Who Are the Top 16 Home Reversion Providers in 2024?

Leading providers include companies specialising in equity release, offering competitive terms and personalised advice to ensure you choose the plan that best suits your financial needs and goals.
  • Last Updated: 14 Jun 2024
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  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

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Francis Hui
Are You Looking for the Best Home Reversion Retirement Mortgage Providers in 2024? Discover the Top 16 Providers and What They Can Offer You. Read On...
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Key Takeaways…

  • The leading home reversion providers in the UK include trusted names like Legal & General, Aviva, and Just Retirement, known for their robust financial standing.
  • When selecting a provider, focus on their customer service excellence, plan flexibility, and solid industry reputation, and consider that costs may encompass arrangement fees, valuation charges, legal expenses, and possible fees for early plan settlement.
  • Always shop around and compare home reversion offerings by examining product features and customer reviews, and be aware of risks such as the potential for negative equity, loss of ownership rights, and effects on your estate and potential inheritance.

Are you a UK retiree who is considering a home reversion plan?

If that is the case then read this guide to home reversion providers.

Choosing a legitimate and ethical provider is key to the success of your home reversion journey.

In This Article, You Will Discover:

    Our team of expert financial journalists at Every Investor has spent extensive time researching the financial markets to bring you the best information about home reversion

    Therefore…

    Who Offers the Lowest Rates in 2024?

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    • Who offers the LOWEST rates available on the market.
    • Who offers the HIGHEST release amount.
    • If you qualify for equity release.
    Leading Home Reversion Providers

    What Is a Home Reversion?

    A home reversion, a key component of equity release schemes in the UK, involves homeowners selling a portion of their property in exchange for a lump sum or regular payments.

    This equity release option offers a unique way to access the property’s value whilst ensuring lifetime habitation rights.

    It is a strategic choice for those exploring equity release for retirement, especially appealing to seniors looking for financial flexibility without monthly repayments

    Who Are the Leading Home Reversion Providers in the UK?

    The leading home reversion providers in the UK are renowned for offering high-quality home reversion plans, catering to a variety of homeowner needs with a commitment to excellence and customer satisfaction.

    Aviva, Bridgewater Equity Release, and Just Group are among the leading providers in this sector, each with their own unique set of benefits.

    Bridgewater Equity Release is particularly noted for it’s transparency and dedication to customer needs, ensuring clients are fully informed throughout the process.

    Aviva distinguishes itself with flexible and competitive home reversion plans, appealing to a broad audience.

    Meanwhile, Just Group is recognised for providing comprehensive solutions that are both accessible and tailored to individual circumstances.

    For those considering a home reversion plan, engaging with these providers can offer valuable insights into the options available, aiding in making an informed decision.

    #01. Bridgewater

    This company is one of the more prominent companies within the Retirement Bridge Group that manages more than 4,500 reversion plans in the UK. 1

    Bridgewater was created in 1912, and they are authorised and regulated in the UK by the Financial Conduct Authority2 (FCA) and supervised by the ERC3 (Equity Release Council).

    Now…

    Bridgewater offers many home reversion options. Most of these offers are focused on tenants paying rent to the homeowner.

    The first option is no rent, the second option is fixed rent, and lastly, there is escalating rent.

    Simply put…

    If more rent gets paid, then more money will be released as a lump sum by Bridgewater.

    If you also want an inheritance guarantee, home reversion can help you with that as well.

    #02. Crown

    Crown was founded in 2001. 4

    This provider uses private investors to fund it’s plans.

    All it’s plans are according to the ERC’s code of conduct. This ensures members peace of mind – tenants cannot be evicted according to this code of conduct.

    Consider…

    Crown is one of the few providers that offer flexibility because investors fund them.

    Crown accepts property that most lenders will not – a property that falls outside the standard property criteria.

    Best of all…

    It will sell your property up to 100% of it’s value while you can pay monthly, according to the plan you choose.

    Here we have listed our best Retirement Mortgage providers…

    #03. Bank of Ireland

    This is a provider associated with Post Office Money®.

    It offers a range of mortgage options specially created for borrowing money even into your retirement.

    #04. Beverly Building Society

    Beverley Building Society is a provider based in Yorkshire and is a regional society.

    It offers a mortgage that is an interest-only retirement mortgage, which is excellent for your finances! It will avoid you paying too much interest.

    #05. Hanley Economic Building Society

    Hanley Building Society was established in 1854 in Stoke on Trent. 5

    It is willing to lend money to people up to the age of 80.

    This allows you the freedom to borrow money for your retirement if you choose them as your provider.

