Later life mortgages

If you’re aged 55 or over, a later life mortgage could help you borrow into retirement.

With this mortgage, you secure the loan against your property based on its value while you continue living there. You could:​

  • pay off an existing mortgage including any early repayment charges ​
  • release equity from your home to spend on yourself or your home ​
  • gift to a family member (though the recipient may need to pay inheritance tax in the future). 

It’s important that you get financial advice to help you make the right decision. You may want to talk it over with family. There are other costs related with taking out a later life mortgage, such as legal costs. It may affect any means-tested benefits. To make sure you understand all the features and benefits, you can only get a lifetime mortgage through a specialist adviser. ​

While we don’t directly offer later life mortgages, we’ve partnered with Legal & General, an award-winning lender for later life mortgages.  These mortgages include Lifetime mortgages and Retirement Interest Only mortgages.

Lifetime Mortgage    ​
A lifetime mortgage is a type of equity release that lets you secure a loan against your home. This allows you to release tax-free cash without needing to move out. To help you understand the features and risks of the mortgage, you’ll receive a tailor-made illustration.​

  • You can take the money as one lump sum or as a series of lump sums. ​
  • No repayments are needed until after you move out of your home and go into long-term care or die.​

​Depending on what’s right for you, you may be able to pay all, some or none of the interest each month. ​

  • You’ll be charged interest on the loan plus any interest already added, so the amount you owe will increase quickly over time.​
  • If you make the full monthly interest payments, the amount you owe won’t increase.​
  • If you don’t pay the full monthly interest payments, the amount you owe will increase and reduce any inheritance. ​

​Retirement Interest-Only Mortgage​
A Retirement Interest Only Mortgage is a loan secured against your home. ​

  • You have to pay the interest each month, 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. ​

Step 1:  Call us  

  • We’ll check that you meet the basic eligibility criteria. This will focus on the type of property you have, ownership status, and to check you’re 55 or over. ​
  • If you meet the eligibility criteria and would like to continue, we’ll pass you over to one of Legal & General’s customer service agents.​

​Step 2: Speak to your adviser​

  • The agent will take some details from you to confirm your suitability. They’ll then talk to you to understand your financial situation and any particular needs you have. Once they have enough information, they’ll arrange a video call with a specialist adviser for a date and time that suits you. You don’t need to have your camera on if you don’t want to. ​
  • You’ll have 2 meetings. Ahead of these, you’ll be sent a short biography and photo of your adviser so that you know exactly who you’re talking to when they introduce themselves.​
  • Family and friends can even join your calls if you want to include them. ​
  • The information you share with the adviser will then be taken away to create a tailor-made recommendation for you.​
  • Your adviser will ask what you’d like to do with the money to check whether any tax might be payable. While the money you may get will be paid free of tax, depending on what you do with it, tax may become payable.    ​

 ​Step 3: Recommendation​

On your next video call, your adviser will talk you through their recommendation, including any applicable fees and costs. This is so you can ask questions and take time to fully understand the product they’re recommending.  ​

  • Once you’ve had time to think, Legal & General will get back in touch to see if you still want to go ahead and finish your application. ​
  • There are no fees up to this point and there’s no obligation to continue with your application until you decide to go ahead with it.​
  • Legal & General don’t charge a fee for advice. However, depending on the mortgage you choose, you may have to pay an application fee if you go ahead. There's also other costs related with taking out a lifetime mortgage, such as legal costs. Your adviser will explain all the fees you’d need to pay.​
  • We’ll get payment in the form of a capped commission from L&G. This will only be payable on completion of your mortgage, new loan or later life lending. This will be paid by L&G and is not a cost to you, and it won’t be added to what you borrow. ​

​Step 4: Valuation​

  • Once you’ve applied for a later life mortgage, Legal & General will arrange for your home to be valued by an independent valuer. ​
  • They’ll be in touch shortly after your application to book an appointment at a time that suits you.​

​Step 5: Appoint a solicitor​

You’ll need to appoint a solicitor who is qualified to help you with the option you apply for. When you speak with Legal & General, you’ll also have the option to have your legal fees deducted from the loan.​


​Lifetime mortgage​

  • You’ll need to appoint a solicitor who specialises in equity release to act on your behalf and to provide you with independent legal advice. If your own solicitor isn’t a specialist, Legal & General can give you a list of solicitors that they work with.​
  • Or, you can find an equity release advisor through the Equity Release Council​

    Step 6: Your offer and legal work​

    • Once the valuation is complete and your application is approved, Legal & General will send you and your solicitor the offer. ​
    • Your solicitor will talk about the offer with you and make sure you understand the implications of a later life mortgage. It’s important to take their legal advice before you sign and accept the offer.​
    • If you’ve applied for a later life mortgage you must insure your property for at least the amount set out in your mortgage offer. This should be enough to cover the cost of rebuilding the property. Please check with your insurance provider.​

    ​Step 7: Money received​

    • A completion date will be agreed and the money will be released to your solicitor.  They’ll repay any existing mortgage or debt against your home if needed.​
    • If you’ve chosen to pay the solicitor's costs out of the loan, they’ll deduct these before paying the remainder to you. This usually takes between 8–10 weeks but will depend on your individual situation.​
    • It usually takes about 8 weeks from the time your adviser completes your application to the time you’ll get your money for a Lifetime mortgage and 8-10 weeks for a Retirement Interest Only Mortgage. The timings may be different for each customer depending on their situation.​

    Get started

    Use the calculators to first get an idea of how much you could expect to borrow. Choose ‘Mortgage calculators’ below to get started. If you think a later life mortgage might be for you, call us and find out if you’re eligible. We’ll need the estimated value of your home and details of any existing mortgage you may have on it, such as outstanding balance, repayment type and remaining term.

    How much could you expect?

    Find out more about our partnership with Legal & General on their page, whether a later life mortgage is something that may interest you and use the calculators to see how much you could expect.

    Mortgages calculators

    Speak to us

    ​We’ll check you meet the basic eligibility requirements and if you do we’ll put you through to a Legal & General specialist adviser to discuss later life options, without obligation and they’ll tell you if it’s right for you.

    0800 032 6984

    Opening hours: Mon to Fri, 9am - 5pm


    Applications are subject to status and lending criteria. Applicants must be UK residents aged 55 or over. (Lifetime mortgages not available in Northern Ireland)  Mortgages provided by Legal & General Home Finance

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