Lifetime Mortgage Providers
The top 10 lifetime mortgage providers in 2025 include Aviva, Royal London, Liverpool Victoria, Legal & General, More 2 Life, Canada Life, Just (formerly Just Retirement), Standard Life, Crown & Livemore. These are a list of the best providers.
We review the brand new interest only lifetime mortgages below to help you with your research into the world of equity release when considering the most reputable companies and comparing the best lifetime mortgage interest rates.
Author: Paul Murphy Later Life Finance
Lifetime mortgage providers: Sourcing the best deals
The best lifetime mortgage provider for your personal circumstances will be based on your current and longer-term plans, such as potentially downsizing, for example, or whether you require a small or larger lump sum.
Every day at Later Life Finance we speak to people looking for greater security and flexibility from a mortgage. What exactly is a retirement mortgage, and how does an interest only lifetime mortgage work?
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.
We are frequently asked, can you still get an interest-only mortgage? Most of our customers are either long-term settled in their home, or have recently downsized and require a suitable mortgage solution to fit their retirement income needs.
If you are considering whether you can you release equity on an interest-only mortgage, or how taking equity release to pay off interest-only mortgage works, the good news is the range of solutions available are better than ever before.
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.
The best lifetime mortgage providers comparison: Who is best for you?
As an expert lifetime mortgage broker, we compare the top lifetime mortgage providers to help you find the best solution.
Whether you are considering equity release to pay off interest only mortgage or simply to boost your finances, it’s important to get the right plan and provider for your needs
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.
Here we compare the top 10 equity release providers list:
The best providers include:
- Standard Life
- Aviva
- More to Life
- Legal & General
- Livemore
- Canada Life
- Royal London
- Just
- Liverpool Victoria
These companies consist of some of the biggest interest only lifetime mortgage providers, but which one is best for your requirements?
As a specialist equity release broker, Later Life Finance are well positioned to review & compare the best lifetime mortgage providers based on our experience to help you navigate your options. Get a lifetime mortgage quote from Later Life Finance and compare the whole market.
We have access to exclusive broker deals to save you time and money when comparing the best equity release providers.
Lifetime mortgage providers list
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.
Find the Best lifetime mortgage providers & compare rates
Standard Life (Best provider for interest only lifetime mortgages)
Standard Life is “a brand that has been trusted to look after people’s life savings and retirement needs for nearly 200 years”.
Standard Life offers two 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.
They offer flexible mortgages that allow you draw down money as and when you need it, and a repayment option that lets you repay some or all of the monthly interest to reduce the effect of compound interest.
Standard Life have defined exit fees starting at 8% in year 1 which reduces each year.
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 and retirement interest only mortgage comparison
- Full discussions around alternative options to consider before proceeding with a lifetime mortgage
- Access to lifetime mortgage calculators 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 2 Life offer equity release plans include enhanced terms for certain medical issues, which could increase the level of lending available.
They offer flexible mortgages which 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.
Livemore (Best provider for RIO and TIO deals)
“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.
Royal London
“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.
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Registered providers
Summary
Understanding all your options is key to deciding which lifetime mortgage provider is best for your specific circumstances, and knowing which companies to avoid to ensure you source the best solution is equally important.
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.