Which Are The Best Lifetime Mortgages in 2026?
Author: Paul Murphy Later Life Finance
The top 10 lifetime mortgage providers include Aviva, Royal London, Liverpool Victoria, Legal & General, More 2 Life, Canada Life, Just (formerly Just Retirement), Livemore & Pure Retirement. These are a list of the best providers.
We review interest only lifetime mortgages below to help you with your research the most reputable companies and comparing the best lifetime mortgage interest rates in the uk.
Why Trust Later Life Finance's Opinion?
Choosing the right lifetime mortgage company is one of the most important financial decisions you’ll make.
For your peace of mind, Later Life Finance are:
✅ Independent Specialist Broker (Whole-of-Market)
✅ FCA Authorised (Reference: 959556)
✅ ERC Membership (Adheres to all Equity Release Council Standards)
✅ Core Services: Lifetime Mortgages, RIO Mortgages, & Later Life Lending
✅ Free Initial Consultation (No-obligation review)
✅ Customer Rating: 5 / 5 (Verified customer feedback)
Ready to compare lifetime mortgage deals with our expert advisers?
Who Offers The Best Lifetime Mortgage?
As a specialist Lifetime mortgage broker, Later Life Finance provide an independent comparison service to secure you the best terms possible from the whole equity release market.
We are often asked, what exactly is a retirement mortgage, how does an interest only lifetime mortgage work, and how do I secure the best equity release interest rate and top deals?
The question of who offers the absolute “best” lifetime mortgage doesn’t have a single answer, as the ideal provider depends entirely on your personal criteria: your age, property value, location, health, and financial goals.
A popular form of modern retirement mortgage is the interest-only lifetime mortgage, which often ‘fits the bill’ for many borrowers, simply because they avoid the big negative of traditional equity release-compound interest, and provides the flexibility to maintain full control of the balance with regular interest payments.
However, the market’s leading providers consistently rank high due to their competitive rates, flexibility, and adherence to the Equity Release Council (ERC) standards.
Here is a breakdown of the best-in-class providers, segmented by the customer benefit they are known for:
1. Best for Overall Market Leadership and Flexibility: Aviva
As one of the UK’s largest insurers and a long-standing market participant, Aviva is a go-to choice for many brokers.
Key Feature: They offer some of the most competitive standard interest rates and flexible product lines, including their popular Drawdown and Lump Sum Max plans.
The Edge: Aviva is widely known for offering Downsizing Protection on many of its plans. This allows you to repay the loan in full without incurring an Early Repayment Charge (ERC) if you sell your home to downsize after a minimum period (e.g., three years), making it a great option if you think you might move house later on.
2. Best for Customisation and Innovation: More2Life
A specialist lender, More2Life is committed to offering a wide spectrum of tailored products that fit specific needs, not just standard cases.
Key Feature: They excel in Enhanced Lifetime Mortgages. If your health or lifestyle suggests a shorter life expectancy, More2Life is adept at providing better terms—either a lower rate or a higher loan-to-value (LTV) amount—than a standard plan.
The Edge: They work with a wide range of funders, which translates to diverse product options like their Flexi Choice, Tailored Choice, and Capital Choice plans, giving brokers maximum scope to match a product to complex client needs.
3. Best for Downsizing Flexibility: Canada Life
Canada Life is consistently praised for its flexible repayment options designed to help manage the future debt size.
Key Feature: Their plans typically include the ability to make Voluntary Partial Repayments of up to 10% of the initial loan amount each year without facing an Early Repayment Charge.
The Edge: This feature is invaluable for homeowners who want to release equity but wish to service a portion of the interest (or even capital) to protect their inheritance. They also offer a Capital Select range with flexible features.
4. Best for Household Name & Diverse Options: Legal & General
Legal & General (L&G) is a trusted household name known for competitive pricing and a broad, comprehensive product suite.
