The Top Class Of Equity Release Companies

2021’s Leading Equity Release Companies

When Releasing Equity, You’ll Want to Go With the Best Provider. We’ve Gathered Intel on the Best Equity Release Companies Available in 2021.

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Introducing The Top Companies

The Top Class Of Equity Release Companies

Not all equity release companies are created equally!

Some stand out from the crowd. If you’re looking to release equity in 2021, using a top scheme provider is crucial.

If not, you might get caught receiving much less but paying significantly more. Every year, 1 billion goes to mortgage fraud, and if you’re not careful, you could be the next victim.

We’ll help you determine:

  • How to know if an equity release plan provider is top-notch.
  • The best lifetime mortgage schemes operating in the UK.
  • Whom to turn to for a home reversion scheme.

After studying over 220 plans, looking at who’s regulated, and analysing what top plans have in common, we’ve compiled this list of the best of 2021. Check it out!

The Best Equity Plan Providers in 2021

Let’s make things simple.

The 2 main types of equity release are a lifetime mortgage and a home reversion scheme.

1st we’ll focus on the best in the lifetime mortgage business before moving on to the home reversion plans.

With that out the way, let’s discover the top 8 lifetime mortgage plan providers in 2021:

8 Top Lifetime Mortgage Providers in Alphabetical Order

We’ll take a detailed look at each of these plans, highlighting what makes them the creme de la creme.

1.      Aviva

As one of the UK’s leading equity release plan providers, Aviva has had over 250,000 equity release customers since 2020. This equates to over £8 billion in equity.

  • FCA certified
  • Equity Release Council members

Aviva has won multiple awards, including Best Equity Release Lender at 2020 What Mortgage Awards!

Aviva Equity Release Schemes

With both Aviva’s lifetime mortgage schemes, you can stay in your home until you pass away or move into permanent care.

They include:

  • Lifetime Lump Sum Max
  • Aviva Flexible Plan

The Lifetime Lump Sum Max Plan enables you to unlock a minimum of £15,000.

Aviva Flexible Plan has drawdown and lump sum options, with the loan amount determined at the plan’s onset.

You’ll only pay interest on the amount you withdraw, ranging from £10,000 as your withdrawal, with a minimum cash reserve of £5,000.

Aviva Equity Release additionally provides lower interest rates for sickly homeowners.

Core Features & Qualification Criteria

  • Minimum Loan Amount: £15,000
  • Maximum Amount: Based on property value
  • Minimum Age: 55
  • Maximum Age: 80
  • Minimum Property Valuation: £75,000 (minimum of 6 months since initial occupation)
  • Property Condition: Freehold (maximum 160 years are remaining on the lease)
  • Property Types: Houses, Flats and maisonettes (for flats and maisonettes – 85% of the valuation)
  • Interest Rates: Based on risk assessment
  • Customer Review Ratings: A+ BBB
  • Special Features: 
    • No negative equity guarantee 
    • Inheritance protection guarantee available
    • 10% yearly repayment option

If you take out a joint-equity release scheme, the plan will end when the last individual passes away or moves into permanent care.

2.      Hodge Lifetime

Breaking News!

 Hodge Life Assurance Company (HLAC) sold 100% of Hodge Life Assurance to the Reinsurance Group of America (RGA).

This fortune 500 company took over 1 July, and we anticipate them to continue the superb work offered by Hodge Lifetime.

Watch this space!

3.      Just.

Just Retirement and Partnership Assurance merged to for the financial solutions company Just.

  • FCA certified
  • Equity Release Council members

The company was commended as one of the best equity release service providers at the 2020 Investment Life and Pension Moneyfacts Awards.

Just. Equity Release Schemes

Their 3 options include:

  • Just Drawdown Lifetime Mortgage
  • Lump-Sum Lite Lifetime Mortgage 
  • Just Lump-Sum Plus Lifetime Mortgage

The Just Drawdown Lifetime Mortgage Plan allows you to unlock a lump sum and a pre-approved drawdown facility.

Once again, you’ll only pay interest on the funds withdrawn.

You can release a minimum of £10,000 and a maximum of £600,000 if you live in England and £250,000 in Wales, Scotland or Northern Ireland. The amount available to you will be determined by your age and the value of your estate.

