10 Top Equity Release Companies and Providers in 2024
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- The top-rated equity release companies in the UK often include More2Life, Aviva, and Legal & General according to industry reviews and customer ratings.
- Companies like Age Partnership, Aviva, and Hodge Lifetime are often considered great for pensioners due to their favorable terms and customer service.
- More2Life, Legal & General, and Pure Retirement are known to offer some of the most competitive rates in the UK's equity release market.
- Choosing the best company involves comparing interest rates, considering customer reviews, and understanding the flexibility of plans offered by companies such as Aviva, More2Life, and Legal & General.
- Reviews for companies like Aviva, More2Life, and Legal & General, often highlight their competitive rates, flexible terms, and excellent customer service.
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, comparing products, features, and customer service across providers can be daunting.
In this guide, the Every Investor team of financial experts and industry professionals is dedicated to providing you with up-to-date, comprehensive, and accurate information on a wide range of equity release mortgage products.
In This Article, You Will Discover:
Our team consults various reputable news sources and provider websites to compile easy-to-read guides, and all our content undergoes extensive quality and compliance checks before publication.
Explore the top companies in the UK to help you make an informed decision and find the best option for your individual needs and circumstances.
What Are Equity Release Home Mortgages?
Equity release home mortgages enable homeowners over 55 to unlock the value of their property without the need to sell.
It is a financial strategy to access the equity in your home, providing funds for various purposes like home improvements, travel, or supplementing retirement income.
In equity release, you borrow against your home's value, with repayment usually deferred until you pass away or enter long-term care.
This arrangement allows you to benefit from the equity now, while understanding its impact on your estate's future value.
Who Are the Top Equity Release Companies in the UK?
The leading companies in the UK include advisors and brokers like Age Partnership, providers including Aviva, Solicitors, and official resources offering accurate information.
Reputable companies should have systems and controls to:
- Manage risks
- Adhere to industry guidelines
- Maintain transparent fee structures
- Continually monitor their products and services.
When deciding which equity release is best for you, also consider factors such as interest rates, the flexibility of payment options, whether there are any Early Repayment Charges, and the company’s reputation for customer service.
It is essential to research, compare, and seek professional advice to ensure you select the most suitable company for your individual needs and circumstances.
A great place to start:
Which Are the Best Equity Release Advisers and Brokers in the UK?
Here is an alphabetical list of ten highly-rated advisors and brokers in the UK.
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, conducts regulated activities and operates under the oversight of the FCA.
- Hub Financial Solutions - compares equity release products from: Aviva, More2Life, Canada Life, Just Retirement, Legal & General and Pure Retirement.
- 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
- Modern Lending Advisers - is a dedicated broker for Standard Life Home Finance equity release products and an appointed representative of Key Retirement Solutions.6
- OneFamily equity release - offers advice on products across all regulated lenders. The company’s advisors are paid a salary and do not work on a commission basis.
- Responsible Life equity release - offers advice on various plans and has been integrating digital methods into traditional advice. It has been operating since 2010.
- StepChange equity release - is a charitable organisation that advises people on a variety of debt-related issues. The charity won Best Broker for Equity Release at the 2022 Mortgage Strategy Awards.7
- SunLife - is authorised to introduce clients to the SunLife Equity Release Service, a trading branch of Key Advice Solutions Limited, which specialises in advising and coordinating equity release deals.
- Your Choice Equity Release - specialises in advice on Canada Life products and is a trading name of Responsible Life.
Top Equity Release Providers and Lenders: Best Companies Revealed
The lenders and providers considered best 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, which 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 choose to make monthly interest payments or to 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. 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 - offers a lifetime mortgage that includes a Money Back Guarantee if you change your mind within the first six months. This product also comes with 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 recompense.
Which Equity Release Products Are Rated the Best in 2024?
The best-rated equity release products in 2024 are those that offer a balance of low-interest rates, flexibility, and favorable terms and conditions.
Products from companies with strong customer service reputations and clear, transparent terms are particularly highly regarded.
Always look for products that provide security and peace of mind in your retirement years.
How Do Different Equity Release Options Compare in 2024?
In 2024, equity release options vary significantly in terms of flexibility, interest rates, and repayment options.
Lump-sum plans might offer a larger initial amount, while drawdown plans provide the benefit of accessing funds as needed, potentially reducing the overall interest accrued.
It is crucial to consider how these choices align with your financial planning and long-term goals.
How to Choose the Best Equity Release Scheme for Your Individual Needs
Choosing the best equity release scheme involves assessing your financial needs, future plans, and the amount of inheritance you wish to leave.
Consider factors like the flexibility of the plan, the lender's reputation, and the interest rates.
A plan that aligns with your long-term financial goals and retirement plans is often the most suitable choice.
Top Solicitors for Best Equity Release Schemes in the UK
Solicitors play 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.
More details regarding what these solicitors offer:
- Protection: They prioritise safeguarding your legal rights at every stage of the journey.
- Advice: They offer independent legal advice, guiding you through the complexities of your plan, helping you understand its terms, and explaining the potential implications involved.
- Representation: Acting as your advocate, representing your best interests during negotiations with your provider or any other relevant parties.
- Compliance: They ensure your plan complies with all necessary legal requirements and regulations.
To find a top equity release solicitor, it is advisable to seek a recommendation from a professional association, such as the Equity Release Council.
Find an FCA authorised and regulated lender here.
