Lifetime mortgages
We’re pleased to partner with Legal & General Home Finance to offer you award-winning Lifetime Mortgages.
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 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
Important information about our call charges
Calls to 0800 and 0808 numbers are free from landlines and mobiles. Calls to 03 numbers cost the same as calls to numbers starting with 01 and 02. Calls to 0845 and 0870 numbers cost 3p per minute, plus your phone company's access charge. Calls to 0844 and 0843 numbers cost 7p per minute, plus your phone company's access charge. If you're calling from outside the UK, call charges may vary.
Calls may be monitored or recorded for security and training purposes.
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- Legal & General 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 for Lifetime Mortgages
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