The cash reserve is limited to the lower amount of either 3x times the start-up loan or the maximum amount you can borrow.

The Lump Sum Lite Lifetime Mortgage Plan is available in the form of a lump sum.

If you’re older than 55, reside in Scotland, Wales or England, and have a home with a minimum value of £70,000, you would qualify for this plan. 

You can release more with this plan, but interest rates will likely be higher.

You can release from £10,000 to £600,000 in England and £250,000 in Scotland and Wales.

The Lump Sum Plus Lifetime Plan also allows you to unlock a single lump sum of cash.

If you’re over 55, reside in England or Scotland, and own a home that’s valued at £70,000 or more, you could qualify for this plan.

You can get more money with this plan than the drawdown lifetime mortgage, but interest rates will be higher.

If you qualify accordingly, borrowing is capped at £800,000.

Core Features & Qualification Criteria

  • Minimum Loan Offered: £10,000 (£20,000 with monthly repayments)
  • Maximum Loan Offered: £1,000,000 in England, Scotland and Wales and £250,000 in Northern Island
  • Minimum Age: 55
  • Maximum Age: 90
  • Minimum Property Valuation: £70,000 
  • Location: England, Scotland or Wales for all plans options and Northern Ireland for the drawdown lifetime mortgage scheme.
  • Interest Rates: Based on risk assessment
  • Customer Review Ratings: A+
  • Special Features: no negative equity guarantee 

4.      Legal & General

Legal & General is one of the UK’s leading pension fund asset managers and equity release scheme providers.

Legal & General has won numerous awards, including 2021 later life lender of the year at the Mortgage Awards.

L&G Equity Release Schemes

2 varieties of lifetime mortgages:

  • Flexible Lifetime Mortgages 
  • Premier Flexible Lifetime Mortgage

Flexible Lifetime Mortgages 

You can borrow money in a single lump sum or smaller cash injections (drawdowns) with the Flexible Lifetime Mortgage.

The minimum you can borrow is £10,000, with the maximum being determined by your age and the value of your estate. The drawdown minimum is £2,000 at any time with no additional fees.

You’ll only be charged interest when funds are withdrawn.

Premier Flexible Lifetime Mortgage

The Premier Flexible Lifetime Mortgage is similar but comes with a minimum of £250,000.

Legal & Generals comprehensive website gives you details on all the plans they offer.

Core Features & Qualification Criteria

  • Minimum Loan Offered: Anywhere from £10,000 (plan determined)
  • Maximum Loan Offered: No limit specification
  • Minimum Age: 55
  • Maximum Age: 75
  • Minimum Property Valuation: £100,000 (£150,000 for ex-council properties)
  • Interest Rates Offered: Based risk evaluation
  • Customer Review Ratings: A+
  • Location: Scotland, Wales, England 
  • Special Features: 
    • No negative equity guarantee 
    • Inheritance Protection Guarantee

 Legal & General gives you direct assistance with their whole market advisers. These ‘Retirement Lending Advisers’ come at no additional cost advises on the entire equity release market.

5.      Liverpool Victoria (LV=)

With over 1 million equity release clients, Liverpool Victoria (LV) is one of the leading financial companies in the UK.

LV=, as you might know them, is a rare company that offers holiday home and second home lifetime mortgage plans. This is generally not seen in the UK.

  • FCA certified
  • Equity Release Council members

Offering equity release schemes since 2002, they’ve won several awards. A recent accolade is a 5-star award for their Flexible Lifetime Mortgage.

LV= Lifetime Mortgage Schemes

Their 2 fantastic lifetime mortgages are:

  • Flexible Lifetime Mortgage
  • Lifetime Mortgage Lump-Sum Plus

The Flexible Lifetime Mortgage gives you the option of a lump sum or a drawdown plan.

The percentage of your home you can unlock is dependent on your age. If you’re 60, you’ll be able to unlock 20% of the valuation, whereas a 90-year old would get 50%.

The minimum amount of cash you can unlock is 10,000. A minimum withdrawal for your drawdown is £2,000 at a time. In addition, you can unlock your full loan available over 15 years, at one withdraw a year.

