Identifying the best equity release mortgage providers is of utmost importance when it comes to unlocking the value of your property in retirement.

You do not want to regret your choice and be stuck with providers who do not provide the service you need.

With so many options available, equity release products, features, and customer service options can be daunting. 

Exploring the various types of equity release can help homeowners make informed decisions about their financial future.

What Is Equity Release?

Equity release is a financial strategy to access the equity in your home, providing funds for various purposes like home improvements, travel, or supplementing retirement income.

It enables homeowners over 55 to unlock the value of their property without the need to sell.

The criteria for equity release include age, property value, outstanding mortgage balance, and the type of property.

Best Equity Release Providers and Lenders in 2024

The top equity release providers and equity release lenders on the market include Aviva, Canada Life, Just Retirement, and Legal & General.

An alphabetical look at some of the UK’s lenders and what sets them apart in the industry:

• Aviva equity release – is considered by Times Money Mentor as suitable for older borrowers, based on the company’s policy of considering applicants over 90 years old. It also won at the 2022 What Mortgage Awards. 
• Canada Life equity release – offers a free well-being service called WeCare to all its home finance customers. This provider received MoneyAge’s Lender Award in 2022.
• Just equity release – offer the Just For You Lifetime Mortgage, a medical underwriting feature, that may mean you can borrow more on your plan, and a cashback option. It is also open to lending to older homeowners. 
• Legal & General equity release – could be a good option if you own a high-value property, as the company offers loans against homes worth up to £2mln. Homeowners could make monthly interest payments or let their interest roll up with one of Legal & General’s lifetime mortgages.
• LV= – is recommended by Times Money Mentor for its low early repayment charges. Formerly known as Liverpool Victoria equity release, LV= offers lump sum and drawdown lifetime mortgage options.
• More2Life equity release – was named Provider of the Year at the 2022 Later Life Lending Awards. People sometimes spell it more to life equity release but if you are looking for a high-LTV loan, you may be able to access one through More2Life.
• Pure equity release – was named the Best Provider for Service at the 2023 Mortgage Solutions Equity Release Awards. Pure Retirement offers lump sum and drawdown lifetime mortgages.
• Saga equity release – they offer a lifetime mortgage that includes a money-back guarantee if you change your mind within the first six months. Saga also has a service promise guaranteeing that your money will be released to your solicitor within forty working days of your application being accepted, or you will receive £100 in compensation.

Many homeowners explore various ways to access equity in their home, such as through refinancing or home equity loans.

Find out: Best Equity Release Providers Near You

Top Equity Release Advisers and Brokers in the UK

The best equity release advisors and top brokers include Age Partnership, Bower Home Finance, Home Equity Release Services, and Key equity release.

These experts have a wealth of experience and knowledge, making them essential guides for individuals considering equity release.

• Age Partnership equity release – is Times Money Mentor’s accredited broker. It is considered by the publication to be ‘impartial, ethical, and customer-focused’.¹
• Bower Home Finance – is a specialist broker that covers the full regulated market. It won Best Broker Customer Service in the 2022 What Mortgage Awards.²
• Home Equity Release Service – is a lifetime mortgage specialist recommending Aviva products.³ They act as an appointed representative of Key Retirement Solutions Limited, conduct regulated activities, and operate under the oversight of the FCA.
• Key Later Life Finance – Key equity release has helped more than a 1mln homeowners consider whether equity release would suit their needs. This firm was named Best Later Life Broker by Financial Reporter in 2022.⁵

Prospective borrowers commonly turn to an equity release calculator to get an estimate of the funds they can access based on their property’s value and other factors.

How Do You Select the Right Equity Release Scheme for Your Needs?

To select the right equity release scheme for your needs, assess your financial goals, understand different plan options like lifetime mortgages and home reversion, and consider how they align with your long-term financial and living arrangements.

Consider factors like the flexibility of the plan, the lender’s reputation, and the interest rates.

Choose a plan that aligns with your long-term financial goals and retirement plans is often the most suitable choice.

You can choose the best equity release plans for you by:

1. Determining your objectives
2. Consulting a financial advisor
3. Understanding the different types of plans
4. Evaluating interest rates
5. Looking for flexibility
6. Checking for additional features
7. Review fees and charges
8. Consider the impacts on your benefits.
9. Solicit family input
10. Assess the reputation and credibility of providers.
11. Reading the fine print
12. Regularly reviewing your plan
13. Consider all alternatives

How to Select the Top Solicitors for Equity Release Schemes in the UK

To select the top solicitors for the best equity release schemes in the UK you want to choose solicitors that are recognised for their expertise, client satisfaction, and commitment to ethical practices in the sector, playing a crucial role in the process by undertaking legal responsibilities. 

