Which High Street Banks Offer the Best Lifetime Mortgages in 2025?

The best high street bank lifetime mortgages in 2025 are offered by trusted names like Santander and Nationwide, providing tailored equity release solutions through collaborations with specialist providers to suit homeowners' financial goals in later life. Always assess your financial needs or personal requirements, customer service preferences, and access to online and in-branch services.
Best High Street Bank Lifetime Mortgages
  • Last Updated: 03 Dec 2024
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Which Are the Best High Street Banks in 2025 that Offer Lifetime Mortgages? Discover Who You Can Trust With Your Finances and The Lifetime Mortgage Offerings. Read On...

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…

In This Article, You Will Discover:

    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:

    Top High Street Banks for Lifetime Mortgages

    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 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

    What is the Best Rate for a Lifetime Mortgage?

    How Much Can You Borrow With a Lifetime Mortgage?

    Do Banks Offer a Lifetime Mortgage?

    What Are the Interest Rates for High Street Bank Lifetime Mortgages?

    How Can I Apply for a High Street Bank Lifetime Mortgage?

    What Are the Advantages of High Street Bank Lifetime Mortgages?

    Are There Any Hidden Fees in High Street Bank Lifetime Mortgages?

    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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