The Lifetime Mortgage Lump Sum + Plan is similar because your age will determine the percentage of your estate that you can unlock. If you’re 60, you can expect about 25%, but at 95, it could be as much as 55%.

Interest rates are lower on this plan, and you can borrow a minimum of £10,000.

LV= operates on annually compounded interest. This can make the loan amount lower than with other plans.

Core Features & Qualification Criteria

  • Minimum Loan Offered: £10,000
  • Maximum Loan Offered: Unspecified
  • Minimum Age: 60
  • Maximum Age: 95
  • Minimum Property Valuation: £70,000 
  • Property Condition: Freehold, bungalow, or flat. Some leaseholds are accepted. However, the lease should have 60 to 90 years remaining.
  • Location: England, Scotland or Wales, including the Isle of Wight and Anglesey
  • Building Materials: Brick and mortar, and well maintained
  • Interest Rates: Based on risk assessment
  • Customer Review Ratings: A+
  • Special Features: No negative equity guarantee 
                                    No-obligation advice

6.      More2Life

As one of the largest equity release firms in the UK, More2Life Equity Release is all about innovation. They were established in 2008 and continue to strive.

  • FCA certified
  • Equity Release Council Board Member

More2life Equity Release Schemes

More2life offer 5 equity release plan types. This wide variety is perfect for catering to your individual needs.

More2Life Flexi Choice Plans

The Flexi plan comes with a range of LTVs. This is the loan to property valuation ratio. You can select from drawdown or lump sum options, with competitive rates available. The loan amount is capped at a staggering £1m.

More2Life Tailored Choice Plans

The Tailored plan allows you to make partial repayments. There are also fixed early repayment charges, and a cashback is available. The maximum amount you can borrow is £800,000.

More2Life Maximum and Capital Choice Plans

The Capital and Maximum plans are the same, but the loan amount differs. Capital is available for homes with a greater value, as you can loan up to £1.5m. With Maximum, the most you can borrow is £750,000.

More2Life Prime Choice Plans

The Prime plan has the option of partial repayments of 10%. The maximum you can borrow is £600,000 with this option.

Note: The amount you can borrow with all plans is dependent on your circumstances and the value of your estate.

Core Features & Qualification Criteria

  • Minimum Loan Offered: £10,000
  • Maximum Loan Offered: £1.5m
  • Minimum Age: 55
  • Maximum Age: 84
  • Minimum Property Valuation: £70,000 
  • Location: England, Scotland, or Wales 
  • Interest Rates: Depends on how risky the loan is
  • Customer Review Ratings: A+
  • Special Features: 
    A large range of plans
    Fixed early repayment charges (ERC1)
    Downsizing protection
    Fee free
    ERC exemption
    Fixed repayments from day 1

7.      One Family

Born through a merger, One Family was founded in 2015. It’s one of the largest mutual organisations in the UK.

  • FCA certified
  • Equity Release Council Board Member

The company has a fixed advice fee of £950, and they have whole market advisers available to assist you find the best equity release plan for you and your family.

One Family Schemes

One Family’s equity release schemes come with fixed and variable interest rates. You can select from 9 different plan options.

One Family Variable Lifetime Mortgages

You can select a Lite or a Standard variable plan. With Lite, you can get anything from 13.5 of your property’s valuation and, with standard, from 17%.

You’ll need to be between 55 and 85 years old. The minimum loan value is £20,000, and the maximum is £1m.

Variable interest rates will come with a cap, as per the terms and conditions set out by the Equity Release Council.

One Family Fixed Lifetime Mortgages

With the fixed plans, you can select from Lite, Standard or Super LTV.

Super LTV is available for those aged 65 to 100, and the others cover 55 to 85-year-old homeowners.

With Super, you can borrow up to 58% of your property valuation and up to 47% with the other plans.

