Legal & General Equity Release Review

Updated 12th March 2024 - I have reviewed L&G Equity Release to help you understand more about the company and the services they offer. Here’s what I found:
  • Free specialist advice
  • A range of later life products to choose from
  • No negative equity guarantee 

Once you have read the L&G review, you can compare equity release reviews with other providers and see how much equity you could release from your property.

Try the lifetime mortgage calculator

About Legal & General

This Equity Release review focuses on L&G or Legal & General to give them their full name.  

Legal & General are one of the world’s largest insurance and investment management companies and the UK’s leading pension fund asset manager. The Legal & General Group is comprised of 6 businesses:

  • Legal & General Retirement
  • Legal & General Investment Management
  • Legal & General Insurance
  • Savings
  • General Insurance
  • Legal & General Capital

As members of the Equity Release Council, Legal & General abide by their rules and principles for equity release schemes and promote their ‘no negative equity guarantee’.

They are also authorised by the Financial Conduct Authority and have won the following awards:

  • Moneyfacts Awards 2023 – Highly commended for best equity release provider in 2023
  • Mortgage Solutions Awards 2022 – Best overall provider for lifetime mortgages
  • Mortgage Finance Gazette Awards 2022 – Best lifetime mortgage lender
  • Investment Life & Pensions Moneyfacts Awards 2022 - Best equity release service – Highly Commended

Latest news from L&G

Homeowners in England and Wales could access five years’ worth of retirement income from property wealth

Legal and General Equity Release options

Legal and General Equity Release options

Legal & General offer a range of lifetime mortgage plans and later life mortgage options.

These include:

Interest roll up life time mortgage – for those who want to release a lump sum in one go or as and when you need it without having to make monthly repayments.

Optional payment lifetime mortgage - for those who want to release a lump sum in one go or as and when you need it with the option to repay some or all of the interest.

Payment term lifetime mortgage - for those who want to release a lump sum and repay the interest for a chosen payment term. With this option you repay the interest until you are 75 or you retire. The mortgage then works like a lifetime mortgage meaning all the unpaid interest is added to your loan and repaid from the sale of your house once you die or move into long-term care.

If L&G are unable to find you a suitable option from their range of lifetime mortgages, they work with Key Partnership so can refer you to their advisers to see if they can find a more suitable option.

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Are you eligible for a Legal & General Lifetime Mortgage?

To be eligible for one of Legal and General’s equity release schemes, you need to meet all of the following conditions:

  • You are a least 55 years of age (or 50 for the payment term lifetime mortgage)
  • The property you are seeking the lifetime mortgage for is your primary residence
  • The property is worth more than £70,000 ( £100,000 for flats, maisonettes, ex-council property)
  • It is built of standard construction and located in England, mainland Scotland or Wales
  • You own the property – you may still be eligible for a Legal & General Equity Release scheme if you have a small mortgage however this must be paid off as part of the lifetime mortgage

Ways to contact us

Call 08001337380
Call 0800 133 7656
Arrange a callback
Arrange a callback
Try the calculator
Try the calculator
Email us
Email us

Additional Information

  • The interest is calculated daily and added to the total amount on a monthly basis
  • You can have someone living in the property with you however they may need to seek legal advice and sign a Legal & General form stating that they know the property has a lifetime mortgage on it
  • Repayment is not required until you die or move into long term care however optional payments can be made within the terms and conditions of the Legal & General equity release scheme
  • You can choose to pay the lifetime mortgage off early however you may be charged an early repayment fee
  • You can move home as long as the new property meets the Lifetime mortgage lending criteria. You would need to pay the valuation fee, property transfer fee, legal fees and of course any moving expenses and you may be asked to repay some of the loan
  • You can remain in your property until you die or move into long term care as long as you abide by the Legal & General equity release terms and conditions

Legal & General Equity Release Calculator

The Legal & General website has an equity release calculator that you can use to see how much money you could release from your property with one of their Lifetime Mortgage options, based on your age and value of your property.

 For example if you are a 65 year old living in a house worth £250,000, the Legal and General equity release calculator shows that you could release up to £72,500.

This is only a guide and not a guarantee so you would need to speak to an adviser to get a more accurate figure but keep in mind the equity release advisers they work with only advise on Legal & general equity release schemes and not the whole of the market.

What should I do now?

My review of L&G equity release is designed to help you compare plans and find the best option for you. I would always recommend that you review all of your options to ensure you’re getting the best deal that suits your budget and needs, seek professional advice and talk to your family.

To see how much cash you could release, why not try our free and easy to use calculator.  Alternatively to see how other companies compare, take a look at our equity release reviews.

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Other Equity Release Company reviews that you may wish to view

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