Key Feature: L&G offers a range of innovative products, including the Optional Payment Lifetime Mortgage, which allows you to make monthly interest payments to prevent interest from rolling up, but without the mandatory affordability checks required for a Retirement Interest-Only (RIO) mortgage.
The Edge: They are a major player in the later life market, offering both Lifetime Mortgages and RIO mortgages, ensuring your broker can compare the full spectrum of later life lending products.
5. Best for Medically Underwritten Plans: Just (formerly Just Retirement)
Like More2Life, Just is highly specialised in later life solutions, with a particular strength in medical underwriting.
Key Feature: Their unique underwriting expertise means they can often provide superior offers to individuals with pre-existing medical conditions, ensuring you get the full benefit of an Enhanced Lifetime Mortgage.
The Edge: They are a major provider of retirement income solutions (like annuities), giving them a strong financial foundation and deep expertise in the needs of retirees.
As an FCA authorised broker, Later Life Finance deal direct with specialist later life mortgage providers, here explore the best lifetime mortgage providers and explain who is the best for which feature, and why.
If you’re considering how long does equity release take to arrange, a specialist broker such as Later Life Finance can guide you through your options and discuss the myths and any pitfalls of equity release.
The contender for who are the best lifetime mortgage providers is close, as lenders are now offering the most flexible range of mortgages ever available, such as payment term lifetime mortgages.
Lifetime Mortgage Rates: Sourcing The Top Deals (2026)
The right provider depends on your priorities. Find your match below, then click View rates ↓ on any card to jump straight to their rate in the table.
Indicative Lifetime Mortgage Interest Rate Comparison Table by Provider
Rates are fixed for life on lifetime mortgages. The figures below are indicative market ranges — your personal rate will depend on age, property value, health, and chosen features.
| Provider | Get a Quote | Indicative Rate (MER) | Drawdown | Voluntary Repayments | Notable Award |
|---|---|---|---|---|---|
| Legal & General | Get Quote | 6.50% – 7.50% | ✓ | ✓ up to 10% | 🏆 Best Products 2025 ERC |
| Aviva | Get Quote | 6.50% – 6.90% | ✓ | ✓ up to 10% | 🏆 Best Lender 2025 WM |
| More2Life | Get Quote | 6.60% – 6.80% | ✓ | ✓ up to 10% | 🏆 Times Money Mentor |
| Canada Life | Get Quote | 6.90% – 6.95% | ✓ | ✓ up to 10% | — |
| Pure Retirement | Get Quote | 6.80% – 6.85% | ✓ | ✓ up to 10% | 🏆 Best Service 2025 ERC |
| Just | Get Quote | 6.90% – 7.00% | ✓ | ✓ up to 10% | — |
| Royal London | Get Quote | 6.50% – 6.90% | ✓ | ✓ up to 10% | — |
| Livemore | Get Quote | 6.80% – 6.95% | ✓ | ✓ up to 10% | — |
| LV= (Liverpool Victoria) | Get Quote | 6.48% – 6.80% | ✓ | ✓ up to 10% | — |
Important: Rates shown are indicative market ranges for 2026 and are subject to change daily. Your personal rate will depend on your age, property value, health, chosen features, and current market conditions. All rates shown are Monthly Equivalent Rate (MER) and are fixed for the life of the plan. Independent advice from a whole-of-market adviser like Later Life Finance is the only way to confirm the rate available to you. Rates correct to the best of our knowledge — always request a personalised illustration before proceeding.
When researching a lifetime mortgage, the interest rate is often the first thing homeowners look at. While rates are critical, securing the “best deal” means looking beyond the lowest advertised figure.
How to get the most competitive lifetime mortgage interest rates:
Whole-of-Market Broker Access: The most competitive and sometimes lowest lifetime mortgage interest rates are frequently brokered deals, not available directly to the public. Using a whole-of-market broker, such as Later Life Finance, ensures you compare options from all major providers—Aviva, Legal & General, Canada Life, More2Life, and others—to find the cheapest available rate for your personal circumstances.
