Are you a homeowner looking to release equity with a lifetime mortgage but do not know which provider to go with? 

There are currently fourteen lifetime mortgage providers listed with the Equity Release Council.¹

These providers serve a sector that saw significant growth last year, with more than £4.8bln released, exceeding 2021’s record high.²

But with so many providers offering different products and features, how do you choose the right one for your needs?

Our expert team at EveryInvestor takes a closer look at some of the best lifetime mortgage providers on the market and what sets them apart, so you can make an informed decision and get the most out of your equity release journey.

What Is a Lifetime Mortgage and How Does It Work?

A lifetime mortgage is a way for individuals over 55 to unlock cash from their home’s equity. This option allows you to stay in your home whilst accessing funds.

One key feature is that repayment is deferred.

The loan, along with interest, is repaid from your estate, typically upon your passing or moving into long-term care.

Who Are the Leading Lifetime Mortgage Providers in the UK for 2024?

The leading lifetime mortgage providers in the UK include well-established companies known for their competitive rates and innovative equity release products.

Which Are the Best Lifetime Mortgage Providers in the UK for 2024?

The best lifetime mortgage providers in 2024 are Legal & General, who consistently impress with a broad range of deals and a strong reputation for customer care, as well More2Life, who is lauded for their flexible, tailored solutions that address the individual needs of retirees, and their commitment to responsible lending.

We also highly rate Aviva, one of the UK’s leading insurance providers, who bring a wealth of experience to the table.

They offer a series of competitive lifetime mortgage products with set interest rates. Also, there is Just Retirement, a provider renowned for it’s equity release schemes and personalised approach.

These providers not only offer the best products, but they also exhibit a deep understanding of the needs of retirees in the UK. This makes them some of the best equity release companies in the UK.

Which Companies Rank as the Top Lifetime Mortgage Providers in the UK for 2024?

The companies that rank at the top for lifetime mortgage companies in the UK may change, but some notable providers include Aviva, Legal & General, LV=, Just, More2Life, and Hodge Lifetime.

These companies have a strong industry presence, adhere to Equity Release Council (ERC) standards, and are authorised and regulated in the UK by the Financial Conduct Authority (FCA).⁷

Remember to consult with a financial advisor or specialist and compare the offerings of different companies to find the best fit for your needs. 

Is More2Life Among the Best Lifetime Mortgage Providers in the UK?

Yes, More2Life is a leading equity release provider in the UK, specialising in lifetime mortgage products for homeowners aged 55 and over. 

It provides a range of flexible and innovative equity release plans, tailored to meet various financial needs during retirement.

It has also relaunched it’s Apex products, which come with a high loan-to-value range.⁸ 

That product pool was suspended after the former Chancellor Kwasi Kwarteng’s mini-budget turmoil.

Is Liverpool Victoria (LV) Considered a Top Lifetime Mortgage Provider in the UK?

Yes, Liverpool Victoria, also known as LV=, is a well-established UK insurance and financial services provider that has been in operation since 1843.

LV= offers a range of products including life insurance, general insurance, and investments.⁹

It’s lifetime mortgage offerings are Lump Sum and Drawdown, and it has also partnered with Simply Lifetime Mortgages to assist with queries about equity release.

How Does Aviva Lifetime Rank Among UK Lifetime Mortgage Providers?

Aviva Lifetime refers to the lifetime mortgage products offered by Aviva.

Aviva is a leading global insurance and financial services provider based in the UK.

Aviva offers a wide range of lifetime mortgage plans with flexible features, such as voluntary repayments and drawdown facilities. ¹⁰

Included in it’s offerings is an inheritance guarantee feature, as well as the no negative equity guarantee.

Is Canada Life One of the Top Lifetime Mortgage Providers in the UK?

Canada Life is a prominent insurance and financial services company with a long history.

It was originally founded in Canada in 1847 and now operates in various countries, including the UK. 

The company offers a spectrum of financial products and services, such as life insurance, pensions, investments, and annuities.

Canada Life provides equity release solutions for homeowners aged 55 and over in the UK lifetime mortgage market. 

These products enable eligible homeowners to access a portion of their home’s value as tax-free funds whilst retaining ownership.¹¹

Does Legal & General Offer Competitive Lifetime Mortgages in the UK?

Legal & General is a multinational financial services company headquartered in the UK. 

Founded in 1836, it has grown to become one of the largest insurance and investment management firms, offering a diverse range of products, including life insurance, pensions, investments, and mortgages.

