Expert VerifiedWhich High Street Banks Offer the Best Lifetime Mortgages in 2025?
- Last Updated: 28 Aug 2025
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Be aware. Equity release comes with drawbacks which are important to think about. Lifetime mortgages are secured loans. Compound interest means the amount you owe can grow quickly. Equity release reduces your estate's value and may impact means-tested benefits.Key Takeaways...
- Compare providers and understand the costs: High Street banks vary greatly in their lifetime mortgage terms, and be aware of all potential costs, such as arrangement and valuation fees, along with early repayment charges.
- Applying for a lifetime mortgage typically includes a consultation, property valuation, and completion of the necessary paperwork, which can be done in person or online.
- High Street banks may offer lower interest rates, flexible repayment options, and the reliability of established financial institutions.
Retirees in 2025 are turning to high street banks for lifetime mortgages that combine competitive interest rates with flexible repayment options, and with products tailored to provide financial security and adaptability, finding the best high street bank for lifetime mortgages can be a game-changer.
From partial repayment features to drawdown facilities, high street banks are stepping up to meet the unique needs of retirees, offering solutions that evolve with their financial circumstances.
However, with subtle differences between products, choosing the right one could save you thousands and enhance your golden years.
Join the EveryInvestor team as we simplify the search and provide expert insights to help you identify the lifetime mortgage that aligns seamlessly with your retirement goals.
Let’s navigate this journey together...
What Is A Lifetime Mortgage In The UK?
A lifetime mortgage in the UK is a financial product available to homeowners aged 55 and older, allowing them to access equity tied up in their property and unlock a portion of their home’s value while retaining full ownership.
Unlike traditional mortgages, lifetime mortgages don’t require monthly repayments; instead, the total debt—including accrued interest—is repaid from the estate, typically after the homeowner’s passing or a move into long-term care.
This feature provides flexibility for those seeking additional funds without immediate financial strain.
Do High Street Banks Offer Equity Release?
High street banks do offer equity release, but availability varies; instead, they often act as intermediaries, working with specialist equity release lenders.
For example, a bank might refer customers to a trusted equity release partner, streamlining the process and providing access to reputable providers.
While this can be convenient, always seek independent advice, compare options, understand terms, and select the product best suited to your needs.
What Are the Best High Street Bank Lifetime Mortgages for Seniors?
The best high street bank lifetime mortgages for seniors include names like Santander, Barclays, and Nationwide Building Society, which provide financial flexibility and security during retirement, tailored to individual needs.
High street banks also offer services like savings accounts, loans, and standard mortgages, often working with specialist lenders to deliver lifetime mortgage options, ensuring a reliable and streamlined process for customers.
Let's take a closer look:
Best Banks for Mortgages: Our Top 6 High Street Banks for Lifetime Mortgages
The best banks for mortgages, particularly high street banks for lifetime mortgages, include Santander, Scottish Widows, and Nationwide, offering flexible options through partnerships with specialist equity release providers.
Below is a list highlighting our top 6 high street banks:
- Santander: Known for low-interest rates and flexible terms.
- Barclays: Offers reliability with its range of mortgage options.
- Nationwide Building Society: Popular for competitive rates, flexible drawdown options, and no monthly repayments.
- Scottish Widows: Features bespoke financial solutions for seniors.
- Canada Life: Provides comprehensive lifetime mortgage plans.
- Legal and General Home Finance: Stands out for its innovative mortgage products and excellent customer support.
These banks exemplify the diverse and attractive lifetime mortgage options available to seniors on the high street.
High Street Banks and Their Lifetime Mortgage Offerings
High street banks and their lifetime mortgage offerings, including those like Santander and Scottish Windows, provide homeowners with flexible equity release options, often delivered in partnership with specialist providers to meet varying financial needs in later life.
Here's what you need to know:
Santander
In 2016, Santander partnered with Legal & General Home Finance to offer lifetime mortgages to its customers.1
Under this arrangement, Legal & General serves as the lender, while Santander customers receive advice from Key Retirement, an independent advisory firm.
This collaboration aims to assist customers with interest-only mortgages facing repayment shortfalls at the end of their terms, as well as those seeking to release equity to support their retirement.
Scottish Widows
Scottish Widows, established in 1815, is a life insurance and pensions company headquartered in Edinburgh, Scotland, and as a subsidiary of Lloyds Banking Group, it offers a range of financial products, including life insurance and pensions.