These include reviewing plan documents, offering legal advice and representation, ensuring adherence to legal obligations, and safeguarding customer’s legal rights.

To find a top equity release solicitor, it is advisable to seek a recommendation from a professional association, such as the Equity Release Council. 

Interest Rates and Fees

View the current equity release interest rates, fees, or lifetime mortgage rates.

Provider	Scheme Name	Monthly (Rate)The amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed.	Annual Equivalent (Rate)The percentage of interest on a loan or financial product if compound interest accumulates over a year during which no payments are made.	Annual Percentage (Rate)The number that represents the total yearly costs of borrowing money, expressed as a percentage of the principle loan amount.
Canada Life	Age Partnership Ultra Lite Fixed ERC	5.51%	5.65% AER	5.65% APR
Just Retirement	Age Partnership J1 Lump Sum Fixed ERC	5.55%	5.69% AER	6.20% APR
Canada Life	Capital Select Ultra Lite Fixed ERC	5.55%	5.69% AER	5.69% APR
Just Retirement	Age Partnership J2 Lump Sum Fixed ERC	5.59%	5.74% AER	6.20% APR
Canada Life	Age Partnership Ultra Lite Plus Fixed ERC	5.60%	5.75% AER	5.75% APR
Canada Life	Capital Select Ultra Lite Plus Fixed ERC	5.64%	5.79% AER	5.79% APR
Pure Retirement	Age Partnership Sovereign Flex Lump Sum Fee) (AP) (Single)	5.66%	5.81% AER	5.81% APR
Just Retirement	Age Partnership Classic Flexible Lump Sum 1	5.67%	5.82% AER	5.82% APR
Just Retirement	Age Partnership J2 Lump Sum 1% Cashback Fixed ERC	5.69%	5.84% AER	6.30% APR
Canada Life	Age Partnership Super Lite Fixed ERC	5.70%	5.85% AER	5.85% APR

Updated: 03/10/2024

Scenario: 60-year-old single male with a £300,000 property value, who wants to release £30,000.

Top Companies Offering the Best Equity Release Alternatives

Some of the top companies offering the best equity release alternatives include Aviva, Legal & General, and Nationwide, known for their competitive rates, flexible terms, strong customer support, and catering to diverse homeowner needs.

Companies with alternatives provide various options for individuals seeking alternatives to equity-release loans. 

These alternatives include Retirement Interest-Only mortgages, downsizing, and pension drawdowns.

Retirement Interest-Only (RIO) Mortgages

Retirement Interest-Only (RIO) mortgages are interest-only mortgages designed for older borrowers. 

With a RIO mortgage, the borrower is required to pay the interest on the loan but does not need to repay the principal until they pass away or sell their home.

This kind of product is available from specialist later-life lenders like Legal & General and Hodge equity release, and from many building societies, such as:

• Leeds Building Society
• The Family Building Society
• Buckinghamshire Building Society
• Newbury Building Society
• Penrith Building Society
• Scottish Building Society
• Mansfield Building Society
• Bath Building Society
• Vernon Building Society

Pension Drawdown 

Pension drawdown is an option available to retirees who have defined benefit pensions and would like to make partial withdrawals to access an income in retirement.¹² 

This option presents a way to use part of your pension without buying an annuity.¹³ 

Pension drawdown is offered by many pension providers, including Standard Life, Scottish Widows, and Aviva.