Legal & General provides equity release solutions for homeowners aged 55 and over in the lifetime mortgage market.¹²

It offers various lifetime mortgage plans with different features to cater to individual needs, such as lump sum, drawdown, and optional repayment options.

Is Just a Recommended Provider for Lifetime Mortgages in the UK?

Just, formerly known as Just Retirement, is a UK-based financial services company specialising in retirement solutions, including lifetime mortgages and annuities. 

Just offers medically underwritten lifetime mortgages that cater to those with underlying health issues, which includes a choice of fixed or variable early repayment charges.¹³

How Does Pure Retirement Stand Out Among Lifetime Mortgage Providers in the UK?

Pure Retirement provides flexible and innovative lifetime mortgage plans that enable retirees to access a tax-free lump sum while retaining ownership of their property.

It offers free Energy Performance Certificates for new Classic lifetime customers and is also partnering with Tree-Nation to plant one tree for every new Classic lifetime mortgage completed.¹⁴

Something to note, however, is that its minimum qualifying age is 60, not 55 like many other providers.

Is Responsible Life a Top Choice for Lifetime Mortgages in the UK?

Responsible Life is a UK-based financial services company specialising in equity release advice, including lifetime mortgages. 

The company offers personalised advice and guidance to homeowners aged 55 and over who are considering releasing equity from their homes as tax-free cash while retaining ownership of the property.

Although it does not directly offer lifetime mortgages, it’s advisory role proves invaluable in guiding customers through the equity release market. 

Helping them discover suitable lifetime mortgage products from various providers, ensures a personalised fit for their unique needs and circumstances.

Options Available for Interest Only and Drawdown Lifetime Mortgages in the UK

Borrowers can choose between paying monthly interest or drawing funds as needed, offering flexibility to suit individual financial situations.

What Are the Best Interest Only Lifetime Mortgage Providers in the UK?

In the UK, the best interest-only lifetime mortgage providers are distinguished by their competitive rates, flexible repayment options, and customer service.

Providers like Legal & General, Aviva, and More2Life are often highlighted for their innovative products that allow borrowers to pay monthly interest, thereby maintaining the equity in their home.

These providers offer a variety of plans tailored to different retirement needs, providing options for early repayment, downsizing protection, and inheritance safeguards.

As the market evolves, these providers continuously adapt, offering solutions that align with the changing financial landscapes of retirees.

Which Providers Offer the Best Drawdown Lifetime Mortgages in the UK?

Providers like Aviva, Just, and Legal & General are renowned for their drawdown lifetime mortgages in the UK, offering flexible withdrawal options that cater to varying financial needs.

These providers stand out for their competitive interest rates, the ability to draw funds as needed, and transparent fee structures.

Their products are designed to provide retirees with financial security and flexibility, allowing them to access equity in their homes whilst retaining ownership and controlling their debt levels effectively.

Identifying and Selecting the Best Lifetime Mortgage Provider in the UK

Selecting the best provider involves comparing interest rates, loan features, and customer service reputations among leading UK companies.

What Essential Information Should You Know About UK Lifetime Mortgage Providers?

Lifetime mortgage providers are specialised companies that cater to eligible borrowers during their retirement years by offering long-term loans secured against their homes.

They are authorised and regulated in the UK by the Financial Conduct Authority (FCA) and must adhere to industry standards and consumer protection regulations.

When choosing a lifetime mortgage provider, factors to consider include interest rates, fees, loan-to-value ratios, flexibility in repayment options, customer support, and the provider’s regulated status, reputation and industry accreditation. 

It is advisable to seek independent financial advice to ensure an informed decision when considering different lifetime mortgage providers.

What Criteria Are Essential to Evaluate and Choose the Best Lifetime Mortgage Providers in the UK?

When choosing and reviewing the top lifetime mortgage providers, we considered multiple factors to ensure their reliability, reputation, and the availability of suitable products for homeowners. 

