Legal & General (L&G) Equity Release Reviews (2022)

We Review Legal & General Equity Release & Look at the Pros, Cons & Schemes They Offer
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Considering Legal & General Equity Release? What Are the Pros, Cons & Costs? Read Our Reviews & Discover If Legal & General Lifetime Mortgage Schemes Are for You.

Before You Start Reading…

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Legal & General Equity Release


I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release providers with all the choices available.

Or is it?

Is Legal & General equity release the best?

The companies we profile, are the best in the business to help you unlock the cash tied into your home.We’re here to help you:

  • Understand the services that Legal & General offers.
  • Determine if they might be able to assist you and your family on your equity release journey.

Let’s find out NOW!

As experts in the equity release field (we’ve reviewed more than 250 schemes!), we’ve combed the market, researched all equity release service providers and narrowed it down to who’s on top.

Is Legal & General the ideal equity release loan company to assist you and your family?

TABLE OF CONTENTS

What’s Equity Release?

An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care.

Who Are Legal & General?

Legal & General Group plc, or simply Legal & General, is a British global financial services corporation based in London.

Investment management,1  lifetime mortgages,2  pensions, annuities, and life insurance are some of the products and services it offers.

What About the Legal & General Equity Release Calculator?

Before you consider using the Legal & General calculator, please take note.

Our providers can almost always match & BEAT any existing equity release quote that you find through Legal & General.

So first use this calculator below & see how much you can release.

How Much Can You Release?

Use the Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

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Why Consider Legal & General?

Unlock the value of your home with Legal & General, to access tax-free cash that’ll fund your retirement.

They have nearly 200 years of financial service experience and have since expanded to the US.

They are Europe’s largest insurance and asset management groups and have over £1 trillion in assets.

Awards include:

  • The Mortgage Awards 2020 – later lifetime lender of the year
  • Mortgage Strategy Awards 2020 – Best equity release provider/lifetime lender

Legal & General Reviews & Ratings

Legal & General Complaints

If you’re dissatisfied with Legal & General and want to make a complaint, the greatest place to do so is on their website.

They are concerned about their clients and will route you to the appropriate department if possible.

The alternative option, if you choose to use a review site like Trustpilot or Feefo, is to provide an assessment.

Pros & Cons

Pros

  • An experienced reputable lender with over 89,000 customers at a rate of over 400 per week.
  • A financial advisor is appointed for you, with no fee.
  • Lots of flexibility for how you’d like to receive your money.
  • The option for early repayments.
  • Inheritance protection.
  • No negative equity guarantee.
  • Members of the Equity Release Council.

Cons

  • The interest owed compounds quickly, meaning your estate can rapidly diminish.

Editor’s Rating: 4.82

Qualification Criteria

  • Min Equity Offered: £10,000
  • Max Equity Offered:£750,000 (refer cases over this)
  • Lowest Age: 55 years
  • Highest Age:  90 years
  • Property value from: £70,000 (Flexible Violet is not available for £70,000–£99,999 properties). £100,000 for flats, maisonettes, ex-council, ex-housing association, and ex-MOD.
  • Property Maximum Value: £2,000,000 (refer cases over this for physical valuations)
  • Property Location: England, Wales, or mainland Scotland.
  • Property Types: Freehold and  Leasehold (remaining term plus the age of the youngest borrower at completion must be at least 175 years)

Legal & General Flexible Pink Lifetime Mortgage

The Legal & General Flexible Pink Lifetime Mortgage has interest rates available from as low as 2.75%.

The plan also comes with 2% cashback, free valuation, no completion fee, GILT-based repayment charges, and a relatively low 28.7% Maximum LTV.

Legal & General Flexible Navy Lifetime Mortgage DTV

The Legal & General Flexible Navy Lifetime Mortgage DTV interest rates start at 3.55%, but the maximum LTV is higher at 39.5%.

Once again, expect a free valuation, free application, and GILT-based repayment charges.

Special Features

  • Optional partial repayments
  • Inheritance protection at no extra cost
  • Free valuation

Legal & General Equity Release Interest Rates & Schemes Compared

Are you looking for a specific equity release scheme? These are some of the schemes offered or covered by Legal & General.

