Are You Looking for the Best High Street Bank Lifetime Mortgages in 2024?

Which Are the Best High Street Banks in 2024 that Offer Lifetime Mortgages? Discover Who You Can Trust With Your Finances and The Lifetime Mortgage Offerings. We have Got the Details Here…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • It's essential to compare different providers as High Street Banks' offerings on lifetime mortgages can vary in terms of interest rates, fees and flexibility.
  • The interest rates vary, typically ranging from 3% to 6%, depending on your age, property value, and the plan you choose.
  • Applying usually involves an initial consultation, a property valuation, and a set of paperwork to be completed either in the branch or online.
  • The advantages include potentially lower interest rates, flexibility in repayments, and the security of borrowing from an established institution.
  • While High Street Banks are typically upfront about their fees, it's crucial to understand potential costs such as arrangement fees, valuation fees, and early repayment charges in lifetime mortgages.

Which are the best high street banks for lifetime mortgages?

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.

In This Article, You Will Discover:

    Behold, the High street banks!

    One of the banks who’ve stepped in as an equity release lender is the Santander.

    It offers a range of mortgages for older folks, including equity release. Its products are available for homeowners aged 55 to 84.

    What Are the Best High Street Bank Lifetime Mortgages for Seniors?

    Banking on the high street offers several attractive lifetime mortgage options for seniors.

    Barclays and Santander lead the pack with their reliable, low-interest rate plans and flexible terms. Both banks have a strong presence, ensuring easy access to in-person banking.

    Additional benefits include their robust digital platforms for those comfortable banking online.

    However, Nationwide Building Society's lifetime mortgage is particularly popular among seniors.

    They offer competitive rates, flexible drawdown options, and the unique feature that no monthly repayments are required.

    Plus, Nationwide is renowned for its excellent customer service, bolstering its position as a top choice for high street bank lifetime mortgages for seniors.

    High Street Banks & Their Lifetime Mortgage Offerings

    Santander

    In 2016, Santander partnered with Legal & General Home Finance to provide Santander customers with lifetime mortgages.1

    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

    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.

    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.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 pay back 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 pay 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 £2m 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 £1 trillion 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 do a lifetime mortgage?

    Which High Street Bank Offers the Best Lifetime Mortgages?

    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 quite a few high street banks to choose from when it comes to an equity release provider, you will be in capable hands regardless of which one you decide on.

    We always recommend that you talk to your financial adviser to find out which provider and products will best cater to your needs.

    It is always best to do your homework before you decide which High Street bank has the best lifetime mortgage for your individual circumstances.

    *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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