18 Best Home Reversion and Retirement Mortgage Providers in 2024

Do You Want to Discover the Best Retirement Mortgage Companies in 2024? Learn About the Top 18 Retirement Mortgage Providers and What They Can Offer You. Get All the Answers You Need Here.
  • Last Updated: 30 Jan 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • The top retirement mortgage providers in the UK include Legal & General, More2Life, and Aviva, known for their comprehensive plans and excellent customer service.
  • If you're over 65, consider providers like Hodge Lifetime, Canada Life and Pure Retirement, which offer products specifically designed for your age group.
  • When choosing a provider, consider factors such as interest rates, product flexibility, customer service and company reputation.
  • Different providers offer various features, interest rates, loan amounts, and eligibility criteria making each one unique in its offerings.
  • Retirement mortgage providers in the UK are regulated by the Financial Conduct Authority (FCA), ensuring a significant level of safety and security for customers.

As experts in the field of equity release, our goal is to help you, UK citizens of all ages, find the best retirement mortgage providers and prepare for your financial future.

In This Article, You Will Discover:

    Therefore, our team of professionals has combed the market and compared plans by all regulated providers, as well as those that are not.

    Through our research, we have put together this up-to-date list of providers of mortgages for older people.

    Now, you must be wondering, who are the top equity release providers in 2024? 

    Let us find out now!

    Who Are the Top Retirement Mortgage Providers in the UK?

    In the UK, the top retirement mortgage providers are often companies specialising in lifetime mortgages, a popular type of equity release scheme.

    Among them, Legal & General, Aviva, and More2Life are industry leaders, offering competitive plans with flexible options designed to suit retirees' unique needs. These financial institutions are renowned for their expertise, customer service, and transparency, making them trustworthy choices.

    However, it's also worth mentioning smaller, yet reliable providers like Hodge Lifetime and Canada Life. These companies provide a varied range of retirement mortgage schemes, sometimes offering more flexibility and attractive interest rates.

    Remember, the best provider for you depends on your circumstances, so consider seeking independent advice before making a decision.

    As always, we recommend shopping around to find the best fit for your retirement mortgage needs.

    Top UK Home Reversion and Retirement Mortgage Providers in 2024

    #1. Bank of Ireland

    First founded in 17831, the Bank of Ireland has retirement mortgage plans through the Post Office Retirement Link.

    It also offers lifetime mortgages, giving you numerous options to consider.

    Its plans include:

    • Lump-sum
    • Drawdown
    • Interest-only
    • Home reversions

    #2. Beverley Building Society

    Beverley Building Society is one of the oldest societies, having being established in 18662.

    If you are over 55, you can sell a percentage of your home to unlock up to 55% of the valuation.

    #3. Bridgewater

    Owned by the Retirement Bridge Group owns Bridgewater Equity Release Limited.

    As a huge company, they have a range of home reversion schemes on offer.

    If you have not released 100% of the equity available, Brightwater gives you a chance to release more equity at a later stage.

    #4. Buckinghamshire Building Society

    The Buckinghamshire Building Society was established in 19073.

    Its RIO’s are available for customers over the age of 55, and you can borrow up to 60% of the value of your property.

    The plan you opt for will depend on the minimum loan available. This amount ranges from £25,000 to £50,000

    #5. Crown

    Crown is the founding director of SHIP, the predecessor of the Equity Release Council. It is still a member of the council.

    If you are over 65, you can qualify for one of its home reversion plans.

    #6. Family Building Society

    Partnered with The Equity Release Experts to offer sound advice, the Family Building Society was founded in 18964.

    It currently offers its professional service to over 47,000 clients.

    #7. Hanley Economic Building Society

    Hanley Building Society was first established in 18545.

    Their retirement interest-only mortgages (RIO) and the minimum age amount is 55.

    You can take out a loan to the value of £10,000 to £750,000, and their fees are fixed.

    You can borrow between 50% and 65% of the valuation of your home, depending on your circumstances.

    #8. Hinckley and Rugby Building Society

    Hickley and Rugby Building Society has offered excellent customer service since 18616 and has mortgages available for individuals over 75.

    It cares about its customers and is all about flexibility.

    #9. Hodge Lifetime

    In addition to their lifetime mortgages, Hodge also has RIO mortgages where you can unlock up to 75% of the value of your home.

    #10. Ipswich Building Society

    Founded in 19757, Ipswich Building Society has a range of RIOs to choose from. You can repay these loans over 40 years.

    Great news!

    They have a 50% discount on interest rates for the first 2 years of your plan.

    #11. Leeds Building Society

    Leeds Building Society was first established in 18758 and gives you the chance to borrow up to 75% of your LTV.

    You can select a 2 of 5-year fixed-rate mortgage or an RIO.

    The Society was awarded the Commended Badge by Moneyfacts Consumer Awards as the High Street Savings Provider of the Year (2021)9.

    #12. Mansfield Building Society

    Mansfield Building Society is one of the oldest societies out there, having been established in 186910.

    The Mansfield Building Society has 7 products for retirees. You will need to pay back all mortgages by the age of 85.

    #13. Marsden Building Society

    The Marsden Building Society was founded in 186011 and offers the following mortgages for borrowers up to 90:

    • Retirement interest-only mortgages
    • Repayment mortgages

    #14. Newbury Building Society

    The Newbury Building Society is a proud mutual company with over 160 years in the business.

    They can assist you with an RIO if you are between the ages of 60 and 90.

    #15. Penrith Building Society

    The Penrith Building Society was founded in 187712.

    Their RIO products allow homeowners over the age of 55 to borrow up to 50% of their estate’s valuation.

    #16. Scottish Building Society

    Founded in 184813, the Scottish Building Society is proudly the oldest of its kind in the world.

    Their RIO products cater to homeowners over the age of 55.

    #17. Swansea Building Society

    If you are over 55, this society established in 192314 could loan you a minimum of £18,000.

    You can take out a loan with Swansea Building Society that needs to be paid off by your 85th birthday.

    #18. Tipton and Coseley Building Society

    Tipton and Coseley Building Society provides over 55’s with RIOs and later life lending plans.

    Its plans include great features like 5-year fixed rates or 3-year discount plans.

    Common Questions

    Are home reversion plans regulated?

    Is there a better alternative to equity release?

    Can you sell your house if you have taken equity release?

    Who are the top retirement mortgage providers in the UK?

    What are the best retirement mortgage providers for those over 65?

    How do I choose the right retirement mortgage provider?

    What are the differences between various retirement mortgage providers?

    How safe are retirement mortgage providers?

    In Conclusion

    There are many providers to choose from when it comes to a home reversion plan or a retirement mortgage.

    It is always best to decide exactly what type of product you require and then find a provider who offers it.

    With the help of your financial adviser, you should be able to select the best home reversion or retirement mortgage provider to meet your needs.

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

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