The Power of Drawdown: Opting for a Drawdown Lifetime Mortgage can be the most effective way to limit the overall cost. Since interest only accrues on the funds you have withdrawn, you pay far less interest over the life of the loan than you would with a lump sum plan.
Enhanced Options: If you have certain health or lifestyle conditions, many providers offer Enhanced Lifetime Mortgages. These plans can often unlock a lower interest rate or allow you to borrow more, making it a key factor when comparing providers.
Voluntary Repayments: The most flexible deals allow you to make voluntary repayments (usually up to 10% of the loan per year) without penalty. This feature is crucial for managing the debt roll-up and effectively reducing your long-term lifetime mortgage interest rates without being locked into compulsory monthly payments.
Searching for the best lifetime mortgage deals requires a tailored approach. Don’t settle for the first quote; leverage expert advice to ensure you secure the most beneficial plan that aligns with your financial future.
🥇 Dealing With The Best Lifetime Mortgage Broker (How To Source The Top Deals)
When seeking a lifetime mortgage, the quality of your advice is just as important as the interest rate. Specialist lifetime mortgage brokers provide access to the most competitive deals, providing a crucial service that a single provider cannot match.
Why You Need a Whole-of-Market Broker
Unlike a single provider (like a high-street bank or direct lender) who can only offer their own products, a specialist broker searches the entire equity release market.
Access Exclusive Deals: Many lenders, including major names like Aviva, Legal & General, and Canada Life, reserve their lowest interest rates and most flexible products exclusively for brokers. These are simply not available if you go direct.
Whole-of-Market Comparison: A broker compares hundreds of product variants across all providers, ensuring they can find the cheapest rate and best features that match your specific circumstances.
Avoid Sub-Optimal Products: A broker’s job is to ensure the product is suitable for you. They will first look at alternatives, such as a Retirement Interest-Only (RIO) mortgage, before recommending a lifetime mortgage, ensuring you don’t commit to compound interest if an alternative is better.
Broker Service | Benefit to You |
Medical Underwriting | They assess your health to see if you qualify for an Enhanced Lifetime Mortgage, which can dramatically lower your rate or increase the amount you can borrow. |
Drawdown Optimisation | They structure your borrowing as a Drawdown facility, advising on the initial amount to take and the cash reserve to leave, minimising the impact of compound interest. |
Fee Negotiation/Clarity | They clarify all associated fees (application, valuation, legal) upfront and sometimes access deals with lower or waived fees, ensuring the total cost is transparent. |
Early Repayment Charge (ERC) Guidance | They explain the ERC structures (Fixed Percentage vs. Gilt-Indexed) and help you choose a plan with the most favorable terms for your potential future needs. |
Which Are The Best Lifetime Mortgage Companies?
Choosing a Lifetime Mortgage is one of the most important financial decisions of your later life. The right provider doesn’t just offer a competitive interest rate; they offer flexible features, strong customer service, and the security of Equity Release Council (ERC) membership.
The “best” company is ultimately the one whose specific product best meets your unique financial and lifestyle goals. However, a few providers consistently lead the market in terms of reputation, features, and rates.
Top Feature Comparison Table
Here we compare the top 10 equity release providers list to guide you when considering your options
| Provider | Key Strength / Notability | Unique Features Often Available |
| Aviva | Market leader, long-established, broad acceptance criteria. | Downsizing protection after a set period, flexible lump sum/drawdown plans. |
| Legal & General | Household name, strong financial backing, competitive rates. | Optional Payment Lifetime Mortgages, health-enhanced terms. |
| More2Life | Specialist lender, focus on innovation and customisation. | Tailored plans based on age, health, and property type (Enhanced options). |
| Canada Life | Strong for flexibility and customer options. | Voluntary partial repayments (up to 10% of the loan per year). |
| Just (formerly Just Retirement) | Excellent for medically underwritten (Enhanced) plans. | Can offer higher LTVs or lower rates for those with health conditions. |
| LV= (Liverpool Victoria) | Known for flexible early repayment charge terms | Drawdown facility options, a focus on mutual company benefits. |
Compare Lifetime Mortgages
Legal & General Home Finance (Best lifetime mortgage provider for RIO and Interest only)
“In June 1836, six lawyers founded Legal & General and our aim to build a better society has been present for as long as we have. Today we help over 10 million people with savings, retirement and life insurance”
Legal & General offer Defaqto 4-star rated lifetime mortgages for Over 60s Lifetime mortgage solutions.
