Co-op Insurance has partnered with Legal & General to offer later life mortgage options to homeowners over the age of 55.
The new launches, which form part of a trial, will offer two options in the form of lifetime mortgages and retirement interest only mortgages.
Recent figures from the Equity Release Council revealed that the number of homeowners releasing equity from their property in the first quarter of 2022 rose by over 20% to a new quarterly high of 23,395, helping older homeowners fulfil their later living needs.
Co-op Insurance said that its customers who want to find out if the products are right for them will be put in touch with specially qualified advisers at Legal & General Financial Advice.
“We’re delighted to be joining forces with Legal & General, trusted market leaders of equity release products, to launch these new later-life lending products,” said Co-op Insurance managing director, Charles Offord.
“Whether still in employment or already retired, we’re committed to helping inform the over-55s as to their financial options so that they can improve their quality of life and ultimately have the life they’ve worked so hard for.
“As the cost of living continues to rise, we know many people don’t want to sell their family home to access wealth that has accrued in their bricks and mortar over the course of a lifetime. Our new products offer another way to unlock this cash so homeowners can enjoy their later years or help out children and grandchildren at life’s key milestones, without the hassle of selling or downsizing.”
Legal & General Home Finance CEO, Craig Brown, said: “Our new partnership with Co-op Insurance will help more people over 55 to understand how our range of later life lending products can allow them to make the best use of the equity they have tied up in their property, whether that’s to support younger family members or to fulfil their own lifestyle aspirations.”
Latest News
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories