Just Equity Release: What to Know in 2024

Just Retirement offers equity release plans that include options for a lump sum or regular income, designed with flexibility to suit varying homeowner needs, ensuring financial freedom in retirement.
  • Last Updated: 09 Apr 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
What Is Just Equity Release in the UK? Are You Considering Just Equity Release? Discover the Pros, Cons, Fees, Interest Rates and Online Customer Reviews. Keep Reading To Learn Everything You Need To Know About Just...
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Key Takeaways
  • Just equity release lets those 55 and older unlock the value of their property without selling, allowing customers to choose from a lump sum or regular payments that are repaid once they’re gone or in care.
  • Tax-free cash, more financial freedom, and the ability to stay in your home are massive benefits, but watch out for erosion in inheritance, fluctuating property values, and effects on means-tested benefits.
  • Are you just getting started? A pro financial adviser is a must to walk you through and clarify Just’s fine print.

With so many providers and products out there, how do you know if equity release from Just is the right choice for you?

Equity release is a complicated process, and you must be sure that you choose a provider who can partner with you to make your life better.

We have researched Just so that we can bring you the facts and help you decide if they are the best fit for you.

In This Article, You Will Discover:

    Our team at Every Investor reviewed many regulated plans and consulted with leading industry experts to truly understand the core of Just’s products and services.

    Therefore:

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Just. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Just.

    Why Choose Just Retirement for Your Equity Release?

    Just Retirement offers personalised equity release plans tailored to meet individual financial goals and needs.

    Who Is Just Retirement, and Why Choose Their Equity Release Services?

    Just is one of the top equity release companies in the UK, catering to retirees.

    The Just Group plc was formed in 2016 when Just Retirement Limited and Partnership Life Assurance Company Limited merged. 1

    Furthermore, Just offers equity release and other retirement speciality products, such as pension drawdown options and investment planning.

    Why Should You Consider Just for Your Equity Release Needs?

    You should consider Just if your are over 55 and are looking for a specialist retirement financial provider.

    The lifetime mortgages that Just offers are flexible and feature a drawdown facility.

    You can also safely consider Just because it is a registered financial services provider that is authorised and regulated in the UK by both the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA).

    It is also a member of the Equity Release Council. 2

    How Does Equity Release Work with Just Retirement?

    Equity release with Just Retirement is designed for simplicity, providing homeowners with a lump sum or regular income against their property’s value.

    What Is Equity Release, and How Does Just Retirement’s Offer Compare?

    Equity release, including the option of a home equity release loan, presents a solution for over 55s to harness their home’s value for liquidity purposes, without selling.

    It offers a practical financial alternative by unlocking property equity.

    Its distinguishing feature is the delayed repayment process.

    The borrowed sum, along with interest, is recovered from the property’s eventual sale, often after the homeowner’s major life changes.

    Does Just Provide Both Equity Release and Lifetime Mortgages?

    Yes, Just does offer equity release in the form of lifetime mortgages.

    However, Just does not offer it’s plans directly; it’s schemes are only offered through equity release partnerships with accredited advisers.

    If your financial adviser does not offer Just’s products, you can contact its subsidiary, Hub Financial Services, which provides advisory services for Just.

    What Are Just Retirement’s Equity Release Schemes?

    The Just For You Lifetime Mortgage is Just’s equity release scheme. 3

    It is a flexible lifetime mortgage that is essentially a drawdown plan.

    This means you will be paid an initial tax-free lump sum and have funds available in a drawdown facility to withdraw as and when needed.

    Just can also underwrite it’s lifetime mortgage if you suffer from ill-health to change the product to an enhanced lifetime mortgage.

    What Makes Just Retirement’s Equity Release Options Stand Out?

    Unique for its flexible terms and competitive rates, Just Retirement’s equity release stands out for offering custom solutions.

    How Does Just Retirement Equity Release Compare to Other Providers?

    Just Retirement stands out in the equity release market for its commitment to tailored solutions and its focus on ethical practices.

    Compared to other providers, Just Retirement offers competitive interest rates and flexible repayment options, catering to a wide range of customer needs.

    Their plans are designed with consumer safeguards in mind, including no negative equity guarantees.

    Additionally, as a member of the Equity Release Council, Just Retirement adheres to a strict code of conduct, offering further reassurance to customers about the safety and reliability of their products.

    What Features Do Just Retirement Equity Release Schemes Include?

    Just’s equity release scheme features are flexible and designed specifically for retirees.

    What Are the Key Features of Just’s Equity Release Plans?