Lloyds Bank and TSB refer customers seeking lifetime mortgages to Scottish Widows, leveraging its expertise in this area.
Scottish Widows distributes its products through independent financial advisers, direct-to-client channels, and Lloyds Banking Group bank branches, ensuring broad accessibility for clients.2
Canada Life
Canada Life Financial Corporation is a Canadian company that offers life, health, and disability insurance to both businesses and individuals.
It was purchased by The Great-West Life Assurance Company in 2003 after rejecting a hostile buyout offer from rival Manulife.3
They provide you with a selection of varying plans, to suit your need:
- Capital Select – Borrowers can repay up to 10% each year, and repayments can be made at any time. There are also options for a 3% return and access to a cash reserve that can be used later.
- Interest Select – Borrowers can opt to repay more than 50% of their interest each month which allows for a cash reserve that can be accessed at a later date.
- Lifestyle Options – With no monthly repayments required, an inheritance guarantee, and fixed early repayment charges, the Lifestyle Options plan is designed to provide you with a comfortable retirement.
- Second Home Options – By offering free valuations, an option to borrow more money at a later date, and the option to make voluntary payments.
- Prestige – Allows you to borrow up to £2mln with no monthly payments and optional cash reserve.
To negotiate lifetime mortgages from Canada Life, borrowers must work through an accredited equity release adviser.
Legal & General Home Finance
Legal & General Group Plc, or simply Legal & General, is a London-based multinational financial services firm.
Its products and services include investment management, lifetime mortgages, pensions, annuities, and life insurance.
Established in 1836, they are experts in protecting people's financial futures as one of Europe's leading insurance and asset management businesses, with over £1tln in assets.4
Common Questions
The best rate for a lifetime mortgage is normally around 5.85*% to 7%, rates are normally offered on a fixed basis for the plans duration.
*Whilst we regularly review our rates, these may have changed since our last update
You can borrow anything between 20% to 60% of your home’s value with a lifetime mortgage.
The older you are the more you will be able to borrow.
The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount.
Yes, some banks offer a lifetime mortgage.
To find the best provider for your needs it is always best to speak to your financial adviser.
Interest rates for high street bank lifetime mortgages vary depending on factors such as the loan-to-value ratio, age of the borrower, and the specific product chosen.
Generally, interest rates range from 2% to 5% above the Bank of England base rate.
It is recommended to consult with different high street banks to obtain personalised quotes and compare the rates offered, ensuring you fully understand the terms and potential implications before making a decision.
To apply for a high street bank lifetime mortgage, you typically need to meet certain eligibility criteria, including being over the age of 55 and owning a property in the UK.
The application process generally involves an initial consultation with a mortgage advisor who will assess your financial situation and recommend suitable options.
After selecting a preferred high street bank, you will need to complete an application form, provide necessary documentation, and undergo a property valuation.
The bank will then review your application and, if approved, finalise the mortgage agreement.
High street bank lifetime mortgages offer several advantages for older individuals looking to release equity from their homes.
These mortgages provide access to tax-free lump sums or regular income, allowing for financial flexibility during retirement.
Additionally, they enable homeowners to continue living in their property until they pass away or move into long-term care.
Moreover, some high street banks offer features such as inheritance protection, which allows borrowers to ring-fence a portion of their property’s value for inheritance purposes.
High street bank lifetime mortgages may come with certain fees and charges, and it is essential to understand them before proceeding. Common fees include arrangement fees, valuation fees, legal fees, and early repayment charges.
It is important to carefully review the terms and conditions of the mortgage agreement and inquire about any potential hidden fees.
Consulting with a mortgage advisor or conducting thorough research can help ensure transparency and enable you to make an informed decision regarding the most suitable high street bank lifetime mortgage for your needs.
Conclusion
With several high street banks offering competitive lifetime mortgage products, finding the best high street bank for lifetime mortgages can feel overwhelming—but rest assured, you have strong options to choose from.
To make the best decision, consult a trusted financial adviser who can help identify the provider and product that aligns with your specific needs and goals. Coupled with thorough research, this will ensure you secure a lifetime mortgage tailored to your circumstances.
The right choice today can make all the difference in achieving financial peace of mind for the future.
*The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount.
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