Legal & General Equity Release Reviews (Updated 2022)

Is Legal & General Equity Release the Right Option for You?
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Considering Legal & General Equity Release to Fund Your Retirement? Discover the Pros, Cons, Fees, Interest Rates & Scheme Features. Read This to Get the Answers You Need.

Legal & General Equity Release is on the rise, with retirees releasing over £4.8bn from their homes in 2021 alone. 

Could you do with the extra cash to help you through retirement?

Or do you need the funds to plan your ultimate bucket-list holiday? 

As experts in our field, we discuss the following in this article:

    With over 665 equity release products available on the market today, it’s difficult to know where to start. 

    That’s why, as equity release experts, we’ve spent countless hours researching and reviewing these plans for you. 

    Our aim is to bring you the most comprehensive and current information to make the decision process that much easier. 

    Let’s find out if Legal & General will be your perfect match! 

    Before You Start Reading….

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    Who’s Legal & General

    Legal & General was established in 1836 and is now considered one of the UK’s leading financial service groups.

    It’s increasing its presence in the US and globally to improve the lives of its customers and build a better society.

    Among its products and services are investment management, lifetime mortgages, pensions, annuities, and life insurance.

    Why Consider Legal & General

    You should consider Legal & General for your equity release requirements as not only has it been around for over 200 years, but it’s a multi-award winning company. 

    Some of the most recent awards it’s received include:

    • Mortgage Finance Gazette Awards 2022 – Best Lifetime Mortgage Lender.
    • Mortgage Solutions Award 2022 – Best Overall Provider of Lifetime Mortgages
    • Mortgage Strategy Awards 2021 – Best Equity Release/Lifetime Lender
    • Your Mortgage Awards 2021 – Best Later Life Lender
    • The Mortgage Awards 2020 – Later Lifetime Lender of the Year
    • Mortgage Strategy Awards 2020 – Best Equity Release Provider/Lifetime Lender

    What Services Does Legal & General Offer?

    Legal & General offers services such as lifetime mortgages, investment management and more. 

    Here is a complete list of the services it offers:

    • Investment management.
    • Pensions.
    • Lifetime mortgages.
    • Annuities
    • Life assurance.

    Does Legal & General Offer Equity Release?

    Yes, Legal & General offers equity release in the form of a lifetime mortgage

    A lifetime mortgage enables you to access the money tied up in your home as a tax-free amount. 

    You can either access all of the money at once or release it in smaller amounts over a period of time. 

    The good news is you won’t have to sell your home or move out to get your hands on the cash. 

    The even better news is that you won’t be required to make any payments until you move into permanent care or pass away.

    Legal & General’s Equity Release Schemes

    Legal & General’s equity release schemes consist of a Flexible Lifetime Mortgage and an Optional Payment Lifetime Mortgage. 

    Let’s have a look at each of these. 

    Flexible Lifetime Mortgage

    The Flexible Lifetime Mortgage allows you to borrow a tax-free amount of money against the value of your home without being required to make any repayments during your lifetime. 

    You can access the money as one lump sum or access smaller amounts of money as and when required. 

    Be careful though! Interest on the loan accrues over time, so the amount you owe will increase rapidly.

    Accrued interest1 is calculated on the principal loan plus any unpaid interest. 

    Optional Payment Lifetime Mortgage

    The Optional Payment Lifetime Mortgage enables you to borrow a tax-free amount of money against the value of your home as one lump sum or smaller amounts over a period of time.   

    It works in much the same way as the Flexible Lifetime Mortgage, with the difference of allowing you to make monthly interest repayments which will reduce the final amount owed.

    Legal & General’s Equity Release Scheme Features

    Legal & General’s equity release schemes feature a no negative equity guarantee, the option of inheritance protection and, depending on the plan you choose, the option to make interest-only payments every month. 

    What Are Legal & General’s Equity Release Interest Rates?

    Legal & General’s equity release interest rates range from 3% to 5%. 

    The actual rate you’ll be given depends on your particular circumstances – including your age and the loan to value (LTV)2 ratio.

    The interest rate on its lifetime mortgages is fixed and will remain the same for the duration of your loan. 

    Interest is calculated on a compounding basis, which means the interest rate is computed on both the principal and any interest already accrued.

    The amount you owe is calculated daily, so it will rapidly increase, reducing the equity in your home over time.

    This is especially true if you take out a loan earlier in your retirement and live for a long time afterwards.

    What Are Legal & General’s Fees?

    Legal & General’s fees include arrangement and solicitor fees and interest rates. 

    Let’s take a closer look at these. 

    Arrangement Fees

    An arrangement fee or application fee is charged at £599 on certain products, whilst on others, there is no charge at all. 

