Co-op Insurance has partnered with Legal & General to provide homeowners over the age of 55 with later life mortgage options.

The new launches, which form part of a trial, will offer lifetime mortgages and retirement interest-only mortgages. 

The products are fully regulated by the Financial Conduct Authority (FCA). 

As members of the Equity Release Council (ERC), Legal & General Home Finance and Legal & General Financial Advice adhere to the ERC’s rules and safeguards to protect homeowners.

Legal & General Home Finance chief executive Craig Brown says: “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.” 

Co-op Insurance managing director Charles Offord adds: “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.”

“Legal & General is the ideal partner for us, as their expert advisors do not work to commissions and are committed to getting the right outcome for customers by ensuring all family members are involved in key decisions.”