Legal & General Equity Release Reviews (Updated 2022)

Is Legal & General Equity Release Any Good & Safe? We Review the Pros, Cons & Scheme Features
Are You Considering Legal & General Equity Release? What Are the Pros, Cons & Costs? Read Our Reviews & Discover If Legal & General Lifetime Mortgage Schemes Are For You.
TABLE OF CONTENTS

Legal & General Equity Release

You’ll definitely want to consider Legal and General to cater to your equity release needs!

If you don’t, you could miss out on joining one of the leading global financial providers.

With over 1 trillion in assets, they’re surely a company to trust with your precious home.

But are their equity release products on par with the rest of their offerings?

We are here to help you discover:

  • Who are Legal and General?
  • What do they offer?
  • If you should consider equity release with Legal and General.

At EveryInvestor, we want to guide you accurately through the equity release industry, helping you to find the best lender and plan to suit your requirements.

Could Legal and General be the one you’ve been looking for?

Let’s take a look!

Before You Start Reading….

Let’s See How Much You Can Release 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast

It’s VERY FAST, takes just 8 seconds

What is Equity Release & How Does it Work?

Equity release works by homeowners aged 55 and above getting the opportunity to release a tax-free cash sum from their home’s value.

The amount you can release is determined by your age and the current market value of your property.

You may claim the money as a single lump sum, as monthly earnings, or in several smaller payments.

Are You Looking for the Legal & General Equity Release Calculator?

Before you consider using the Legal & General equity release calculator, we want you to know that we’ll probably be able to find you a better rate and that means a great saving!

Before You Start Reading….

Let’s See How Much You Can Release 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast

It’s VERY FAST, takes just 8 seconds

Legal & General only offers lifetime mortgages and not home reversion schemes.

However, they do also have retirement interest-only mortgages available for older borrowers.

What’s a Lifetime Mortgage?

A lifetime mortgage gives you the opportunity to borrow money secured against your house and keep ownership of it.

When the final borrower passes away or enters long-term care, the home is sold, and the value is used to pay off the debt.

What’s a Retirement Interest-Only Mortgage?

A Retirement Interest-Only Mortgage is an alternative type of later-life mortgage designed for older homeowners above 55.

Each month, you pay the interest, so the amount you owe stays the same.

You may use the equity for almost any purpose (including paying off an existing mortgage).

Legal & General Group plc, or simply Legal & General1, is a British global financial services corporation based in London.

It’s the UK’s largest supplier of individual life assurance products and a top 20 worldwide asset manager.

With over £1 trillion in assets, the equity release business was started in 1836 and has since developed into one of Europe’s leading insurance and asset management firms.

By delivering stable pension incomes, L&G works with corporations, pension fund trustees, and advisers to safeguard the corporate pensions of workers who are in or near retirement.

They also provide annuities and lifetime mortgages to individual consumers searching for financial stability in their later years.

Besides lifetime mortgages and retirement interest-only mortgages, Legal & General offers many different financial services.

These include investments, retirement solutions, life cover, insurance, and regular mortgages.

The main pro of equity release with Legal & General is that they’re an award-winning firm. The main con of equity release with Legal & General is that the interest can build up quickly.

More pros and cons include:

  • Award-winning service.
  • Flexible plans are available.
  • No interest roll up with a retirement interest-only mortgage.
  • £2,000 minimum additional loan amounts for each release.
  • Interest can compound quickly.
  • The minimum property value is £100,000 instead of £70,000 for some property types.

Legal & General Reviews

Legal & General Equity Release Complaints

If you’re dissatisfied with your experience and want to file a complaint, the easiest way to do so is to contact them directly through their website.

They are concerned about their clients’ needs and will refer you to the appropriate department.

Alternatively, you can submit a review on a review site like Trustpilot or Feefo, and they will swiftly contact you to assist.

Legal and General’s lifetime mortgages have the following features:

  • Available for homeowners aged 55 or over.
  • Minimum loan of £10,000
  • Your age and property value determine the maximum loan value.
  • The minimum property value is £70,000 for houses and £100,000 ex-council, ex housing association or ex Ministry of Defence properties.
  • No affordability checks are a requirement.
  • Monthly interest repayment options.
  • Fixed interest2.
  • You can select an optional payment or flexible lifetime mortgage

Legal and General Retirement interest-only mortgages have the following features:

  • You must be at least 55.
  • Minimum loan of £10,000.
  • Borrow up to 60% of your property value.
  • The minimum property value is £70,000 or £100,000 for flats, maisonettes, ex-council, ex housing association or ex Ministry of Defence properties.
  • You will need to undergo affordability checks3.
  • Compulsory monthly repayments (foreclosure risk)

You should consider releasing equity through Legal and General because they won the Later Life Lender of the Year award at The Mortgage Awards in 2020 and 2021, making them a leading provider.

In addition, they are members of the Equity Release Council.

What’s the Equity Release Council? Find out HERE

You will know that Legal and General is the right provider to help you release the cash tied into your home if your financial adviser suggests their services.

Common Questions About L&G Equity Release

Is Legal & General a Member of the Equity Release Council?

Who Owns Legal & General?

Does Legal & General Do Equity Release?

Is Legal & General Equity Release Safe?

Not What You’re Looking For?

Is Legal and General not the equity release provider you’ve been looking for? Perhaps you’d prefer a home reversion scheme? Take a look at our schemes list to find the right fit.

Conclusion

If you’re looking for Legal & General equity release and want the best rate use the form below.

Before You Go…

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast

It’s VERY FAST, takes just 8 seconds

Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.