Lifetime Mortgages & High Street Banks

The Best High Street Banks & Their Lifetime Mortgage Offerings

As More People Try to Unlock the Riches Locked up in Their Home's Worth, Lifetime Mortgages Are Becoming More Frequent. High Street Names Have Joined Traditional Equity Release Lenders to Enable Customers Decide Whether They Desire to Utilize a High Street Name or a Specialised Lender.

Before You Start Reading....

Let's See How Much You Can Release 👇


Equity Release Calculator

Value of Your Home?


Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

Best High Street Banks

It's VERY FAST, takes just 8 seconds

Lifetime Mortgages & High Street Banks

Equity release is bigger than it’s ever been in the UK. What this has meant for the industry is that larger banks are cottoning on to the idea of allowing clients over the age of 55 to unlock the cash tied into their estates.

Behold, the High street banks!

One of the big guys who’ve stepped in as an equity release lender is the Nationwide Building Society. They offer a range of mortgages for older folks, including equity release. Their products are available for homeowners aged 55 to 84.

High Street Banks & Their Lifetime Mortgage Offerings

nationwide logo

Nationwide Building Society

In 2019, the Nationwide Building Society announced a line of lifetime mortgages. It began by providing these to its current members, then expanded to include all members of the public.

A specialist Later Life Lending Team at Nationwide Building Society handles retirement interest-only mortgages and equity release.

Their offerings have the following features:

  • No valuation fees, product fees or advice fees
  • Legal advice is mandatory
  • £1,000 cashback on initial completion
  • Varying maximum borrowing amount depending on the borrower’s age and property value
  • Up to 10% of the loan amount can be repaid annually without an early repayment charge
  • Fixed interest rate for the life of the mortgage
  • Downsizing protection
santander logo


In 2016, Santander partnered with Legal & General Home Finance to provide Santander customers lifetime mortgages. While Legal & General is the lender, Santander customers are advised by a different company called Key Retirement.

Santander opted to offer lifetime mortgages to customers with interest-only mortgages who had a shortfall at the end of their term or who needed to release equity to help support their retirement.

scottish widows logo

Scottish Widows

For lifetime mortgages, Lloyds Bank and TSB both refer customers to Scottish Widows (a Lloyds Banking Group subsidiary).

Scottish Widows is a life insurance and pensions company located in Edinburgh, Scotland, and is a subsidiary of Lloyds Banking Group. Its product range includes life assurance and pensions.

Learn More: The Best Lifetime Mortgage Providers of Jan 2022

Since 1815, the organization has provided financial services to the UK market. Independent financial advisers, direct to clients, and Lloyds Banking Group bank branches all market the company’s products.

canada life logo

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.

They provide you with a selection of varying plans, to suit your need:

  • Capital Select – borrowers can pay back up to 10% each year, and repayments can be made at any time. There are also options for 3% return and access to a cash reserve that can be used later.
  • Interest Select – borrowers can opt to pay more than 50% of their interest each month and 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 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 £2m with no monthly payments and optional cash reserve.

On its Capital and Interest Select lifetime mortgages, Canada Life is also waiving completion fees until March 31, 2021. To negotiate lifetime mortgages from Canada Life, borrowers must identify an equity release adviser.

legal general logo

Legal and 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 £1 trillion in assets.

How Much Can You Release?

Use the FREE Calculator Below 👇


Equity Release Calculator

Value of Your Home?


Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

Best High Street Banks

It's VERY FAST, takes just 8 seconds

Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
Taylor Holt - 300x300

Written by
Taylor Holt
Estate Planning Expert

Taylor Is Our Resident Estate Planning Expert. He Knows That Everything Revolving Around Wills or Funeral Planning Can Be a Sensitive Subject That People Don’t Like to Discuss. But He Also Knows How Important It Is to Know All There Is to Know About It. Taylor Makes It His Mission to Spread Awareness About Estate Planning, and We Believe Everyinvestor Is the Best Platform to Do That.

Monique - 300x300

Written by
Monique Pittman
Pensions Expert

Monique Is Our Resident Pensions Expert. Many People Postpone Planning Out Their Pension, Thinking That Is Something They’ll Have to Worry Much Later in Life. Monique Knows How Important It Is to Start Planning Your Pension Early, and She Wants You to Know It Too!

Best High Street Banks

Written by
Lisa Schilling
Insurance Expert

Lisa Is Our Resident Insurance Expert. She Knows How Important It Is to Be Ready for Any Scenario, Especially When a Family Member Is Involved. Nobody Likes Being Found Unprepared in a Tough Situation! Lisa Can Find the Best Insurance to Cover Your Every Need, Present and Future.

Doyle Edwards - 300x300

Written by
Doyle Edwards
Mortgages Expert

Doyle Is Our Resident Mortgages Expert. He Comes From a Long Line of Financial Gurus, and It Truly Shows. Despite His Young Age, There Is No Question He Cannot Answer When It Comes to Mortgages, and His Ability to See Outside of the Box to Find the Best Mortgage Deals Is Truly Impressive.

jason stubbs 300x300 1.jpg

Written by
Jason Stubbs
Equity Release Expert

Jason Stubbs Is a Specialist in the Equity Release Sector. He Enjoys Helping Older People Who Are Struggling Financially Get Out From Under Financial Pressure.

rachel w.jpg

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
Mark Patterson

Written by
Mark Patterson
Mortgage Expert

Mark Patterson is a well-known expert in mortgages. He has been working as an expert for over 15 years, and he specializes in the UK mortgage market.
kath icon.png

Katherine Read
Consumer Affairs Writer

She writes on the topics of equity release, home reversion, and mortgages.

Nicola Date

Nicola Date
Writer & Journalist

Nicola is a financial writer for EveryInvestor and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.