The five-year partnership agreement will allow Virgin Money’s interest-only customers – aged 55 and over – access to the retirement lender’s product range as they approach the end of their loan term.

This includes those looking to consider options to pay off outstanding capital on their interest-only loans, as well as those interested in accessing their property wealth.

Virgin Money customers will be able to access L&G’s optional payment lifetime mortgage, which doesn’t require customers to pass affordability criteria.

Steve Ellis, CEO at Legal & General Home Finance, said: “Solving the interest-only challenge is just one area where we see lifetime mortgages as a potentially transformative solution for the lives of UK borrowers. 

“Lifetime mortgages are already having a hugely positive impact on our society, and at Legal & General, we are committed to raising awareness about the transformative effect these products could have for many of Britain’s retirees.”

Andrew Asaam, director of mortgages at Virgin Money, added: “[L&G’s] lifetime mortgage range provides excellent options to help customers manage their finances effectively, including individuals who might be interested in accessing their property wealth to improve their standard of living in later life.”