Product Name Interest Rate The interest rate is the cost of borrowing the principal. APR The APR includes not only the interest expense on the loan but also all fees and other costs involved in procuring the loan. Type
Legal & General Flexible Blue Lifetime Mortgage (Cashback) 3.44% 3.49% Fixed
Legal & General Flexible Blue Lifetime Mortgage (Cashback) DTV 3.5% 3.56% Fixed
Legal & General Flexible Blue Lifetime Mortgage DTV 3.27% 3.32% Fixed
Legal & General Flexible Green Lifetime Mortgage 2.76% 2.8% Fixed
Legal & General Flexible Green Lifetime Mortgage (Cashback) 3% 3.04% Fixed
Legal & General Flexible Green Lifetime Mortgage (Cashback) DTV 3.07% 3.11% Fixed
Legal & General Flexible Green Lifetime Mortgage DTV 2.83% 2.87% Fixed
Legal & General Flexible Indigo Lifetime Mortgage (Cashback) 4.01% 4.08% Fixed
Legal & General Flexible Indigo Lifetime Mortgage (Cashback) DTV 4.2% 4.28% Fixed
Legal & General Flexible Indigo Lifetime Mortgage DTV 3.97% 4.04% Fixed
Legal & General Flexible Navy Lifetime Mortgage (Cashback) 3.59% 3.65% Fixed
Legal & General Flexible Navy Lifetime Mortgage (Cashback) DTV 3.78% 3.85% Fixed
Legal & General Flexible Navy Lifetime Mortgage DTV 3.55% 3.61% Fixed
Legal & General Flexible Orange Lifetime Mortgage 2.56% 2.59% Fixed
Legal & General Flexible Orange Lifetime Mortgage (Cashback) 2.79% 2.83% Fixed
Legal & General Flexible Orange Lifetime Mortgage (Cashback) DTV 2.84% 2.88% Fixed
Legal & General Flexible Orange Lifetime Mortgage DTV 2.61% 2.64% Fixed
Legal & General Flexible Pink Lifetime Mortgage (Cashback) 2.75% 2.78% Fixed
Legal & General Flexible Pink Lifetime Mortgage (Cashback) DTV 2.75% 2.78% Fixed
Legal & General Flexible Pink Lifetime Mortgage DTV 2.51% 2.54% Fixed
Legal & General Flexible Teal Lifetime Mortgage (Cashback) 3.21% 3.26% Fixed
Legal & General Flexible Teal Lifetime Mortgage (Cashback) DTV 3.3% 3.35% Fixed
Legal & General Flexible Teal Lifetime Mortgage DTV 3.07% 3.11% Fixed
Legal & General Flexible Turquoise Lifetime Mortgage (Cashback) 3.12% 3.17% Fixed
Legal & General Flexible Turquoise Lifetime Mortgage (Cashback) DTV 3.19% 3.24% Fixed
Legal & General Flexible Turquoise Lifetime Mortgage DTV 2.96% 3% Fixed
Legal & General Flexible Violet Lifetime Mortgage (Cashback) 4.64% 4.74% Fixed
Legal & General Flexible Yellow Lifetime Mortgage (Cashback) 2.9% 2.94% Fixed
Legal & General Flexible Yellow Lifetime Mortgage (Cashback) DTV 2.97% 3.01% Fixed
Legal & General Flexible Yellow Lifetime Mortgage DTV 2.74% 2.77% Fixed
Legal & General Optional Payment Black Lifetime Mortgage DTV 2.49% 2.52% Fixed
Legal & General Optional Payment Blue Lifetime Mortgage (Cashback) 3.44% 3.49% Fixed
Legal & General Optional Payment Blue Lifetime Mortgage (Cashback) DTV 3.5% 3.56% Fixed
Legal & General Optional Payment Blue Lifetime Mortgage DTV 3.27% 3.32% Fixed
Legal & General Optional Payment Green Lifetime Mortgage 2.76% 2.8% Fixed
Legal & General Optional Payment Green Lifetime Mortgage (Cashback) 3% 3.04% Fixed
Legal & General Optional Payment Green Lifetime Mortgage (Cashback) DTV 3.07% 3.11% Fixed
Legal & General Optional Payment Green Lifetime Mortgage DTV 2.83% 2.87% Fixed
Legal & General Optional Payment Indigo Lifetime Mortgage (Cashback) 4.01% 4.08% Fixed
Legal & General Optional Payment Indigo Lifetime Mortgage (Cashback) DTV 4.2% 4.28% Fixed
Legal & General Optional Payment Indigo Lifetime Mortgage DTV 3.97% 4.04% Fixed
Legal & General Optional Payment Navy Lifetime Mortgage (Cashback) 3.59% 3.65% Fixed
Legal & General Optional Payment Navy Lifetime Mortgage (Cashback) DTV 3.78% 3.85% Fixed
Legal & General Optional Payment Navy Lifetime Mortgage DTV 3.55% 3.61% Fixed
Legal & General Optional Payment Orange Lifetime Mortgage 2.56% 2.59% Fixed
Legal & General Optional Payment Orange Lifetime Mortgage (Cashback) 2.79% 2.83% Fixed
Legal & General Optional Payment Orange Lifetime Mortgage (Cashback) DTV 2.84% 2.88% Fixed
Legal & General Optional Payment Orange Lifetime Mortgage DTV 2.61% 2.64% Fixed
Legal & General Optional Payment Pink Lifetime Mortgage (Cashback) 2.75% 2.78% Fixed
Legal & General Optional Payment Pink Lifetime Mortgage (Cashback) DTV 2.75% 2.78% Fixed
Legal & General Optional Payment Pink Lifetime Mortgage DTV 2.51% 2.54% Fixed
Legal & General Optional Payment Teal Lifetime Mortgage (Cashback) 3.21% 3.26% Fixed
Legal & General Optional Payment Teal Lifetime Mortgage (Cashback) DTV 3.3% 3.35% Fixed
Legal & General Optional Payment Teal Lifetime Mortgage DTV 3.07% 3.11% Fixed
Legal & General Optional Payment Turquoise Lifetime Mortgage (Cashback) 3.12% 3.17% Fixed
Legal & General Optional Payment Turquoise Lifetime Mortgage (Cashback) DTV 3.19% 3.24% Fixed
Legal & General Optional Payment Turquoise Lifetime Mortgage DTV 2.96% 3% Fixed
Legal & General Optional Payment Yellow Lifetime Mortgage (Cashback) 2.9% 2.94% Fixed
Legal & General Optional Payment Yellow Lifetime Mortgage (Cashback) DTV 2.97% 3.01% Fixed
Legal & General Optional Payment Yellow Lifetime Mortgage DTV 2.74% 2.77% Fixed
Legal & General Premier Flexible Black Lifetime Mortgage DTV 2.49% 2.52% Fixed
Legal & General Flexible Blue 3.42% 3.6% Fixed
Legal & General Flexible Blue 3.42% 3.6% Fixed
Legal & General Flexible Indigo 3.97% 4.1% Fixed
Legal & General Flexible Indigo 3.97% 4.1% Fixed
Legal & General Flexible Navy 3.7% 3.8% Fixed
Legal & General Flexible Navy 3.7% 3.8% Fixed
Legal & General Flexible Pink 2.99% 3.1% Fixed
Legal & General Flexible Pink 2.99% 3.1% Fixed
Legal & General Flexible Teal 3.28% 3.4% Fixed
Legal & General Flexible Teal 3.28% 3.4% Fixed
Legal & General Flexible Turquoise 3.2% 3.3% Fixed
Legal & General Flexible Turquoise 3.2% 3.3% Fixed
Legal & General Flexible Violet 4.59% 4.8% Fixed
Legal & General Flexible Violet 4.59% 4.8% Fixed
Legal & General Flexible Yellow 3.11% 3.2% Fixed
Legal & General Flexible Yellow 3.11% 3.2% Fixed
Legal & General Income Blue 4.03% 4.6% Fixed
Legal & General Income Indigo 4.63% 5.2% Fixed
Legal & General Income Pink 3.51% 4.1% Fixed
Legal & General Income Yellow 3.68% 4.2% Fixed
Legal & General Optional Payment Blue 3.42% 3.6% Fixed
Legal & General Optional Payment Indigo 3.97% 4.1% Fixed
Legal & General Optional Payment Navy 3.7% 3.8% Fixed
Legal & General Optional Payment Pink 2.99% 3.1% Fixed
Legal & General Optional Payment Teal 3.28% 3.4% Fixed
Legal & General Optional Payment Turquoise 3.2% 3.3% Fixed
Legal & General Optional Payment Violet 4.59% 4.8% Fixed
Legal & General Optional Payment Yellow 3.11% 3.2% Fixed
Legal & General Premier Flexible Black 2.97% 3.1% Fixed
Legal & General Premier Flexible Black 2.97% 3.1% Fixed
Legal & General Premier Optional Payment Black 2.97% 3.1% Fixed

