Later life mortgages

We’re pleased to partner with Legal & General to offer you their range of award-winning Lifetime Mortgages, and a Retirement Interest-Only Mortgage.

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What is a later life mortgage?

Designed exclusively for customers aged 55 or over, a later life mortgage is a way of borrowing into retirement, securing a loan against your property based on its value while you continue to live there. A lifetime mortgage is a form of equity release and depending on the type of mortgage that’s right for you, you may be able to decide to pay all, some or none of the interest each month. If you do decide to make the full monthly interest payments, the amount you owe will not increase – similar to a regular interest only mortgage. However, if you don’t pay the full monthly interest payments, the amount you owe will increase and reduce any inheritance. It may also affect any means tested benefits.

With a Retirement Interest-Only Mortgage, however, you must pay the interest in full each month. As a last resort, your home may be repossessed if you do not keep up with payments.

The loan is usually repaid when the last surviving borrower dies or moves out of the home into long-term care.

You can borrow money from your home to:

  • Pay off an existing mortgage and any early repayment charges
  • Help a family member financially. (If you do decide to gift money away, the recipient may need to pay inheritance tax in the future. Find out more at
  • Pay for things such as: holidays, home improvements, and much more.

Discussing your later life mortgage options

It’s important to receive financial advice to help you make the right decision. Legal & General has its own team of specialist later life mortgage advisers, ensuring it’s the right option for you. If you speak to one of their advisers, there’s no obligation to proceed further.

Alternatively, you can obtain independent financial advice at the MoneyHelper website.

Visit Legal & General for more information

For more information on Legal & General later life mortgages, please confirm you understand:

  • 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 later life mortgages.

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

Money borrowed on a later life mortgage will be secured against your home.

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