Other Companies Who Assist With Equity Release

• Ashfords is a law firm and therefore does not have any equity release products.
• Barclays does not offer equity release. The closest Barclays equity release product are their “Home Equity Loans”, which allow you to offer up your available equity in your home as security.
• Crown equity release is aimed at people between the ages of 60 and 95, in Scotland and Wales, with property valued at £80,000 to £1mln.
• Go.Compare is a website that offers equity release comparisons via BridgingCompare.com.
• Halifax – doesn’t offer equity release but should you be interested in a lifetime mortgage, the bank will refer you to Scottish Widows.
• HSBC does not offer equity release but has other offerings, such as their first-time buyer mortgages, remortgage plans, and buy-to-let mortgages are formidable options to consider when weighing up your equity release choices.
• LiveMore doesn’t offer equity release; however, they are working on expanding their portfolio to include equity release in the future.
• Lloyds will refer you to a subsidiary of the Lloyds Banking Group called Scottish Widows Bank for their equity release products.
• Marsden previously offered older borrower mortgages and RIO mortgages, but has temporarily withdrawn these products.
• MoneySupermarket does not offer it directly; however, they have partnered with Fluent Mortgages in order to assist their clients with finding deals for them.
• Mortgage Express closed their doors to new business and now only manages the products of existing customers.
• Nationwide‘s offerings were withdrawn from the market after the Covid19 pandemic due to unfavourable conditions and the inability to regulate their interest rates. They do, however, maintain their equity release offerings for members who already have existing plans.
• NatWest offers remortgaging plans, but unfortunately does not offer lifetime mortgages or home reversion plans.
• Premier Equity Release Club is not a provider of equity release, but a service that assists equity release advisors in sourcing the right equity release plans.
• Papilio look after the Northern Rock equity release plans bought by JP Morgan in 2008.
• Prudential used to offer drawdown and lifetime mortgages, but since 2010, they have cancelled their equity release plans.
• RBS equity release offerings, but they do offer remortgage of properties or further property loans.
• Santander joined forces with Legal & General in 2016 to bring equity release to their banking clients.
• Solar no longer offers equity release and was dissolved in 2018. They partnered with solar companies to provide equity release from Solar PV systems.
• Stone Haven is an information portal on everything retirement and equity release.
• Yorkshire Bank is a bank offering traditional banking and mortgage services.
• Retirement Bridge does not offer new equity release plans but continues to update and manage plans with its existing clientele.

Where to Find Reliable Equity Release Information and Advice

You can find reliable informational advice on equity release in top portals and publications that include the Equity Release Council’s website, MoneySavingExpert, and the financial sections of major UK newspapers like the BBC, offering expert advice and up-to-date news.

In addition to our website, here is a list of 5 unbiased information sources that can further assist you in your decision-making process:

• Equity Release Council – as it is the industry’s trade supervisory body, the Equity Release Council’s website provides comprehensive information about these products, including guides, calculators, and a directory of approved providers, advisors, and solicitors.
• Money Advice Service – the Money Advice Service website⁸ is a free and independent service set up by the UK government to provide financial education, guidance, and advice to help people make informed decisions about their money matters, including equity release. 
• Age UK – Age UK is a charity geared towards providing information, advice, and services to older people, and the site includes a section on equity release.
• Which? – is an independent consumer advocacy group that provides product reviews and advice. Its website includes a section on equity release, including guides and reviews of products.
• Financial Conduct Authority: – the Financial Conduct Authority (FCA) website includes information about equity release, including consumer guides and regulatory information.

How Did We Determine the UK’s Leading Companies?

We determined the UK’s top 10 equity release companies and advisers through rigorous analysis of customer feedback, financial performance, compliance with regulations, and commitment to ethical practices.

We identified the best companies for equity release in 2024 based on the following:

• Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
• Financial Strength – Ensuring it is going strong and has adequate capital to meet long-term commitments.
• Product Range – We favour companies offering a variety of schemes with greater product flexibility.
• Interest Rates and Fees – We review competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
• Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
• Code of Conduct and Compliance – We only consider companies that adhere to recognised industry standards and codes.
• Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
• Innovation and Technology – Is there a streamlined, digital application process?
• Client Testimonials – Success stories and the complaints resolution process.

Frequently Asked Questions About the Best Equity Release Companies

Concluding Thoughts on the Best Equity Release Companies and Plans

When selecting the best equity release company for your needs, it’s important to consider multiple factors, including customer satisfaction, interest rates, product offerings, and professional accreditation by the Equity Release Council (ERC) and the Financial Conduct Authority (FCA).

To gain a comprehensive understanding of each company’s strengths and weaknesses, consult various sources, such as industry publications and customer reviews.

Working with an equity release advisor or broker can significantly enhance your chances of making an informed decision that suits your needs, as their expertise and guidance are invaluable.

It’s crucial to seek independent advice to make well-informed decisions about your financial future, and with thorough research and professional support, you can identify the leading companies to consider for your equity release journey.

Access valuable information and tips on equity release by downloading our ebook, a comprehensive guide to securing your financial future.