    On completion, you’ll also be charged £30 for transferring funds to your solicitor. 

    These costs aren’t payable until your mortgage is finalised and the funds are released.

    Solicitor Fees

    Once you’re satisfied with your lifetime mortgage plan, the next step is to appoint a solicitor that specialises in equity release to act on your behalf. 

    These fees vary considerably but typically fall around the £650 mark. 

    It’s worth looking for competitive rates as they vary across the market. 

    Interest Rates

    The interest rates charged on your loan are fixed for the whole term and compound over time.

    This means that any unpaid interest is added to the loan each month, and so the loan continues to grow for the whole term. 

    Your circumstances will determine your actual interest rate.

    Does Legal & General Have An Equity Release Calculator?

    Yes, Legal & General have an equity release calculator that can indicate how much you could release from your home. 

    To work this out you’ll need to enter the following information:

    • The age of the youngest borrower.
    • Your address. 
    • The estimated value of your home. 
    • The amount you would like to borrow. 

    Consider using our lifetime mortgage calculator to get a comparative estimate and an unbiased result.  

    Before You Start Reading….

    Let’s See How Much You Can Release 👇


    Equity Release Calculator

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    What Are The Advantages & Disadvantages of Legal & General

    The advantages of Legal & General are that it’s a well-established financial service provider with a proven track record, it doesn’t charge for advice, and it offers inheritance protection on its plans.

    Legal & General equity release disadvantages include compounding interest rates, early repayment charges, and reduced inheritance. 

    Legal & General Pros

    The Legal & General Pros include being a member of the Equity Release Council3

    Let’s see what else counts in its favour:

    • A well-established lender with almost 90,000 customers.
    • Financial advice is given free of charge. 
    • The option to receive your money as a lump sum or in smaller instalments.
    • Early repayment possibilities on specific plans. 
    • Option to add inheritance protection.
    • No negative equity guarantee.
    • Equity Release Council member.

    Legal & General Cons

    Legal & General cons include compounding interest rates and reduced inheritance. 

    Let’s take a closer look:

    • Compounding interest rates add up quickly. 
    • Early repayment fees may be charged on specific plans. 
    • The inheritance you leave behind will be reduced. 
    • You could disqualify yourself from receiving state benefits. 

    How Did We Review Legal & General?

    We reviewed Legal & General by considering all of its data on the products it offers so that we can give you the most credible information about it.

    Legal & General Reviews

    Legal & General reviews are mixed across various platforms.

    Many people have taken to these review sites to voice their lousy customer service experiences.

    However, it’s good to note that each and every bad review has been responded to by Legal & General in an attempt to resolve the matter. 

    Here are ratings from the top review sites:

    • Trust Pilot 4 – 3.2 out of 5 based on 11,476 reviews.
    • 5 – 1.8 out of 5 based on 526 reviews.

    Legal & General Complaints

    Legal & General complaints can be lodged by email, letter or phone.

    For any equity release related complaints, you can contact the retirement department on the below contact details:



    • Legal & General Assurance Society Ltd
    • PO BOX 809
    • Cardiff
    • CF24 OYL


    • 0345 7660 813

    9am to 5pm, Monday to Friday. Phone calls may be monitored and recorded.

    Legal & General FCA Details

    FCA Address

    One Coleman Street


    EC2R 5AA

    United Kingdom

    Trading Names

    • Legal & General Assurance Society Limited

    FCA Permitted Services

    • Banking.
    • Insurance.
    • Consumer Credit.
    • Pensions.
    • Investments.


    • Financial Conduct Authority (FCA)5.
    • Prudential Regulation Authority (PRA)6.

    Registration Numbers

    • FCA Ref Number: 117659
    • FCA Reg Number: 166055

    Legal & General Contact Number

    To find out more about the lifetime mortgages on offer at Legal & General, contact the advice team on 0808 115 6861.

    Its offices are open from 08:00am to 08:00pm, Monday to Sunday. 

    Common Questions

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

    Who Owns Legal & General?

    Legal & General Jobs

    Does Legal & General Do Equity Release?

    Is Legal & General Equity Release Safe?

    In Conclusion

    Legal & General Equity Release has earned its position as a household name in the finance industry. 

    With over 200 years behind it and over £1 trillion in assets, it’s a company that deserves your consideration. 

    Since its inception, the company has strived to improve the lives of its customers and build a better society.

    Despite its track record, however, we highly recommend seeking independent professional equity release advice in order to determine if it’s the best solution to your financial worries.

    Before You Go…

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    Editorial Note: This content has been independently collected by the EveryInvestor 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.