In 2023 Legal & General were the first official interest only lifetime mortgage provider for homeowners aged 50 and over, the payment term lifetime mortgage (PTLM).
Their range of flexible mortgages on offer provide homeowners with a greater range of options than ever. Later Life Finance has access to their Interest only lifetime mortgage calculator
They offer a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Up to 10% of the sum borrowed can be repaid per year. They are also one of the most well-known retirement interest only mortgage providers(RIO).
When considering lifetime mortgage and home reversion plan examples it’s important to access the whole market to help you understand what’s best for you.
Our lifetime mortgages calculator provides instant results and you can also book a free review of your options without any obligation.
We review later life mortgages from all lenders to secure you the best possible deal.
Lifetime Mortgage Comparison Service
Get your free calculations, interest projections and deal direct with an adviser. (Access exclusive broker deals!)
Our FREE equity release lifetime mortgage comparison service includes:
- Lifetime mortgage provider deal comparison
- Compare lifetime mortgage rates
- Find a lifetime mortgage adviser
- Interest only lifetime mortgage, equity release mortgage and retirement interest only mortgage comparison
- Full discussions around alternative options to consider before proceeding with a lifetime mortgage
- Access to lifetime mortgage calculator for detailed projections of your total interest costs and discover how long equity release takes to arrange
- Compare the best lifetime mortgage interest rates from the whole market
- Find the cheapest lifetime mortgage deals including cash backs and free valuations
- Find out how much can I borrow with a lifetime mortgage and what percentage
- Use our lifetime mortgage calculator to get started and book a free review
- Deal with an expert lifetime mortgage broker to access the whole market and compare the top deals
- Lifetime mortgage VS equity release covered for complete clarity on your options
- Learn how to apply for a lifetime mortgage and what to expect during the process
Canada Life Home Finance: (Top provider for low early repayment charges)
“We have 3.4 million customers, 470,000 pension annuities in force, and manage more than £42.2 billion of equities, fixed income and property”
Canada Life are an established equity release provider and offer flexible mortgages which allow you draw down money as and when you need it for flexible lifestyle home loans.
They have a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Up to 10% of the sum borrowed can be repaid per year.
They also offer a feature called downsizing protection, which offers added flexibility for moving home and settling the plan early.
This is a feature many people ask for when researching information from the expert Martin Lewis Lifetime mortgages as it provides homeowners with the extra peace of mind of flexibility in their homes.
They have fixed early repayment charges compared to many of the other lenders available.To use our equity release calculator without providing all your personal details, you can decide whether you want to progress your enquiry further without any pressure or hassle.
Aviva (Best lifetime mortgage provider for flexible underwriting criteria)
“We’re a composite insurer made up of separate business areas, covering everything from pensions to pet insurance”
Aviva offers a choice of two Defaqto 4-star rated lifetime mortgages.
They offer flexible mortgages that allow you draw down money as and when you need it.
They have a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest, up to 10% of the sum borrowed can be repaid per year.
The BBC equity release calculator doesn’t include Aviva plans however as an independent broker Later Life Finance compare the whole equity release market to source the top deals.
Nationwide
“We’re a building society, or mutual, owned by our members. That’s anyone who banks, saves or has a mortgage with us”.
Technically Nationwide are no longer a lifetime or retirement mortgage lender. They provide mortgages with fixed monthly payments for later life borrowers, including a retirement interest only mortgage. They do not offer a drawdown option.
