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What Banks Do Lifetime Mortgages? Complete UK List

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Scott
Scott Nelson Profile Picture

Scott Nelson

Managing Director

MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.

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&
Janine
Janine Marsh Profile Picture

Janine Marsh

Financial Expert

Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.

Learn more about Janine
· Feb 7th, 2024
Find out how much equity you could release by answering below.
25000

In partnership with Age Partnership.

Our preferred equity release adviser is Age Partnership. For free and impartial money advice you can visit MoneyHelper.

Featured in...
what banks do lifetime mortgages

Our preferred equity release adviser is Age Partnership. For free and impartial money advice you can visit MoneyHelper.

Are you curious about getting a lifetime mortgage? This is a big step, and it’s normal to have questions. Every month, over 7,000 people come to our website to learn more about equity release options, including lifetime mortgages.

In this guide, we’ll help you understand:

  • What a lifetime mortgage is.
  • How lifetime mortgages work.
  • The good and bad points of a lifetime mortgage.
  • Where to get a lifetime mortgage.
  • What happens when a lifetime mortgage ends.

We know that thinking about money and retirement can be hard, but don’t worry; we’re here to help. We want to give you clear, simple advice.

Let’s dive in.

Find out how much equity you could release by answering below.

Find out how much equity you could release by answering below.

25000

In partnership with Age Partnership.

Where can you get a lifetime mortgage from?

Most lifetime mortgages and home reversion schemes (the other type of equity release option!) are only available from equity release companies

Some of these companies are well known because they also offer pensions and insurance products, such as Aviva or LV. 

Do banks do lifetime mortgages?

Most banks don’t provide lifetime mortgages or home reversion schemes directly. But many big-name banks have partnered with equity release providers to refer interested homeowners to reputable lifetime mortgage providers. 

How equity release could help

More than 2 million people have used Age Partnership to release equity since 2004.

How your money is up to you, but here’s what their customers do…



Find out how much equity you could release by clicking the button below.

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In partnership with Age Partnership.

What banks do lifetime mortgages?

Some of the high-street banks like Santander, NatWest, The Co-operative Bank and Lloyds Bank are connected to equity release providers who can offer their customers a lifetime mortgage.

These banks usually refer customers to equity release providers like Legal & General and Scottish Widows Bank. But they don’t offer lifetime mortgages directly. 

» TAKE ACTION NOW: Find out how much equity you could release

What are the criteria for a lifetime mortgage?

The criteria to be suitable for a lifetime mortgage are:

  1. You must be at least 55 years old
  2. You may have to be below a certain age with some lenders, typically below 85 years old
  3. You must wish to release equity from your residential property only and wish to keep living there
  4. You must have cleared all debt secured by your home, including your mortgage
  5. Your property must meet standards and the lender’s minimum valuation
  6. The property must be easy for the lender to re-sell in the future

Some properties are excluded, such as extremely remote properties, park homes and properties with flat roofs. The lender might complete a survey of your property to work out its updated value and check to see if it meets building standards. 

Join thousands of others who release equity

Age Partnership have helped over 2 million people release equity from their home.

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“I am more than pleased to have taken out Equity Release with Age Partnership.”

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How long does it take to arrange a lifetime mortgage?

The lifetime mortgage application process includes many important steps, including mandatory equity release advice. The whole process will take between three and eight weeks on average.

There can be complications that extend the process. For example, if a now deceased person is still on the property deeds, this can cause a delay. 

Find out how much equity you could release by answering below.

Find out how much equity you could release by answering below.

25000

In partnership with Age Partnership.

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The authors
Scott Nelson Profile Picture
Author
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh Profile Picture
Financial Expert
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.