Best Equity Release Companies and Providers in 2024

Top equity release providers in 2024, including Aviva, Legal & General, and More2Life, are identified by analysing customer reviews, interest rates, and flexible repayment options, with these companies reflecting high transparency, robust customer support, and tailored solutions receiving high user ratings.
  • Last Updated: 15 Apr 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.


Francis Hui
Explore the Leading Companies, Providers, Advisors and Equity Release Brokers in the UK With Our Expert Guide. Compare Services, Products, and Features to Choose the Perfect Option for You.
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Key Takeaways
  • Leading UK equity release providers like Aviva, Legal & General, and More2Life are celebrated for excellent customer service, bespoke plans, and competitive rates; however, it’s wise to compare as fees can vary.
  • Choose the best provider by evaluating their interest rates, plan flexibility, associated fees, customer reviews, and FCA regulation to ensure trustworthiness.
  • Customer feedback often praises these top providers for their outstanding service, transparent terms, and attractive pricing.

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.

In This Article, You Will Discover:

    With so many options available, an 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 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.

    How do equity release schemes work?” is a question potential beneficiaries may ask to understand the impact on inheritance and repayments.

    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 schemes, 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.

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

    Homeowners should stay informed about the current market trends to secure the most favourable equity release mortgage rates.

    Understand the potential equity release fees involved in your financial arrangement to avoid surprises in the future.

    Who Are the Best Equity Release Advisers and Top 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, 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, that 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.

    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.

    Which Companies Offer the Best Equity Release Products in 2024?

    In 2024, companies offering the best equity release products include, but are not limited to, Legal & General, Aviva, and Canada Life.

    Top Equity Release Providers and Lenders: Best Companies Revealed

    The top providers and lenders considered the 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, 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 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. Saga 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.

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

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

    Selecting the right equity release scheme involves considering your financial needs, consulting with a financial advisor, and comparing terms and conditions across various providers.

    How to Choose the Best Equity Release Scheme for Your Individual Needs

    Choosing the best equity release scheme for your individual needs involves assessing your financial wants, 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.

    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.

    Top Solicitors for Best Equity Release Schemes in the UK

    Top solicitors for the best equity release schemes in the UK 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.

    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. 

    What Are the Financial Implications of Opting for Equity Release?

    Opting for equity release has financial implications such as reduced inheritance for heirs, potential impact on means-tested benefits, and the accumulation of interest over time.

    What Are the Current Trends and Rates in Equity Release for 2024?

    Current trends and equity release rates for 2024 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. This will help you determine if equity release is a bad idea for your situation.

    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.
    Pure Retirement Age Partnership Classic Flexible Lump Sum 2 5.25% 5.38% AER 5.38% APR
    Pure Retirement Age Partnership Classic Flexible Lump Sum 1 5.30% 5.43% AER 5.43% APR
    Pure Retirement Age Partnership Sovereign Flex Lump Sum (Fee) (AP) (Single) 5.71% 5.86% AER 5.86% APR
    Pure Retirement Age Partnership Sovereign Flex Lump Sum (AP) (Single) 5.78% 5.94% AER 5.94% APR
    Pure Retirement Age Partnership Sovereign Flex Lump Sum (1% Cashback) (AP) (Single) 5.88% 6.04% AER 6.04% APR
    Pure Retirement Age Partnership Sovereign Flex Lump Sum (2% Cashback) (AP) (Single) 5.98% 6.15% AER 6.15% APR
    Aviva Age Partnership Lifestyle Flexible Option, Fixed ERC N/A 6.24% AER 6.40% APR
    Pure Retirement Age Partnership Sovereign Flex Lump Sum (3% Cashback) (AP) (Single) 6.08% 6.25% AER 6.25% APR
    Pure Retirement Age Partnership Sovereign Flex Lump Sum (4% Cashback) (AP) (Single) 6.18% 6.36% AER 6.36% APR
    Just Retirement Age Partnership J1 Lump Sum Fixed ERC (Enhanced) 6.30% 6.49% AER 7.10% APR

    Updated: 05/03/2024

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

    How Much Can You Release in Equity?

    The amount you can release in equity depends on your age, property value, and lender’s terms, typically increasing with the homeowner’s age and property value.

    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. 

    Where Can You Find Reliable Information and Advice on Equity Release?

    Reliable information and advice on equity release can be found through Financial Conduct Authority-regulated advisers, the Equity Release Council, and reputable financial advice websites.

    What Are the Top Portals and Publications for Equity Release Information?

    Top portals and publications for equity release information 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 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 Registerwhen 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.

    What Are Some of the 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.

    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:

    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 LifeScottish Widows equity release, and Aviva.

    How to Choose 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

    Other Companies

    • 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
    • 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 – 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 – they previously offered older borrower mortgages and RIO mortgages, but have temporarily withdrawn these products.
    • MoneySupermarket – do not offer it directly, however, 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 manage the products of existing customers.
    • Nationwide – 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 plan, 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 – they 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 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 offer it and were dissolved in 2018. They partnered with solar companies to provide equity release from Solar PV systems.
    • Stone Haven – they are an information portal on everything retirement and equity release.
    • Yorkshire Bank – the bank offers traditional banking and mortgage services.
    • Retirement Bridge – does not offer new equity release plans but continues to update and manage plans with existing clientele.

    How Did We Determine the UK’s Leading Companies?

    The UK’s leading equity release companies and advisers were identified through rigorous analysis of customer feedback, financial performance, compliance with regulations, and commitment to ethical practices.

    We identified the best equity release companies for 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.

    Financial advisors often share equity quotes to illustrate market trends and investment opportunities.

    Frequently Asked Questions About the Best Equity Release Companies

    Which Are the Best Equity Release Companies in the UK for 2024?

    What Are the Best Equity Release Deals Offered by Top Companies?

    Which Equity Release Companies Offer the Best Interest Rates?

    How Do I Choose the Best Equity Release Company for My Needs?

    What Criteria Define the Best Equity Release Companies?

    What Are the Reviews Saying About the Best Equity Release Companies?

    How Are High Street Banks Adapting to the Latest Equity Release Trends?

    Is Every Top Equity Release Company in the UK Regulated by the FCA?

    What Is the Process for Complaining About an Equity Release Company?

    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. 

    When considering equity release, it’s crucial to seek independent advice to make well-informed decisions about your financial future.

    With thorough research and professional support, you could work towards identifying the leading companies to consider when embarking on your equity release journey.

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

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