If you're exploring ways to access the equity in your home during retirement, it's important to understand what Halifax does, and doesn't, offer. Halifax does not provide equity release products such as lifetime mortgages or home reversion plans. However, it offers alternative solutions like Retirement Interest Only (RIO) mortgages, as well as access to equity release options through Scottish Widows, a company within the same financial group.

This guide examines the products and services available through Halifax that may help you unlock the value of your home while maintaining financial control.

Whether you're considering a RIO mortgage, investment alternatives, or long-term financial planning, we’ll clarify how Halifax fits into your retirement strategy, based on accurate, up-to-date information.

Therefore:

NOTE: EveryInvestor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of EveryInvestor only and may not reflect the views or opinions of Halifax, the Lloyds Banking Group, or the Bank of Scotland. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Halifax, the Lloyds Banking Group, or the Bank of Scotland.

Is Halifax a Good Choice for Retirement Planning?

Halifax, as part of Lloyds Banking Group, offers a range of financial services that can support retirement planning, although it does not provide equity release products directly.

Instead, it provides alternative options such as Retirement Interest Only (RIO) mortgages, savings products, and access to regulated pension services through Scottish Widows.

Halifax is a trading division of the Bank of Scotland, which itself is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Founded as a building society in 1853, Halifax has grown into one of the UK’s most recognised high street banking brands. It operates under the Lloyds Banking Group, the largest retail bank in the UK by market share¹.

For retirement-focused customers, Halifax offers:

• Savings products, including ISAs and fixed-rate accounts for capital preservation.
• Investment accounts to support long-term financial growth.
• Referral access to Scottish Widows for pensions and regulated later-life financial planning services.
• Retirement Interest Only (RIO) mortgages, an alternative to equity release for those who wish to unlock home equity while maintaining ownership and making interest payments.

While Halifax does not provide the depth of later-life lending services available from dedicated equity release providers, it can still play a valuable role for those seeking conservative, structured retirement financial planning with the backing of a major UK bank.

What Retirement Solutions Does Halifax Offer?

Halifax provides a range of financial products that can support retirement planning, though it does not offer equity release directly.

Its key solutions include:

• Savings accounts and Cash ISAs, designed for capital preservation and tax-efficient growth
• Investment accounts, suitable for individuals seeking medium- to long-term returns
• Retirement Interest Only (RIO) mortgages, which allow homeowners to borrow against their property while making monthly interest payments
• Referral access to pensions and lifetime mortgages through Scottish Widows, a Lloyds Banking Group subsidiary regulated by the FCA

These options may appeal to individuals seeking alternatives to equity release, offering more control over repayments and estate planning.

What Are the Benefits and Limitations?

Benefits:

• Access to regulated retirement solutions through a mainstream UK bank
• Ability to retain home ownership while unlocking capital via RIO mortgages
• Transparent and low-risk saving and investment products

Limitations:

• Halifax does not offer lifetime mortgages or home reversion plans directly
• RIO mortgages require monthly interest payments, which may not suit low-income retirees
• Equity access is more limited compared to dedicated equity release schemes

Professional financial advice is strongly recommended to assess how Halifax’s offerings fit into broader retirement goals, especially in relation to tax impact, inheritance planning, and long-term affordability.

Does Halifax Offer Equity Release?

No, Halifax does not offer lifetime mortgages or home reversion plans. Customers seeking equity release are referred to Scottish Widows, which provides FCA-regulated lifetime mortgages to eligible homeowners aged 55 and over².

This arrangement ensures access to equity release within the Lloyds Banking Group, without Halifax directly underwriting or managing these products. This arrangement ensures access to equity release within the Lloyds Banking Group, without Halifax directly underwriting or managing these products.

Can Halifax Remortgaging Help You Access Equity?

Halifax offers remortgaging as a way to release equity without entering into a lifetime mortgage. By refinancing an existing mortgage, homeowners can unlock some of their property’s value, provided they meet affordability and credit criteria.

Unlike equity release, remortgaging involves fixed terms and monthly repayments. It may be suitable for those with a reliable retirement income who want to access funds without accruing compound interest.

What Mortgage Options Does Halifax Provide?

Halifax offers a range of residential mortgage products, including options tailored to different life stages and financial situations.