    The features of Just equity release include that you can repay the monthly interest in full. 4

    More information:

    • The plan offered is a drawdown plan with an initial tax-free lump sum paid out and the remainder reserved in a facility to withdraw from, as and when you need it.
    • The plan has an option to make monthly repayments on the interest portion of the loan up to 100% of the monthly interest value.
    • You can take a payment holiday of up to three months on the interest payments.
    • If you stop paying interest for more than six months, the plan will automatically convert to a roll-up plan, and you cannot go back to making payments once this has happened.
    • Just offer a cashback option that costs the client more in repayments but allows them to increase the LTV they qualify for.

    What Criteria Must You Meet to Qualify for Just Retirement Equity Release?

    To qualify for equity release from Just, you need to meet the following criteria: 

    • The youngest homeowner must be 55 and over.
    • You must not be older than 85.
    • You need to own your home, and it must be UK based.
    • Your home must be valued at over £70,000.
    • There are no more than two people on your property title deed.

    What Costs Are Involved with Just Retirement’s Equity Release?

    Just Retirement’s equity release involves costs including advice fees, setup charges, and potential interest rates, all transparently outlined.

    What Are the Interest Rates for Just Retirement Equity Release?

    Just’s equity release interest rates are dependent on the LTV you qualify for. 5

    This LTV is based on your property, age, and the state of your health; each deal is based on an individual set of criteria.

    Currently, equity release interest rates are between 5.25% to 6.30%* AER.

    *While we regularly review our rates, these may have changed since our last update.

    What Are the Early Repayment Charges for Just Retirement Equity Release?

    Just Retirement’s equity release products, including lifetime mortgages, may include early repayment charges (ERCs) if you repay the loan earlier than agreed.

    These charges can vary widely depending on the terms of your specific plan and how early you decide to repay.

    The ERCs are typically a percentage of the amount repaid early and may decrease over time.

    Just Retirement designs these charges to cover potential losses from the early repayment, and they ensure customers are clear about these potential costs at the outset.

    What Fees Are Associated with Just Equity Release?

    The fees that Just charges vary depending on whether you are a new equity release client or are moving home or switching plans.

    If your are a new client, then valuation and application fees are not charged.

    However, you will pay your financial adviser and your solicitor’s fees.

    The solicitor’s fees average at more or less £650.

    If your are moving house or switching plans, you need to pay a revaluation fee of up to £210, depending on your home’s value.

    In addition, when you move, you will need to cover a field agent visit fee of £60, legal fees, and a possible specialist report fee. You will also need to cover your financial adviser’s cost.

    Normally, this totals between £1,500 and £3,000. *For indicative purposes only.

    What Are the Financial Implications of Choosing Just Equity Release?

    Opting for Just Retirement’s equity release can impact your financial situation by altering asset values and inheritance plans.

    What Are the Tax Implications of Choosing Just Equity Release?

    Opting for equity release with Just Retirement can have several tax implications. The cash you receive is tax-free, whether as a lump sum or in smaller, regular amounts.

    However, how you use the released funds can affect your tax position. For instance, investing the money could generate taxable income or capital gains.

    Furthermore, equity release might affect your eligibility for means-tested benefits. It’s crucial to seek financial advice to understand the specific tax implications based on your individual circumstances and financial plans.

    How Does Just Retirement Equity Release Impact Your Inheritance?

    Just Retirement’s equity release schemes allow homeowners over the age of 55 to access the wealth tied up in their property without the need to move.

    However, utilizing such a scheme impacts the value of your estate, potentially reducing the inheritance you can leave to your beneficiaries.

    The amount you owe grows over time, especially if you opt for a lifetime mortgage where interest compounds. This means less equity in your home to pass on.

    Just Retirement advises customers to consider their family’s future and possibly discuss their plans with beneficiaries before proceeding.

    What Tools and Support Does Just Retirement Offer?

    Just Retirement provides comprehensive tools and support, including calculators and expert advice, to guide clients through the equity release process.

    Is There a Just Retirement Equity Release Calculator Available?

    Yes, Just does have an equity release calculator.

    If you are looking for advice from a leading provider, you could also try our simple-to-use calculator for free below for an approximation.

    How Can I Contact Just Retirement for Equity Release Queries?

    • +44 173 723 3288
    • Just, Enterprise House, Bancroft Road, Reigate, RH2 7RP.

    What Are the Benefits and Considerations of Just Retirement’s Equity Release?

    Customer testimonials highlight Just Retirement’s equity release as reliable, with exceptional service and support.

    What Are the Pros and Cons of Choosing Just for Equity Release?

    The advantages and disadvantages of Just include that it is a member of the Equity Release Council; however, it charges early repayment fees should you decide to settle your mortgage.

    What Are the Advantages of Just’s Equity Release Options?

