As of 2025, Legal & General has become one of the largest lifetime mortgage lenders in the UK, with nearly a quarter of equity release customers choosing their services.¹

If you're considering unlocking cash from your home, their flexible plans could be the solution you need—all while giving you control over your finances.

But how does Legal & General equity release stack up? In this expert review, we explore how their options work, the pros and cons, and whether it could potentially be the right move for you.

Find out if Legal & General equity release is your ideal solution in 2025...

STATEMENT: BankingTimes is a separate third-party information provider and therefore not related to Legal & General, and the information replicated in this section represents the interpretations of BankingTimes only and not the opinions of Legal & General. This piece does not constitute advice, or an incitement to enter any services or products provided by Legal & General.

Does Legal & General Offer Equity Release Products?

Yes, Legal & General offers equity release products, primarily through lifetime mortgages.

Their range includes optional payment lifetime mortgages and flexible drawdown lifetime mortgages, allowing homeowners to access funds as needed.

Both optional payment and drawdown lifetime mortgage plans may offer a premier option for those looking for larger sums of equity; these high-value plans are subject to stricter eligibility criteria, including higher property valuations and loan-to-value (LTV) requirements.²

Let's find out a little bit more about Legal & General's offerings:

Flexible or Drawdown Lifetime Mortgage

A flexible or drawdown lifetime mortgage allows you to release equity from your home either as a lump sum or in smaller amounts—typically a minimum of £1,000 at a time—up to a pre-agreed limit.

Interest is only charged on the funds you withdraw, helping to reduce overall borrowing costs compared to taking a full lump sum upfront and providing greater flexibility in managing your finances while minimising the long-term impact of compound interest.

Additionally, many plans allow voluntary repayments of up to 10% of the initial loan amount per year without incurring early repayment charges.

Optional Payment Lifetime Mortgage

An optional payment lifetime mortgage allows you to pay some or all of the monthly interest via direct debit, helping to reduce the total amount of interest that accumulates over time.

You have the flexibility to start or stop payments at any time, depending on the terms and conditions of your plan, allowing you to manage the overall loan balance while retaining control over your finances.

Financial Implications of Choosing Legal & General

The financial implications of choosing Legal & General for equity release include interest accumulation, fees, potential impact on inheritance, and eligibility for means-tested benefits.

Here's what you can expect:

How Much Does Equity Release with Legal & General Cost?

The cost of Legal & General’s equity release products depends on several factors, including the loan amount, interest rate, property value, condition, and your age and health.

To help homeowners estimate potential costs, Legal & General offers a free online equity release calculator, providing estimates of how much equity you could release and the potential interest costs over time.

Understanding Interest Rates and Charges

Understanding interest rates and charges in equity release is crucial, as they directly affect the total repayment amount; Legal & General typically offers fixed interest rates for all its lifetime mortgages, which means that the rate will not change for the duration of the loan.

Charges may include arrangement fees, valuation fees, legal costs, and potential early repayment charges if the loan is repaid sooner than expected; however, no valuation or advice fees are charged for lifetime mortgages. 

Comparing rates and fees across providers ensures you choose the most cost-effective plan for your financial needs, and it is advisable to check the terms and conditions of each product carefully before applying.

The initial costs of setting up your plan could involve:³ 

• Arrangement or application fees: Certain plans come with a £599 fee that is payable upon completion of your application. 
• Solicitor’s fees: When accepting a lifetime mortgage offer, you must appoint a solicitor, with typical fees of around £650. 
• Transfer fee: Transferring the funds to your solicitor may incur an additional £30 fee.

What Is the Customer Feedback on Legal General Equity Release?

Customer feedback on Legal & General's equity release services presents a mixed picture, but is generally positive; for instance, customers commend the transparency and professionalism of the organisation, in addition to the firm's responsiveness to inquiries and issues.

However, independent customer reviews reflect some dissatisfaction, primarily regarding the interest rates, the potential for high overall repayment, and sometimes slow processing times.

It's important to consider both company-reported data and independent reviews to gain a comprehensive understanding of customer experiences with Legal & General's equity release products.

Let's take a closer look at customer feedback and support:

Initial Consultations and Valuations

Before applying with Legal & General, you must consult a qualified financial adviser who will assess your eligibility and provide guidance through the initial consultations and valuations.