Interest Rates and Fees Comparison
The amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed.
|Age Partnership Classic Flexible Lump Sum 2
|Age Partnership Classic Flexible Lump Sum 1
|Age Partnership Sovereign Flex Lump Sum (Fee) (AP) (Single)
|Age Partnership Sovereign Flex Lump Sum (AP) (Single)
|Age Partnership Sovereign Flex Lump Sum (1% Cashback) (AP) (Single)
|Age Partnership Sovereign Flex Lump Sum (2% Cashback) (AP) (Single)
|Age Partnership Lifestyle Flexible Option, Fixed ERC
|Age Partnership Sovereign Flex Lump Sum (3% Cashback) (AP) (Single)
|Age Partnership Sovereign Flex Lump Sum (4% Cashback) (AP) (Single)
|Age Partnership J1 Lump Sum Fixed ERC (Enhanced)
Scenario: 60 year old single male with a £300,000 property value, who wants to release £30,000.
What Are the Current Trends and Rates in Equity Release for 2024?
Current trends in equity release rates lean towards more competitive and lower interest rates, influenced by the market's increasing demand and regulatory changes.
Equity release products are also evolving, with some offering more flexible repayment options and others focusing on lifetime mortgages with fixed interest rates.
It is essential to stay updated on these trends to secure a deal that aligns with your financial circumstances.
Best Sources for Equity Release Information: Top Portals and Publications
Information portals and publications are essential resources when exploring your options, and conducting thorough research is crucial to making an informed decision.
In addition to our website, here is a list of 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.
- Financial Services Register - when looking for providers and advisors, you can also use the Financial Services Register to make sure you select a reputable company that is authorised and regulated in the UK.
- The Telegraph - The Telegraph maintains a Financial Solutions9 division that provides advice and information on equity release.
- The Guardian - the Guardian equity release provides regular news and information on equity release in the UK.10
- Times Money Mentor - the maintains a section dedicated to equity release.
- Money Saving Expert - Money Saving Expert or Martin Lewis equity release is a consumer website in the UK that provides users with information on cutting their costs and using equity release.
How Do Magazine Ratings Influence the Best Equity Release Options?
Magazine ratings significantly influence the perception of the best equity release options.
These ratings often consider customer reviews, interest rates, and the flexibility of the equity release schemes.
As a result, they can be a valuable resource for comparing different options, but remember to consider your unique financial situation and seek independent advice.
Top Companies Offering the Best Equity Release Alternatives
Companies with alternatives provide various options for individuals seeking alternatives to equity release loans.
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.
While equity release can provide a large lump sum, it is worth noting that Retirement Interest-Only mortgages may be a better fit for those who have a stable income during retirement and can manage regular payments.
RIO mortgages generally have lower interest rates and do not accumulate debt in the same way.
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 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
How We Identified the Best Equity Release Companies for 2024
We chose the best equity release companies 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.
How to Chose the Best Equity Release Plan
You can choose the best plan for you by:
- Determining your objectives
- Consulting a financial advisor
- Understanding the different types of plans
- Evaluating interest rates
- Looking for flexibility
- Checking for additional features
- Review fees and charges
- Consider the impacts on your benefits.
- Solicit family input
- Assess the reputation and credibility of providers.
- Reading the fine print
- Regularly reviewing your plan
- Consider all alternatives
How Much Can You Release?
Before deciding on who to use, it is advisable to use an equity release calculator to obtain an estimate of how much you may be able to borrow and what the potential interest may be.
This tool can help you make a more informed decision and better compare different providers.
Frequently Asked Questions About the Best Equity Release Companies
Which Are the Best Equity Release Companies in the UK for 2024?
Which Equity Release Companies Are Best for Pensioners in the UK?
What Are the Best Equity Release Deals Offered by Top Companies?
How to Identify the Best Equity Release Company for Your Needs?
What Are the Reviews for the Best Equity Release Companies?
What Are the Equity Release Companies to Be Wary of in 2024?
What Are Equity Release Introducers and How Do They Work?
What Characteristics Define the Best Equity Release Company in the UK?
How Are High Street Banks Adapting to the Latest Equity Release Trends?
What Criteria Should I Use to Choose the Best Equity Release Company for My Situation?
Is Every Top Equity Release Company in the UK Regulated by the FCA?
What Is the Process for Complaining About an Equity Release Company?
Where to Find Reliable Reviews of the Best Equity Release Companies?
Did Solar Equity Release Offer Equity Release?
Does HSBC Offer Equity Release?
Does Nationwide Offer Equity Release
Does Halifax Offer Equity Release?
Does Santander Offer Equity Release?
Does NatWest Offer Equity Release?
Does Barclays Offer Equity Release?
Does Lloyds Offer Equity Release?
How Does MoneySupermarket Compare in Offering the Best Equity Release Deals?
Is Crown Recognised for Providing Top Equity Release Plans?
Does Prudential Offer Equity Release?
Does Papilio Offer Equity Release?
Does RBS Offer Equity Release?
Does Premier Equity Release Club Offer Equity Release?
Does Go.Compare Offer Equity Release?
Does Mortgage Express Offer Equity Release?
Does Ashfords Offer Equity Release?
Is The BBC Involved in Providing Equity Release Information or Services?
Does Retirement Bridge Offer Equity Release?
Does Yorkshire Bank Offer Equity Release?
Does Marsden Offer Equity Release?
Does Stone Haven Offer Equity Release?
Does LiveMore Offer Equity Release?
Concluding Thoughts on the Best Equity Release Companies and Plans
When it comes to selecting the perfect company for your specific requirements, it is important to consider multiple factors.
These include customer satisfaction, interest rates, product offerings, and professional accreditation by the ERC and the Financial Conduct Authority.
To gain a comprehensive understanding of each company’s strengths and weaknesses, consult various sources, such as industry publications and customer reviews.
For the highest likelihood of finding the best company that aligns with your goals, explore your options with the assistance of an equity release advisor or broker, as their expertise and guidance will significantly enhance your chances of making an informed decision that suits your needs.
With thorough research and professional support, you could work towards identifying the leading companies to consider when embarking on your equity release journey.
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