Co-op Insurance partners with Legal & General to provide later life offering

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.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


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.

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.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.