Legal & General Equity Release (Jan 2022)

Legal & General Lifetime Mortgage Review

Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui

Are You Considering Legal & General Equity Release? What are the Pros & Cons? What are the Costs? Discover If Legal & General Lifetime Mortgage Schemes are for You.

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. Takes Just 8 Seconds.

Legal & General Equity Release

It's VERY FAST, takes just 8 seconds

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!

What is Equity Release & How Does it Work?

With equity release, homeowners aged 55 and above may get 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.

Does Legal & General Offer Lifetime Mortgages & Home Reversion Schemes?

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.

Full article: What’s a Lifetime Mortgage?

What’s a Retirement Interest-Only Mortgage?

People over 55 can get a Retirement Interest-Only Mortgage. It’s a mortgage secured by your property. Each month, you pay the interest, so the amount you owe stays the same. You may use it for almost any purpose (including paying off an existing mortgage).

More information: What’s a Retirement Interest-Only Mortgage?

An Introduction to Legal & General

Legal & General Group plc, or simply Legal & General, 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.

Legal & General Services Offered

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 Pros & Cons of Equity Release with Legal & General

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:

Pros of Legal & General

  • 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.

Cons of Legal & General

  • Interest can compound quickly.
  • The minimum property value is £100,000 instead of £70,000 for some property types.

Legal & General Plans & Special Features

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 interest.
  • 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 checks.
  • Compulsory monthly repayments (foreclosure risk)

Why Consider Legal & General for Equity Release?

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

How Do I Know if Legal & General is Right for Me?

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.

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.

 

How Much Can You Release?

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

Legal & General Equity Release

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.
Taylor Holt - 300x300

Written by
Taylor Holt
Estate Planning Expert

Taylor Is Our Resident Estate Planning Expert. He Knows That Everything Revolving Around Wills or Funeral Planning Can Be a Sensitive Subject That People Don’t Like to Discuss. But He Also Knows How Important It Is to Know All There Is to Know About It. Taylor Makes It His Mission to Spread Awareness About Estate Planning, and We Believe Everyinvestor Is the Best Platform to Do That.

Monique - 300x300

Written by
Monique Pittman
Pensions Expert

Monique Is Our Resident Pensions Expert. Many People Postpone Planning Out Their Pension, Thinking That Is Something They’ll Have to Worry Much Later in Life. Monique Knows How Important It Is to Start Planning Your Pension Early, and She Wants You to Know It Too!

Legal & General Equity Release

Written by
Lisa Schilling
Insurance Expert

Lisa Is Our Resident Insurance Expert. She Knows How Important It Is to Be Ready for Any Scenario, Especially When a Family Member Is Involved. Nobody Likes Being Found Unprepared in a Tough Situation! Lisa Can Find the Best Insurance to Cover Your Every Need, Present and Future.

Doyle Edwards - 300x300

Written by
Doyle Edwards
Mortgages Expert

Doyle Is Our Resident Mortgages Expert. He Comes From a Long Line of Financial Gurus, and It Truly Shows. Despite His Young Age, There Is No Question He Cannot Answer When It Comes to Mortgages, and His Ability to See Outside of the Box to Find the Best Mortgage Deals Is Truly Impressive.

jason stubbs 300x300 1.jpg

Written by
Jason Stubbs
Equity Release Expert

Jason Stubbs Is a Specialist in the Equity Release Sector. He Enjoys Helping Older People Who Are Struggling Financially Get Out From Under Financial Pressure.

rachel w.jpg

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
francis.jpg

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
Mark Patterson

Written by
Mark Patterson
Mortgage Expert

Mark Patterson is a well-known expert in mortgages. He has been working as an expert for over 15 years, and he specializes in the UK mortgage market.
kath icon.png

Katherine Read
Consumer Affairs Writer

She writes on the topics of equity release, home reversion, and mortgages.

Nicola Date

Nicola Date
Writer & Journalist

Nicola is a financial writer for EveryInvestor and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.