Later Life Finance provide lifetime mortgages Nationwide for homeowners looking to release the equity in their homes.
Their plans differ from a lifetime mortgage as the Nationwide require sufficient income to service the interest payments. The plans are not protected by Equity release council codes of conduct.
Later Life Finance’s calculators provide the key options available for older borrowers.
Just (JRL Group) (Best lifetime mortgage provider for cash back deals & medically enhanced plans)
“JRL started out by specialising in guaranteed income for life solutions (provided by pension annuities) and lifetime mortgages”. They also use the trading name HUB which refers to companies within the Just Group.
Just offer a lifetime mortgage that lets you release a one off lump sum or an initial lump sum and extra cash when you need it.
They have flexible mortgages that allow you draw down money as and when you need it.
They don’t provide reversion mortgages, however they have a range of lifetime mortgages to compare.
They offer a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Just also offer a medically enhanced lifetime mortgage.
Pure Retirement
“Established in 2014, Pure Retirement was the top of this year’s list of fastest growing businesses in Yorkshire”
Pure Retirement offer equity release plans and have flexible mortgages that allow you draw down money as and when you need it.
They have several lifetime mortgage plans, including Sovereign, Emerald and Classic range.
They offer a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Up to 10% of the sum borrowed can be repaid per year.
Liverpool Victoria
“From humble beginnings we’ve been going strong since 1843!”
LV= offer flexible equity release plans that allow you draw down money as and when you need it.
They offer a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Up to 10% of the sum borrowed can be repaid per year.
Liverpool Victoria have fixed early repayment charges compared to many of the other lenders available.
More2Life (Best for range of funders)
“More2life was founded, with big ambitions to change the equity release market by designing lifetime mortgages focussed on customers’ needs”
More to Life offer Defaqto 5-star rated lifetime mortgages. These plans are not available across the whole marketplace. Select brokers can arrange their Over 70s mortgages for homeowners.
In 2024 they launched a brand new interest only lifetime mortgage which provides a discounted interest rate for monthly interest payments.
For understanding how do you calculate lifetime interest on a mortgage? We have access to interest calculators to help you calculate all your options.
If you are considering How much can I borrow on an interest only lifetime mortgage we have full access to Standard Life’s full range of plans to secure you the best deal, and will compare the whole market.
To understand how much you can borrow on a lifetime mortgage calculate your options and book a free call back with our experts.
Understanding all your options is key to deciding which lifetime mortgage provider is best for your specific circumstances, and knowing which equity release companies to avoid to ensure you source the best solution is equally important. More 2 Life offer equity release plans include enhanced terms for certain medical issues, which could increase the level of lending available.
Royal London
“We’re the UK’s largest mutual life, pensions and investment company, offering protection, long-term savings and asset management. Royal London have been working on a range of products to help advisers when discussing the use of property wealth in retirement.
The range will be supported consistently good customer service, competitive pricing, and flexible underwriting criteria, all underpinned by the strength of the Royal London brand”.
Royal London are an established brand and offer flexible mortgages which allow you draw down money as and when you need it.
Livemore (Best provider for RIO and TIO deals)
“LiveMore was founded in in 2020 to solve a problem that many people aged 50-90+ in the UK face: accessing the mortgage options they need and deserve”
Providing retirement interest only and lifetime mortgages, Livemore are quickly gaining a reputation for efficiency and flexibility in the later life mortgage market.
Try our equity release calculator It’s completely free and there’s never any obligation to proceed with a solution.
Find The Best Lifetime Mortgage Deals
Registered providers
Summary
Access to a qualified equity release adviser who are Equity Release Council registered will ensure you receive independent, expert advice.
Later Life Finance are members of the equity release council. To book an appointment with an expert without any obligation click here
Dealing with an adviser with access to the whole equity release market will enable you to access the best equity release companies and schemes available, which will help match your requirements with the most appropriate solution available and the best lifetime mortgage, provider and deal for your needs on an impartial basis as a specialist broker.