommend a mortgage that’s right for you.

Step 2: Get advice​

  • Legal & General’s specialist adviser will talk you through their recommendation, including any fees and costs that apply. ​
  • Legal & General don’t charge a fee for advice. You’re not obliged to continue with your application until you decide to.​
  • Depending on the mortgage recommended, you may have to pay a fee to apply. There are other costs when you take out a later life mortgage, such as legal fees. Your adviser will explain all the fees you'd need to pay. 
  • We’ll get payment in the form of a capped commission from Legal & General. This will only be payable on completion of your new mortgage. Legal & General will pay us this, it's not a cost to you and it won't be added to what you borrow. ​

Step 3: Get an offer

  • Once you’ve applied for a later life mortgage, Legal & General will want to check your home’s value.
  • You'll need a solicitor to do the legal work. It's important you appoint a solicitor who is qualified to help you with the type of mortgage you’re applying for. If need be, Legal & General can give you a list of solicitors to choose from. 
  • Once they’ve valued your home and agreed your application, Legal & General will send you and your solicitor the offer. 
  • You must get their legal advice before you sign and accept the offer.

Step 4: Get the money

  • A completion date will be agreed. This is when Legal & General will release the money to your solicitor. 
  • Your solicitor will repay any mortgage or debt you have on your home. 
  • It usually takes about 8 to 10 weeks from the time your adviser completes your application to you getting your money. This can change depending on your own situation.


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