At a glance

  • Lifetime Mortgages eligibility criteria A customer aged 55 or over, nearing the end of their interest only mortgage term could benefit from a lifetime mortgage. They need to live in the property.
  • Lifetime mortgage products There are two types of products, one where they can pay the interest each month, and one where they don’t pay anything. Any unpaid interest is added to the loan.
  • The amount they can borrow The older they are, the more they can borrow. Use the calculator below to see how much your customer can borrow.
  • The customer must get advice Legal & General can help customers understand if a Legal & General Lifetime mortgage is the right option for them. If Legal & General don't have the right product for your customer, they also have access to the whole lifetime mortgage market. 
  • Costs involved Through the partnership between Cooperative Bank and Legal & General, the advice the customer receives is free and they will not have to pay for a valuation. Some of our products have a £599 fee and the customer must meet the cost of their own legal advice. All customers will receive a cashback of 0.3%. (On a £100k loan this is £300).
  • Interest rates The rates available change frequently and the adviser will be able to give more information on this. In 2021 Cooperative Bank customers paid an average of 3.25%. The higher the LTV, the higher the rate that is charged.