If you choose to proceed, an independent surveyor will conduct a property valuation to determine how much equity you can release.

This assessment also identifies any special conditions or exclusions that may apply to your property.

Is There Ongoing Support and Resources Post-Release?

Yes, there is ongoing support and resources for customers post-release; you can access your account details online to view your balance, statements, interest rate, and repayment options.

If you have any questions or concerns, Legal & General’s customer service team is available by phone or email for assistance.

Additionally, the company offers a range of guides, tools, and articles on its website to help you better understand equity release and its impact on your finances, tax, benefits, and inheritance.

Legal & General Customer Reviews

Legal & General has received mixed customer reviews for its equity release products on various online platforms.

Have a look at the latest customer reviews on Trustpilot.

How Do I Launch a Complaint About the Firm?

To launch a complaint about Legal & General’s equity release service or products, you can contact the company by phone, email, or post.

If you are not satisfied with the response, you can escalate your complaint to the Financial Ombudsman Service (FOS)—a free and independent body that reviews disputes and makes legally binding decisions.

Most importantly, you have 6 months from the date of Legal & General’s final response to contact the Financial Ombudsman Service.

What Safety Measures and Regulations Apply to Legal & General’s Equity Release?

Legal & General’s equity release products are regulated by the Financial Conduct Authority (FCA) and adhere to Equity Release Council (ERC) standards, ensuring consumer protection.

Key safeguards include the no negative equity guarantee, which prevents borrowers from owing more than their property’s value, and the right to remain in their home for life, as long as they meet the terms of the agreement.

These are some of the measures put in place:

Legal & General's Commitment to Ethical Practices

Legal & General is committed to providing ethical equity release products that are safe and meet the needs and expectations of its customers.

The principles that guide its approach to equity release include:⁴

• Treating customers fairly and with respect
• Providing clear and transparent information and communication
• Offering high-quality products and services that deliver value and security
• Acting responsibly and sustainably towards the environment and society
• Supporting customers throughout their equity release journey

Membership and Adherence to the Equity Release Council Standards

Legal & General is a member of the Equity Release Council and adheres to its strict standards, ensuring customer protection and ethical lending practices.

These standards help provide confidence and security for those considering equity release.

The Equity Release Council’s standards include:

• The right to remain in your property for life or until you move into long-term care, as long as you comply with the terms and conditions of your contract
• The right to move to another suitable property without any financial penalty, subject to the lender’s criteria
• The guarantee that you will never owe more than the value of your home, regardless of changes in house prices or interest rates
• The requirement to receive independent legal advice before taking out a lifetime mortgage
• The provision of clear and comprehensive information about the benefits, risks and costs of equity release

Contacting Legal & General and FCA Information

To contact Legal & General regarding equity release, you can visit their website for detailed contact information or reach out via their dedicated equity release helpline; additionally, Legal & General’s equity release services are regulated by the FCA, ensuring compliance.

Here's all the information you need:

How Can You Contact Legal & General?

You can contact Legal & General for any queries or feedback via phone, email, or post.

Use the following details:

• Phone: 03330 048444 (Monday to Friday, 8:30 am to 6 pm)
• Email: preappenquiries@landghomefinance.com
• Post: Legal & General Home Finance Limited, PO Box 17225, Solihull B91 9US

FCA Details

Legal & General Home Finance Limited is authorised and regulated by the Financial Conduct Authority (FCA), the UK’s financial services regulator. 

The FCA ensures that financial firms operate in a fair, honest and transparent manner and protect consumers’ interests.

Its FCA registration details are:

• Firm name: Legal & General Home Finance Limited
• Firm reference number: 730175

How We Reviewed Legal & General

We reviewed the information on Legal & General by carefully examining different sources to create an unbiased and informative article about its equity release products and services. 

We have also added our own expert insights to make the article clear, concise, and engaging.

Common Questions

In Conclusion

Legal & General stands as one of the top equity release providers in the UK, offering safe and FCA-regulated products that come with essential guarantees to protect you and your home.

While their offerings are comprehensive, equity release isn't the right choice for everyone, especially as it can impact your finances, taxes, benefits, and inheritance.

For peace of mind, it's crucial to seek independent financial and legal advice before making any decisions regarding Legal & General equity release.