Later life mortgages Whether you're looking to pay off an existing mortgage, or to release some equity from your home to spend on yourself, your home or your family, one of our later life mortgages could help Compare later life mortgages Get a call back What is a later life mortgage? A later life mortgage is a mortgage aimed at homeowners aged 55 or over and allows you to borrow money based on the value of your home, while continuing to live there. Our later life mortgages include lifetime mortgages and Retirement Interest Only mortgages. Lifetime mortgage A type of equity release. A lifetime mortgage is a loan secured against your home. There's no need to make monthly payments. The amount borrowed and the added interest isn't usually repaid until you die or move out of the home into long-term care. However, there may be cheaper ways to borrow money. If you're looking to release some money from your home to increase your income in retirement, this could be a good option for you. About our lifetime mortgages Lifetime mortgage calculator Retirement Interest Only Mortgage A type of residential mortgage. A Retirement Interest Only Mortgage is a loan secured against your home. You have to pay the interest off monthly, 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. If you're looking to release some money from your home to pay off an existing mortgage, this is one of the options available to you. About our Retirement Interest Only Mortgage Retirement Interest Only Mortgage calculator Compare our later life mortgages Lifetime mortgages and retirement interest-only mortgages may appear similar, but it's important to understand the differences between each product. We've pulled out some of the key points below. Our Lifetime Mortgages Our Retirement Interest Only Mortgage Age 55+ 55+ Minimum loan amount £10,000 £10,000 Maximum loan amount Determined by your age and property value Up to 60% of the value of your home, subject to an affordability assessment Minimum property value considered £70,000 or £100,000 for flats, maisonettes, ex council, ex housing association or ex Ministry of Defence properties. £70,000 or £100,000 for flats, maisonettes, ex council, ex housing association or ex Ministry of Defence properties. Is there an affordability assessment? No Yes Is the loan secured against my home? Yes Yes When do I have to repay the full amount of the loan? The loan is usually repaid when you die or move out of your home into long-term care. The loan is usually repaid when you die or move out of your home into long-term care. Do I have to pay interest every month? No - interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, you can choose to pay off some or all of the monthly interest to prevent this. Yes - the interest due is payable in full by you each month. As a last resort, your home may be repossessed if you fail to keep up repayments. Is the interest rate fixed? Yes. The interest rate is fixed for the life of the loan. Yes. The interest rate is fixed for the life of the loan. Our Lifetime Mortgages Our Retirement Interest Only Mortgage A mortgage may affect means-tested benefits, your tax position and any future inheritance. Discover which later life mortgage might suit you Choosing the right later life mortgage for you can be difficult. To see which products could be right for you, just answer a few simple questions and we’ll point you towards the product that may be appropriate for your needs. Get started Get later life mortgage advice from our specialists today Start getting answers to your questions about later life mortgages in less than 60 seconds, or request a call back from our team. 0808 301 7044 Monday to Sunday 8:30am - 8:00pm We may record and monitor calls. Call me back Get a guide Facebook Instagram LinkedIn YouTube Twitter Accessibility Legal and regulatory information Privacy policy Cookie policy Security information Sitemap All our websites About us Making a complaint Group website Modern Slavery Statement Careers © Legal & General Group plc 2021 This Website uses Cookies We use cookies to make this website work, and to understand how you use it. This helps us to improve our service and your online experience. Cookies may also collect limited data about your interactions with websites that we may use to provide you with specific content, or to share relevant offers on other websites and social media. You can read our cookie policy to find out more about the cookies that we will store on your computer or device. You can easily customise your cookie settings at any time by using the link at the bottom of our website. For the best experience, we recommend that you accept all cookies. Customise Cookie Settings ✓ Accept All Cookies