    The pros of Just are:

    • Just’s plans offer you a no-negative equity guarantee.
    • With Just, your are protected as it is a member of the Equity Release Council.
    • The Just For You Lifetime Mortgage is customisable to your needs and can either be a drawdown lifetime mortgage, an enhanced lifetime mortgage, or a roll-up lifetime mortgage.
    • Plans can be enhanced with cashback options to maximise your equity release amount.
    • You can also benefit from Just’s green feature for homes possessing an energy performance certificate.

    What Are the Disadvantages of Just’s Equity Release Options?

    The cons of Just are:

    • Just charges early repayment fees should you decide to settle your mortgage.
    • With any lifetime mortgage, you will decrease the inheritance value you leave to your loved ones.
    • Lifetime mortgages are an expensive way of borrowing money.
    • Equity Release will impact on your entitlement to means tested benefits now or in the future.
    • You may want to discuss the option of equity release with your loved ones, to make them aware that it is something your are considering.

    What Safeguards Does Just Retirement Provide as a Member of the Equity Release Council?

    As a member of the Equity Release Council, Just Retirement commits to high standards of conduct and practice, ensuring that all their equity release schemes come with essential safeguards.

    These include the no negative equity guarantee, ensuring customers never owe more than their home’s value, and the right to remain in their home for life or until they move into long-term care.

    Furthermore, Just Retirement provides clear and comprehensive advice and information, ensuring customers understand the terms and potential implications of their equity release plan.

    This adherence to Equity Release Council standards demonstrates Just Retirement’s dedication to safe and ethical equity release practices.

    What Do Customers Say About Just Retirement’s Equity Release?

    Just Retirement adheres to strict regulations and holds esteemed industry recognitions, ensuring trustworthiness.

    How Was Just Retirement’s Equity Release Reviewed?

    We have spent extensive time researching information available about Just’s product offerings to bring you an all-inclusive guide based on all the latest and relevant data.

    Note: We hereby confirm that this article is an unaffiliated, independent review of Just.

    What Do Customer Reviews Say About Just Retirement Equity Release?

    Just reviews from trusted customer review platforms:

    What Are Common Complaints About Just Equity Release?

    Any complaint you want to make to Just can be made by email, in writing, or by telephone.

    • In writing – Address your complaint to the Quality Assurance Team at:
      Enterprise House, Bancroft Road, Reigate, Surrey, RH2 7RP.
    • By email – complaints@wearejust.co.uk
    • By Telephone – 01737 233297

    Make sure that you include all relevant information that Just will need to locate your plan.

    This includes your full name, account number, copies of any documents you have, your complaint in detail, and your contact information.

    How Is Just Retirement Regulated and Recognised?

    Just Retirement’s equity release offers benefits like financial freedom, balanced with considerations such as interest accumulation.

    What Are Just Retirement’s FCA Registration Details?

    Just Retirement is registered with the FCA, underlining its commitment to regulated, secure equity release services.

    What Trading Names Does Just Use for Their Equity Release Services?

    • Just Retirement Limited
    • Just Retirement Money Limited
    • Just

    What Services Is Just Permitted to Offer by the FCA?

    • Banking
    • Insurance
    • Mortgages and Home Finance
    • Pensions
    • Investments

    Who Regulates Just Retirement’s Equity Release Services?

    • The Financial Conduct Authority (FCA)6
    • The Prudential Regulation Authority (PRA)
    • The Equity Release Council (ERC)7

    What Are Just Retirement’s FCA Registration Numbers?

    • FCA Firm reference number 232595
    • Companies House number 05017193  

    Where Can I Find Just Retirement on the FCA’s Website?

    Frequently Asked Questions About Just Retirement Equity Release

    How Does Just Retirement Equity Release Work?

    What Are the Steps to Getting Just Retirement Equity Release?

    What Benefits Can Just Retirement Equity Release Offer You?

    What Risks Should You Consider with Just Retirement Equity Release?

    How To Apply for Equity Release with Just Retirement?

    Is Just Retirement Accredited by the Equity Release Council?

    Who Owns Just Retirement, and How Does It Affect Their Equity Release?

    How To Start a Career with Just Retirement's Equity Release Team?

    Can You Access Equity Release Through Just Retirement?

    How Safe Is Equity Release with Just Retirement?

    Concluding Thoughts: Is Just Retirement Your Best Choice for Equity Release?

    If you are considering equity release from Just, it is best to speak to your financial adviser to find the best option for your circumstances.

    Just is a reputable provider of equity release.

    Along with your financial adviser, you will be able to find the right lifetime mortgage for you if your are considering Just equity release.

    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 in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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