These include:

• Standard repayment mortgages
• Fixed-rate and tracker mortgages
• First-time buyer mortgages
• Buy-to-let mortgages
• Remortgaging options
• Retirement Interest Only (RIO) mortgages (for eligible customers aged 55+)

These products are designed to support homeowners at various points in their financial journey, including later-life borrowers who may be looking to access equity or adjust their mortgage structure in retirement.

Halifax does not offer lifetime mortgages or home reversion plans, but it provides an online remortgage calculator and support tools for those exploring ways to unlock home equity without committing to equity release.

What Are Customers Saying About Halifax?

Customer feedback on Halifax’s mortgage services is mixed, reflecting a balance between the scale of the institution and the level of personal service provided.

On Trustpilot, Halifax currently holds a score of 1.6 out of 5, based on over 4,500 reviews, with many complaints focusing on customer service and response times³.

However, it’s worth noting that larger institutions often receive a higher volume of negative reviews due to their customer base size. In contrast, Smart Money People, a specialist financial services review platform, reports more favourable ratings, particularly for Halifax's mortgage application process and interest rate competitiveness.

These mixed reviews suggest that while Halifax offers competitively priced mortgage products, the customer experience may vary. Individuals seeking more personalised support, especially for retirement or equity-related decisions, may benefit from speaking with a mortgage adviser directly or comparing options with providers focused exclusively on later-life lending.

Is Halifax Regulated for Later-Life Lending?

Halifax operates as a division of the Bank of Scotland, which is regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

These regulatory bodies oversee Halifax’s compliance with UK financial conduct standards, ensuring that its mortgage and banking services are delivered responsibly and transparently.

Although Halifax does not offer equity release products directly, its later-life mortgage products, such as Retirement Interest Only (RIO) mortgages, fall under the regulatory oversight of the FCA. Additionally, customers referred to Scottish Widows for equity release are also protected by FCA regulations, as Scottish Widows is authorised and regulated to provide lifetime mortgages. Although Halifax does not offer equity release products directly, its later-life mortgage products, such as Retirement Interest Only (RIO) mortgages, fall under the regulatory oversight of the FCA. Additionally, customers referred to Scottish Widows for equity release are also protected by FCA regulations, as Scottish Widows is authorised and regulated to provide lifetime mortgages.

FCA Registration Details:

• Halifax is not a standalone legal entity; its regulation falls under the Bank of Scotland.
• FCA Firm Reference Number: 169628⁴

This regulatory framework ensures consumer protection, especially in products involving property, long-term debt, and retirement planning. Customers can confirm authorisation status directly via the FCA website.

How to Contact Halifax for Financial Inquiries

Halifax offers several ways to get in touch for support with mortgages, retirement planning, and general banking services:

• Phone: Call Halifax on 0800 072 9779 (free from UK landlines and mobiles). Lines are typically open Monday to Saturday, but hours may vary.
• Mobile App: Use the Halifax mobile app to request a secure call or send an in-app message. The app also supports Halifax’s Voice ID feature for quicker verification.
• Web Chat: Visit the official Halifax website to speak with an agent via secure live chat.
• Branch Locator: To find your nearest branch, use the Halifax branch finder tool.
• Post: You can write to Halifax at:
  PO Box 548, Leeds, LS1 1WU

If you are seeking advice or information on later-life lending, such as Retirement Interest Only (RIO) mortgages or equity release referrals, it is recommended to speak directly with a Halifax mortgage adviser who can guide you through your options or arrange a consultation with Scottish Widows if appropriate.

Frequently Asked Questions

This section addresses common queries, providing clarity on Halifax's options and processes.

In Conclusion

Planning for retirement requires careful evaluation of your financial goals, income needs, and long-term stability. While Halifax does not offer equity release products directly, it provides viable alternatives such as Retirement Interest Only (RIO) mortgages, and facilitates access to FCA-regulated lifetime mortgages through Scottish Widows, a trusted member of the Lloyds Banking Group.

For those who prefer to avoid traditional equity release, Halifax offers a range of savings, investment, and mortgage solutions that can help maintain control over assets and support financial flexibility in later life.

By understanding how Halifax fits within the broader landscape of retirement planning, you can make informed decisions that align with your needs, whether that means unlocking home equity, growing your savings, or securing a stable mortgage into retirement.

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. To understand the features and risks, ask for a personalised illustration.