Prudential is one of the most iconic names in British financial history, but its role in the equity release market has changed significantly over the last two decades. While many homeowners still associate the "Pru" with property-based lending, their current offerings focus more on retirement income and pensions rather than traditional lifetime mortgages.
If you have an existing equity release mortgage with Prudential or would like to find an alternative provider for this type of finance, get in touch for independent advice below:
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Does Prudential Offer Equity Release?
Prudential does not currently offer new "roll-up" equity release or lifetime mortgage products. The company officially exited the new equity release market in 2009. While they were a major player between 2005 and 2010 - lending over £1 billion to more than 14,000 customers - they shifted their focus toward retirement income products, such as annuities and pensions.
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Existing Customers: If you already have a Prudential equity release plan from the mid-2000s, your contract remains valid and continues to be serviced. However, you generally cannot "top up" or take additional borrowing under those old terms.
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Current Ownership: Prudential's UK operations are now part of M&G Plc. While the Prudential brand name is still used for various retirement products, the company's strategy has moved away from mortgage-style lending.
Modern Alternatives from Prudential (M&G)
While you cannot get a traditional lifetime mortgage from them today, Prudential/M&G offers several alternatives designed to help retirees access income or manage their wealth:
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Fixed-Term Annuities (Prudential Guaranteed Income Plan): In 2025 and 2026, M&G expanded this range. It allows you to invest a lump sum to receive a guaranteed income for a set period (usually 5 to 15 years), which can be a safer alternative for those who don't want to secure a loan against their home.
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Retirement Interest-Only (RIO) Mortgages: Through various partnerships and their wider group, "later-life remortgages" may be available. These require monthly interest payments but allow you to stay in your home indefinitely, similar to a RIO mortgage.
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PruFund & Managed Investments: Many homeowners use equity release to fund their retirement; Prudential instead focuses on growing existing pension pots through their well-known PruFund range to avoid the need for property debt.
Key Features of Legacy Prudential Plans
For those who still hold a legacy plan or are looking at the brand's history, their products were known for:
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Drawdown Pioneers: Prudential was one of the first lenders to offer a drawdown facility, allowing customers to take money only as needed.
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Equity Release Council Standards: They were members of the council, meaning all old plans include the No Negative Equity Guarantee.
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Fixed Rates: Most older plans have high fixed rates (common for that era), which is why many legacy customers now seek to "switch" to modern lenders like Aviva or Standard Life to save on interest.
Pros and Cons of the Prudential Brand
Pros:
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Unrivaled Heritage: A brand with over 175 years of history and massive financial backing.
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Specialist Retirement Focus: They are experts in "income" rather than just "debt," helping you look at your finances holistically.
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Strong Regulation: Fully authorized by the FCA and the Prudential Regulation Authority (PRA).
Cons:
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No New Equity Release: You cannot apply for a traditional lifetime mortgage with them today.
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Complexity of Brand: The split between Prudential Plc (international) and M&G (UK/Europe) can be confusing for customers.
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Legacy Rates: Older Prudential plans often have much higher interest rates than those available in the 2026 market.
Get independent advice about Prudential equity release
If you had an existing equity release mortgage with Prudential, one of our later life advisers can go through all of your options with you and review whether there’s a better provider for you out there.
It is not possible to apply for new equity release with Prudential but your adviser can explore every alternative with you, including RIO mortgages and alternative equity release lenders.
Get started here to book a free, no-obligation chat with an adviser today.