Key factors we took into account include…

• Reputation and history: Providers with a solid track record and established presence in the industry are more likely to offer reliable and trustworthy services.
• Accreditation: Membership with recognised industry bodies, such as the Equity Release Council, indicates that the provider adheres to strict standards of customer protection, transparency, and fairness.
• Regulated status: Authorised and regulated in the UK by the Financial Conduct Authority (FCA) with associated regulations and consumer protections.
• Range of products: Providers that offer a variety of lifetime mortgage plans with different features cater to a wider range of financial needs and circumstances.
• Interest rates: Competitive interest rates are essential, as they significantly impact the overall cost of the loan.
• Flexibility: Providers that offer flexibility in repayment options, drawdown facilities, and other features tend to be more attractive to borrowers with different needs.
• Customer support: Providers with a strong focus on customer service, offering guidance and assistance throughout the application process and loan duration, are essential for a smooth experience.
• Customer reviews and feedback: Analysing customer testimonials, reviews, and satisfaction ratings can give insight into the quality of the provider’s products and services.

Comparing UK Lifetime Mortgages: Critical Factors to Consider

Key considerations include interest rates, loan-to-value ratios, flexibility, and the lender’s fees and charges.

What Are the Key Factors to Consider When Comparing Lifetime Mortgages?

Comparing lifetime mortgages involves examining several key factors beyond interest rates.

The loan-to-value (LTV) ratio, flexibility in repayments, early repayment charges, and the provider’s reputation for customer service are crucial.

Additionally, potential borrowers should assess the variety of plans offered, such as drawdown or lump sum options, and any unique features like inheritance protection or downsizing clauses.

Legal and advisory fees, along with the mortgage’s impact on entitlement to means-tested benefits, should also be considered to make a well-informed decision.

How Can You Compare and Find the Best Equity Release Lifetime Mortgage Provider in the UK?

To find the most suitable equity release lifetime mortgage provider, conduct thorough research and compare various providers based on your needs and circumstances.

Some helpful tips to find the best providers…

• Research and Compare: Research and compare different providers to find the one that suits your needs.
• Reputation and Accreditation: Consider the provider’s reputation and check if they are accredited by industry bodies such as the Equity Release Council and authorised and regulated in the UK by the Financial Conduct Authority.³ 
• Interest Rates: Evaluate the interest rates offered by different providers, considering whether they are fixed or variable.
• Loan-to-Value (LTV) Ratios: Compare the LTV ratios offered by providers to determine how much you can borrow.
• Flexibility and Fees: Assess the flexibility of the lifetime mortgage products and be aware of any associated fees.
• Seek Financial Advice: Consider seeking independent financial advice to make an informed decision.
• Customer Support: Assess the quality of customer support offered by each provider. This can be done by looking up customer reviews and complaints on sites such as TrustPilot.⁴
• Long-Term Implications: Consider the long-term impact on your finances, home ownership, and inheritance.

How Can You Find the Best Lifetime Mortgage Rates in 2024?

Finding the best lifetime mortgage rates in 2024 requires a combination of staying informed about market trends, understanding the impact of economic factors like interest rates and inflation, and comparing offerings from various providers.

Financial advisers and comparison websites are invaluable resources for up-to-date rate information.

Potential borrowers should consider the APRC (Annual Percentage Rate of Charge) to understand the true cost of borrowing and look out for any additional fees or charges that could affect the overall cost of a lifetime mortgage.

Seeking Expert Advice and Concluding Insights on UK Lifetime Mortgages

Expert advice is invaluable for navigating lifetime mortgage options, ensuring you make informed decisions tailored to your circumstances.

Where Can You Get Expert Lifetime Mortgage Advice in the UK?

Expert lifetime mortgage advice in the UK can be sought from independent financial advisers (IFAs) who specialise in later-life lending options.

These professionals provide impartial advice, comparing products across the market to find solutions that best meet individual needs.

Additionally, organisations like the Equity Release Council and websites like the Money Advice Service offer resources and guidance.

Seeking expert advice ensures that individuals understand the long-term implications of a lifetime mortgage, helping them make decisions that align with their financial goals and circumstances.

Lifetime Mortgage FAQs: Key Questions Answered on UK Lifetime Mortgages

Concluding Insights on Choosing Lifetime Mortgage Providers

Choosing the right lifetime mortgage provider is essential to making the most out of your equity release journey. 

By considering factors such as interest rates, fees, customer service, and seeking independent financial advice, you can find a provider that meets your individual needs and helps you achieve your retirement goals. 

Whether you are looking for a lump sum payment, regular income, or a drawdown facility, there are various lifetime mortgage products available to meet different needs.

It is advisable to research and compare various lifetime mortgage providers to understand your options for accessing your home equity.

The features mentioned and the amounts raised are subject to the lender’s criteria, terms, and conditions. These may take into account age, health, and lifestyle factors in order to provide an enhanced amount.