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Lifetime mortgages

We’re pleased to partner with Legal & General Home Finance to offer you award-winning Lifetime Mortgages.

Lifetime Mortgages by Legal & General.

What is a lifetime mortgage?

A lifetime mortgage is a loan secured against your home. If you’re a homeowner aged 55 or over you may be able to release some of the money tied up in your property as tax –free cash, without having to move.

You can use it to:

  • Pay off your interest only mortgage

  • Provide a regular monthly income to help maintain your standard of living in retirement or to provide a short term boost for the early more active years
  • Release a lump sum to spend as you wish, maybe for a holiday of a lifetime, or for home improvements, or to help family get on the housing ladder or pay for a wedding

How does a lifetime mortgage work?

A lifetime mortgage is a type of equity release, a loan secured against your home, which lets you release money as a cash sum or a regular income over a fixed term. It is only repaid from the sale of your home when the last surviving borrower dies, or moves out of the home and into long-term care.

A Legal & General Home Finance lifetime mortgage offers a fixed interest rate for life and includes a No Negative Equity Guarantee for peace of mind.

You won’t have to make any monthly payments. Depending on which product you take out you can choose to pay none, some or all of the monthly interest payable in respect of the lifetime mortgage.

Discussing your lifetime mortgage options

It’s important to take the right advice when making such a big decision. A lifetime mortgage is not suitable for everyone and there may be cheaper ways to borrow the money. If you require independent financial advice please see the Money Advice Service website.

Visit Legal & General Home Finance for more information

To find more information on Legal & General Home Finance Lifetime Mortgages, please confirm that you understand:

  • Legal & General Home Finance is an external company to The Co-operative Bank and not part of the same group.
  • The Co-operative Bank acts as an introducer to Legal & General Home Finance for Lifetime Mortgages.

Your home may be repossessed if you do not keep up with repayments on your mortgage