Legal & General equity release: what it offers
Legal & General equity release covers the lifetime mortgages provided by Legal & General Home Finance Limited, with published minimum ages from 50 to 55 depending on the product. Legal & General also offers a retirement interest-only (RIO) mortgage. Its lifetime mortgages are arranged through an FCA-regulated adviser who holds a recognised equity release qualification.
Later Life Finance Guide is not affiliated with Legal & General and does not recommend any lender or provider. This page summarises publicly available information; products and criteria change, so check the current details with the provider or an FCA-regulated adviser.
Legal & General equity release: the products available
Legal & General, sometimes referred to as L&G, offers a range of lifetime mortgages, the form of equity release where a loan is secured against your home. Its range includes the Interest Roll-Up, Optional Payment and Payment Term Lifetime Mortgages, alongside the Flexible and Income Lifetime Mortgages described below.
The Flexible Lifetime Mortgage lets a customer release cash as one payment or several, generally from age 55, and includes an optional Inheritance Protection Guarantee.
The Income Lifetime Mortgage pays a regular monthly income over a fixed term of 10, 15, 20 or 25 years, alongside a minimum initial cash sum.
Where interest is not paid, it is added to the loan and then charged on itself, so the amount owed grows over time. On the Income Lifetime Mortgage, each monthly payment adds to the debt as well. That reduces what is left in the estate, and money released can affect means-tested benefits. Our guide to equity release costs explains how compounding builds up. For lifetime mortgages generally, see our equity release guide.
Legal & General's retirement interest-only mortgage
Separately, Legal & General offers a retirement interest-only mortgage: monthly interest payments with no fixed term, up to 60% of the property's value, from age 55. It can be used to remortgage, replace an existing interest-only mortgage, or buy a property.
As with any RIO mortgage, the interest must be paid every month for as long as the mortgage runs, the lender checks this is affordable from retirement income, the loan is usually repaid from the sale of the home, and the home may be at risk if payments are not kept up. Our retirement interest-only mortgages guide explains how these work.
Age and property criteria Legal & General publishes
Legal & General's products have different published minimum ages. The Payment Term Lifetime Mortgage is available from age 50, while its other lifetime mortgages, and the RIO mortgage, require applicants to be 55 or over.
The published minimum property value is £70,000, rising to £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties.
Legal & General's published criteria also state that the property must be of traditional masonry construction, in good repair, free of tenancy restrictions, and located in England, Wales or mainland Scotland.
Protections Legal & General describes
Legal & General's lifetime mortgage terms and conditions include a no negative equity guarantee: you or your estate would not be left with an outstanding debt from the lifetime mortgage where the property is sold for the highest price that can reasonably be obtained, subject to certain conditions. Our guide to the no negative equity guarantee explains how this works across the market.
Legal & General Home Finance is listed in the Equity Release Council member directory.
How Legal & General's lifetime mortgages are arranged
Legal & General's lifetime mortgages are arranged through an FCA-regulated adviser; advisers must hold a recognised equity release qualification to recommend them.
They are provided through Legal & General Home Finance Limited, which is authorised and regulated by the Financial Conduct Authority under firm reference number 303418.
Our equity release providers hub lists UK providers A–Z.
Questions to ask an adviser about a Legal & General plan
If a Legal & General plan is being discussed, two questions follow from its range:
- If I am under 55, how does the Payment Term Lifetime Mortgage work, and what would it commit me to?
- How does a RIO mortgage compare with a lifetime mortgage for my circumstances, given that one needs monthly interest payments and the other lets interest roll up?
Our list of equity release adviser questions to ask first covers the wider questions that apply to any lifetime mortgage.
Next step: speaking to an FCA-regulated adviser
Later Life Finance Guide is not affiliated with Legal & General and does not recommend any lender or provider. This page summarises publicly available information; products and criteria change, so check the current details with the provider or an FCA-regulated adviser.
Equity release requires advice from an FCA-regulated adviser. A retirement interest-only mortgage is a regulated mortgage, and an FCA-regulated mortgage adviser can compare it with other options. Product details were checked on 26 September 2026.
Frequently asked questions
Which lifetime mortgages does Legal & General offer?
Legal & General's lifetime mortgage range includes the Interest Roll-Up, Optional Payment, Payment Term and Flexible Lifetime Mortgages, plus an Income Lifetime Mortgage that pays a regular monthly amount. They are provided by Legal & General Home Finance Limited and arranged through an FCA-regulated adviser. Interest that is not paid is added to the loan and compounds. See our equity release guide for how these plans work generally.
Does Legal & General offer a retirement interest-only mortgage?
Yes. Legal & General's retirement interest-only (RIO) mortgage charges monthly interest with no fixed term, up to 60% of the property's value, for applicants aged 55 or over. As with any RIO mortgage, the interest must be paid every month for as long as the mortgage runs, the loan is usually repaid when the home is sold, and the home may be at risk if payments are not kept up. See our retirement interest-only mortgages guide.
What is the minimum age for a Legal & General lifetime mortgage?
It depends on the product. Legal & General's Payment Term Lifetime Mortgage is available from age 50, while its other lifetime mortgages, and its retirement interest-only mortgage, require applicants to be 55 or over. A minimum property value also applies, starting at £70,000. An FCA-regulated adviser can confirm which products you may be eligible for.
How long does Legal & General's Income Lifetime Mortgage pay an income for?
Legal & General says its Income Lifetime Mortgage pays a regular monthly income over a fixed term of 10, 15, 20 or 25 years, alongside a minimum initial cash sum. Interest is charged on the cash sum and on each income payment, so the amount owed grows over the term and afterwards. An FCA-regulated adviser can show how the term chosen affects the total owed.
Do advisers need a qualification to arrange a Legal & General lifetime mortgage?
Yes. Legal & General says advisers must hold a recognised equity release qualification, such as the Certificate in Equity Release, before they can advise on its equity release products. Its lifetime mortgages are therefore arranged through an FCA-regulated adviser. Our guide to finding a regulated equity release adviser explains what to check before choosing one.