Core Features & Qualification Criteria

  • Minimum Loan Amount: £10,000
  • Maximum Loan Amount: £750,000
  • Minimum Age: 55
  • Maximum Age: 100
  • Minimum Property Valuation: £70,000 with no maximum
  • Property Type: Freehold or leasehold
  • Location: England, Wales and Scotland
  • Interest Rates: Based on risk assessment
  • Customer Review Ratings: A+
  • Special Features:  Free valuation
    10 year fixed early repayment
    Choice of fixed/variable rates
    Downsizing protection
    No negative equity

8.      Pure Retirement

Pure Retirement prides itself on providing a stress-free 5 step equity release process.

  • FCA certified
  • Equity Release Council Board Member

This fantastic company has won numerous awards, including the Best Specialist Mortgage Provider at the Mortgage Lender Benchmark awards.

Their 2 lifetime mortgage plan options are Pure Max Drawdown and Pure Sovereign.

Pure Max Drawdown

The minimum amount of equity that you can unlock with the Pure Max Drawdown plan is £25,000.

This plan is available for older folks from 70. In addition, you can draw a minimum of £5,000 from your cash reserve.

Pure Sovereign

The Sovereign Lump Sum plan has fixed interest rates. These can be as low as 2.86%.

A unique feature of this plan is that you don’t pay early repayment charges for the 1st 3 years, and there is an exemption for downsizing repayment.

Core Features & Qualification Criteria

  • Minimum Loan Amount: £10,000
  • Maximum Loan Amount: £2M
  • Minimum Age: 55
  • Maximum Age: 90
  • Minimum Property Valuation: £70,000
  • Location: Mainland England (including the Isle of Wight), Wales, and mainland Scotland
  • Interest Rates: Depending on the risk of the loan
  • Customer Review Ratings: A+
  • Special Features: Fees free options
    Free valuation
    3-year ERC Exemption

18 Top Home Reversion & Retirement Mortgage Providers in Alphabetical Order

Now, let’s look at the 18 providers to turn to for a home reversion scheme.

1.      Bank of Ireland

First founded in 1783, the Bank of Ireland has retirement mortgage plans through the Post Office Retirement Link.

They also offer lifetime mortgages, giving you numerous options to consider.

Their 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 1866.

If you’re 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 haven’t 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 1907. Their 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. They’re still a member of the council.

If you’re over 65, you can qualify for one of their home reversion plans. You can select a lump sum or monthly payments.

6.      Family Building Society

Partnered with The Equity Release Experts to offer sound advice, the Family Building Society was founded in 1896.

They currently offer their professional service to over 47,000 clients.

7.      Hanley Economic Building Society

Hanley Building Society was first established in 1854. 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 1861 and have mortgages available for individuals over 75.

They care about their customers and are 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 1975, 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 1875 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 proudly won the Commended

12.  Mansfield Building Society

Mansfield Building Society is one of the oldest societies out there, having being established in 1869.

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

13.  Marsden Building Society

The Marsden Building Society was founded in 1860 and offer 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’re between the ages of 60 and 90.

15.  Penrith Building Society

The Penrith Building Society was founded in 1877.

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 1848, 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’re over 55, this society established in 1923 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 provide over 55’s with RIOs and later life lending plans.

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

Lifetime Mortgages & Highstreet Banks

Equity release is bigger than it’s ever been in the UK. What this has meant for the industry is that larger banks are cottoning on to the idea of allowing clients over the age of 55 to unlock the cash tied into their estates.

Behold, the High street banks!

One of the big guys who’ve stepped in as an equity release lender is the Nationwide Building Society. They offer a range of mortgages for older folks, including equity release. Their products are available for homeowners aged 55 to 84.

Common Questions

Who Are the Best Companies for Equity Release?

What Is the Maximum Loan to Value for Equity Release?

Which Company Is Best For Equity Release?

What Are the Best Equity Release Deals?

In Conclusion

Releasing equity from your home is a major decision, and with so many top-notch lenders on the market, it can become overwhelming.

The best thing you can do is speak to your financial adviser, who’ll be able to narrow down which providers will suit you, and from there, you can shop around to discover the best equity release deal for you and your family.

How Much Can You Release?

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

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Best Equity Release Companies

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Now, compare and save: Search over 200 equity release council approved plans and find the best deal for the amount of money that you need.

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How Much Can You Release?

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Best Equity Release Companies

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HOW MUCH EQUITY CAN YOU RELEASE?

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