Head of Content
Mortgage Advisor & Director
Legal and General
About Legal and General
Legal and General are a reputable equity release provider that we have a deep working relationship with. We often refer our customers to them, but only after ensuring they are the perfect fit for the client, having explored every possible alternative.
If you are interested in applying for equity release with Legal and General, it’s essential to speak to an adviser first. They can establish whether Legal and General is the right provider for you, compare their deals with the rest of the market, and help you secure the best deal.
Get equity release quotes and advice today!
We work with equity release providers across the market, including Legal and General. Our advisers can help you compare equity rates from different providers and find the best deal for you.
Our experts will compare rates from every UK provider in seconds. They will show you the latest equity release deals from Legal and General and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form below and one of our expert equity release advisers with be in touch today!
What type of equity release mortgages does Legal and General offer?
Legal and General offer a range of lifetime mortgages which allow older homeowners to borrow money against the value of their property while retaining ownership of it.
Although Legal and General have a strong track record as an equity release provider, approaching them directly to enquire about a product is not viable. Receiving independent advice before applying for equity release is a mandatory requirement.
At Teito, we have fully-qualified equity release providers on our team who know Legal and General’s product range well, can help you determine whether they are the ideal provider for you, and compare their rates and deals with alternatives across the market.
Legal and General equity release criteria
You will not qualify for equity release with Legal and General if you are under the age of 55 as this is the minimum age for this type of borrowing with all providers in the UK.
The amount of equity you can release will depend on your age (older homeowners can borrow more) and the value of your home, as the amount you can borrow will be a capped percentage of it - typically between 20% and 50% of the equity you hold in it.
Equity release providers such as Legal and General tend to change their criteria on factors such as adverse credit and property types all the time, so it’s a good idea to consult with an equity release adviser to find out whether they are the ideal fit based on your circumstances.
What rates to expect
Legal and General lifetime mortgage mortgage rates are competitive with other equity release providers.
The exact rate you will qualify for will depend on factors including your age and the amount of equity you are releasing.
Want to know how Legal and General deals compare to other equity release providers? Get in touch and our retirement mortgage specialists will review deals across the market for you and match you with the best equity release deal for your needs and circumstances.
What are the best alternatives to Legal and General?
As well as comparing Legal and General’s latest equity release deals with other providers across the market, the other alternative to consider is retirement interest only (RIO) mortgages.
These work similarly to lifetime mortgages but are available to borrowers after the age of 50. The biggest thing that sets them apart is that monthly interest payments are mandatory, so homeowners who wish to retain a portion of their estate often consider them.
Another alternative to Legal and General equity release is standard mortgages with flexible age limits. Our advisers have working relationships with lenders who place no upper age cap on their mortgages and can sometimes access exclusive rates and deals from them.
Do Legal and General offer home reversion plans?
No. Like the rest of the UK equity release market, Legal and General have shifted away from home reversion plans as lifetime mortgages are generally considered a superior alternative in virtually every respect. If you have an existing home reversion plan, get in touch and our advisers will explore whether it is possible to switch to a more favourable product.
Do you need a broker to apply for Legal and General equity release?
You will need to have consulted with a qualified equity release adviser before Legal and General will even consider you for a lifetime mortgage as professional advice is mandatory for equity release.
If an adviser is what you’re looking for, you’re in the right place. Our equity release advisers are fully independent and have the right credentials. They hold a Certificate in Regulated Equity Release (CeRER) or equivalent, and we are members of the Equity Release Council.
This means we have the credentials and experience to help you navigate the equity release market, recommend the best providers for you and guide you through your application.
We offer a free, no-obligation chat to kick things off, during which we will explain what we can do for you and how much it will cost - get started here.
FAQs
The amount your equity release will cost depends on the interest rate you qualify for. With a lifetime mortgage, the interest is added to the original borrowed amount and then charged to the new total, potentially leading to a significant increase in the amount owed over time.
The total interest charge will be billed when you die or enter long-term care, but to reduce the overall effect of compound interest, most equity release providers offer the facility of making monthly interest repayments if you have sufficient disposable income.
In addition to the interest charges, equity release can also include the following fees:
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Provider administration fee: To cover the set-up costs for the scheme
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Adviser fee: Covers the cost of advice (a legal requirement for equity release)
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Valuation and solicitors fees: Covers costs for property valuations, etc.