Lifetime Mortgage Providers

8 Lifetime Mortgage Providers: The Top Companies to Consider

Are You Wondering Who to Turn To for a Lifetime Mortgage? Discover the Best Providers on the Market & Know Exactly Who You Can Trust.

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Top 8 Lifetime Mortgage Providers

If you’re looking for equity release providers check out our recent article ‘The Best Equity Release Companies of Jan 2022‘.

#01. Aviva

In case you’re wondering,

In the UK, Aviva is a household name. They’re known mainly for their pension plans and insurance products. To add to that, they’re one of the oldest providers. If you’re considering them, it’s good to know that their equity release products are award-winning and that over 200 000 people would agree with their top spot. Since 1998, Aviva has helped people release a total of £7 billion.

Aviva’s primary services include:

  • Inheritance guarantee services
  • Voluntary partial repayments
  • Enhanced borrowing if you have certain medical conditions
  • Downsizing protection services
  • Relaxed lending services

Aviva has a lot to offer, and they’re an excellent choice.

#02. Hodge Lifetime

Here’s an interesting fact:

In 1965, Hodge Lifetime launched its first equity release plan, making them the longest established provider in the UK. Julian Hodge Bank Limited is the product provider. As one of the oldest providers, they’ve built up an excellent equity release selection. They’ve created a superb retirement mortgage rate to go with their traditional lifetime mortgage plans. Hodge Lifetime provides an interest-only mortgage plan requiring monthly interest payments. The rest of the loan will be paid back when you pass away or need long-term medical care.

You can apply for this plan from the age of 55. You can borrow up to 70% of your property value, which is excellent if you need the money.

#03. Just Retirement

Extremely popular in the post-retirement marketplace, they’re excellent in giving retirement income in the form of annuities. They’ve also started lending cash through equity release plans or schemes.

You see:

Just Retirement also has its equity release model, which has proved to be one of its strengths. Not only do they lend money, but they also fund other company’s equity release plans. Their equity release plans include a wide range of traditional lifetime mortgages; drawdown lifetime mortgages, interest-only lifetime mortgages, lump-sum equity plans, and enhanced equity released plans.

Just Retirement’s experience with medical underwriting has allowed very ill people to get an increase in their maximum equity release lump sum.

#04. LV

LV, or Liverpool Victoria, is a mutual society and was created in 1843. They work primarily for working-class people. They offer a range of equity release plans such as drawdown lifetime mortgages and lump-sum schemes. You can get equity release on your primary residence, your secondary residence, and your holiday home.

And the good news?

They’re offering structured lifetime mortgage schemes, and they have outstanding guarantees that most other providers don’t provide. They’re suitable for secure repayments or if you want to access future drawdown money.

#05. Legal & General

They’re also a household name and joined the lifetime mortgage field in 2015. They have two options for lifetime mortgages: L&G Income Lifetime Mortgage and L&G Flexible Lifetime Mortgages.

Let’s take a look.

L&G Flexible Lifetime Mortgages

You get color-coded to indicate the amount of money you can borrow according to your property’s value (LTV). For example, “Flexible Pink.” Furthermore, the amount of interest you’ll pay will depend on the LTV.

All these are drawdown plans that L&G offers. With these, you’ll be able to borrow a minimum amount of £10,000. The “Flexible” mortgages range allows voluntary repayments which give you up to 10% of what you borrowed annually, but you won’t be penalized.

L&G Income Lifetime Mortgage

These are also color-coded. The same rule applies where you’ll pay more interest when the LTV is high. These plans give you a fixed monthly income for 10-25 years. This income can start from £200.

Legal & General offers inheritance protection on their plans, which is great for your heirs and your own peace of mind.

#06. More2Life

Started in 2008, More2Life has become a favorite equity release provider. They’re a leading expert in lifetime mortgages. However, you can only get a plan through unique brokers, for example, Equity Release Supermarket.

Now, they have four options:

More2Life Flexi Choice Plans

These are funded by a life insurer that’s leading in the UK. There are different types of choice plans. They also have differing loan sizes as well as the interest rate and min-max amounts. It’s very flexible and customizable to meet your specific needs.

More2Life Tailored Choice Plans

If you’re suffering from qualifying medical conditions, this one’s for you cause you’ll be able to borrow more.

More2Life Maximum Choice Plans

If you’re looking to get the most money possible, this is the plan for you. You can take the money out lump-sum or as a drawdown.

More2Life Capital Choice Plans

You see:

There are a few versions of this option. For example, taking a small loan will equal less interest. You’re allowed to make repayments of 10% annually, and you don’t have to pay early repayment charges either.

Any of these plans are very flexible, so you’ll be able to get the right one for your specific financial needs.

#07. OneFamily

Formed in 2015 when Engage Mutual and Family Investments merged, this provider is one of the largest in the UK. They offer variable and fixed lifetime mortgages.

OneFamily Variable Lifetime Mortgages

You’ll be offered a variable interest rate on your plan according to the CPI, or the Consumer Price Index1. It also comes with a cap and collar to safeguard you against future increased rates. They meet the guideline of the Equity Release Council2.

OneFamily Fixed Lifetime Mortgages

Fixed-term and lifetime interest rates are also an option. You’ll get flexible features and choices which you can discuss with them. You can pick an interest-only payment or a voluntary payment, and even an interest roll-up option exists where no repayments are needed to be made!

#08. Pure Retirement

Last but not least, a company that has been around since 2014. They’re known as a specialist lifetime mortgage company provider. They offer two ranges of lifetime mortgages: Pure Max Drawdown and Pure Sovereign.

Pure Max Drawdown

This range is for people who want to borrow as much money as possible. It gives you higher LTV’s and a drawdown capability. This means that you can borrow money now and later in your life from your reserve amount. Within this range are a few options for you to choose from.

Simply put:

You can mix and match fees like legal, arrangement, and valuation fees for a fee-free process.

Pure Sovereign

This range works similarly to the Max Drawdown options. However, the only difference is the interest rate. With the Pure Sovereign range, the interest rate is lower since the LTV is less.

In conclusion

In short,

A lifetime mortgage is a type of home loan that will cover the remaining balance for your home, no matter how much you owe. They are designed to keep people in their homes during retirement and help them avoid having to sell their house because they can’t afford it anymore.

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Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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