Not what you’re looking for?

Have a look at all the equity release schemes available on the market.

With our easy-to-use table or compare the equity release rates!

Legal & General Core Info

Legal & General is the UK’s largest supplier of individual life assurance products and a top 20 worldwide asset manager.

The equity release business was started in 1836 and has since developed into one of Europe’s leading insurance and asset management firms.

By delivering stable pension incomes, L&G works with corporations, pension fund trustees, and advisers.

To safeguard the corporate pensions of workers who are in or are nearing retirement.

They also provide annuities and lifetime mortgages to individual consumers who are searching for financial stability in their later years.

L&G specialises in a variety of items, including:

  • Investments
  • Retirement solutions
  • Life cover
  • Insurance
  • Mortgages
  • Equity Release

FCA Details

FCA Address

  • One Coleman Street
  • London
  • EC2R 5AAE C 2 R 5 A A
  • UNITED KINGDOM

Trading Names

  • Legal and General Assurance Society Limited

FCA Permitted Services

  • Banking
  • Insurance
  • Consumer Credit
  • Pensions
  • Investments

Regulators

  • Financial Conduct Authority (FAC) ¹
  • Financial Services Authority Now the Prudential Regulation Authority (PRA) ¹

Registration Numbers

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

FCA & Companies House Link

Legal & General Contact Number

Got Questions

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

What Are Legal & General's Interest Rates?

Who Owns Legal & General Equity?

Where is Legal & General Located?

Conclusion

So here’s the scoop – our intention is to help you by finding the best Legal & General lifetime mortgage so that you can spend the money on something that you really want, rather than on a high tax bill.

Before You Go…

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

Featured In
yahoofinance marketwatch

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss 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.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
John Lawson

Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
kath icon

Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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Equity Release Calculator

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