    #06. Hinckley and Rugby Building Society

    Hinkley and Rugby Building Society offer fixed as well as discounted retirement mortgages.

    You can approach them once you turn 55 years of age with no maximum age. It may lend you up to 60% of the value of your property, also known as the LTV.

    Best of all, it does not require early repayment charges.

    #07. Hodge Lifetime

    As mentioned above, Hodge Lifetime was launched in 1965 when it introduced it’s first equity release plan. 6

    It is the longest-existing provider in the UK. It’s retirement mortgage was a hybrid of residential retirement and lifetime mortgage plans.

    Consider…

    It is interest-only, and you will need to repay the interest on a month-to-month basis until the owner of the property passes away or goes into long-term medical care.

    However, Hodge has since announced that it is transferring it’s plans to other providers as it now wants to focus on other areas.7

    #08. Ipswich Building Society

    It is situated in Suffolk, and they offer options like discounted and fixed-rate retirement mortgages.

    You must be 55 years or older to take this mortgage. The minimum that you can borrow is £25,000 and with a £500,000 maximum.

    #09. Leeds Building Society

    Leeds Building Society has a residential mortgage range for people up until the age of 85.

    They have also removed the age cap at the term end for their Buy-to-Let mortgages.

    #10. Mansfield Building Society

    Mansfield Building Society provides RIO mortgage options with fixed or discounted rates.

    It has different lengths you can choose from, terms of two to three years. It aims to be a trustworthy and secure mutual organisation.

    It will use 100% of your pension salary, and they assess each individual’s situation to determine your plan.

    #11. Marsden Building Society

    Marsden was created in 1860 and offers fixed and discounted rate retirement mortgages with a three or five-year fixed-rate RIO for those over the age of 55 who own a home. 8

    It will lend up to the value of 50% of your property, with the minimum value being £150,000.

    #12. Newbury Building Society

    Newbury Building Society is a smaller mutual society that offers a single discounted rate five-year retirement interest-only (RIO) mortgage.

    It may pay circa £700 of your property valuation fees, so you do not have to, and it also does not charge you legal fees either.

    Better yet…

    The RIO is discounted, and overpayments are allowed; however, you will need three years before avoiding early repayment charges.

    Within this ERC period, you can overpay up to 20% of your initial loan.

    #13. Penrith Building Society

    Penrith Building Society offers an entire residential mortgage range. It is suitable as a retirement mortgage as there is no age limit attached to it.

    You will also be borrowing up to 50% of your property value if you are 55 years or older.

    #14. Scottish Building Society

    Established in 1848, the Scottish Building Society is the only society situated in Scotland. 9

    They allow homeowners to borrow money up to the age of 85. You can borrow up to 50% of your property value, a minimum being £30,000, a maximum being £300,000.

    Your income determines the maximum you can borrow, and that could be your pension income as well.

    #15. Swansea Building Society

    Swansea Building Society was set up in 1923. It offers one retirement mortgage plan that is solely for properties in Wales. 10

    It may lend up to 60% LTV (your property’s value).

    You will need to receive an income of £18,000 minimum, you must be retired, and 50% of your income must come from your retirement income specifically.

    You will be lent money up until the age of 85.

    #16. Tipton and Coseley Building Society

    ‘The Tipton’, a small building society, is situated in the West Midlands.

    With them, you may be able to obtain a fixed or discounted rate retirement mortgage of many varieties.

    It has options like three and five-year terms as well as a whole-term discounted mortgage with its “later life lending range.”

    High Street Banks and Lifetime Mortgages

    The ‘big six’ high street banks are Halifax, Barclays, Lloyds, HSBC, Santander, and Royal Bank of Scotland (RBS). 11

    The ‘big six’ do not offer lifetime mortgages at the moment. They also do not provide other equity release plans.

    Therefore, you will need one of the companies or societies listed above to provide you with a mortgage.

    In recent years, Nationwide has joined the lifetime mortgage market too.

    However, it does not have these plans. They use Pure Retirement instead to offer those services on it’s behalf.

    Common Questions

    Are home reversion plans safe?

    Is taking equity out of your home a good idea?

    When you sell your house what happens to the equity?

    Who are the top home reversion providers in the UK?

    What should I look for in a home reversion provider?

    How do I compare home reversion providers?

    Are there any risks associated with home reversion providers?

    What are the costs involved with home reversion providers?

    In Conclusion

    In the current economic climate, people are turning to home reversion and retirement mortgages for many reasons.

    These mortgages can provide security and stability.

    It also allows you to enjoy your time with your family without sacrificing your quality of life or financial future.

    The key is finding the right provider for you.

    *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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