Who Are the Top 10 Lifetime Mortgage Providers in 2024?
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- The top UK lifetime mortgage providers include well-established firms like Legal & General, Aviva, and More2Life due to their competitive rates and customer service.
- To find providers with the best rates, consider financial comparison websites, but remember that the best rate for you depends on your circumstances and needs.
- When selecting a provider, factors to consider include interest rates, flexibility in payments, customer reviews, and the provider's reputation within the industry.
- Comparing the best providers can be achieved using a comparison website which allows you to view multiple providers' rates, customer reviews, and product details in one place.
- Reviews for the best lifetime mortgage providers can be found on comparison websites, financial advisory sites, and through customer testimonies on the providers' websites.
Are you a homeowner looking to release equity with a lifetime mortgage but don’t know which provider to go with?
We’re here to help!
There are currently 14 lifetime mortgage providers listed with the Equity Release Council.1
These providers serve a sector that saw significant growth last year, with more than £4,8 billion released, exceeding 2021’s record high.2
But with so many providers offering different products and features, how do you choose the right one for your needs?
In This Article, You Will Discover:
Our expert team at Every Investor takes a closer look at some of the best lifetime mortgage providers on the market and what sets them apart, so you can make an informed decision and get the most out of your equity release journey.
Who Are the Best Lifetime Mortgage Providers in the UK?
In the realm of lifetime mortgage providers in the UK, a few names stand out for their exceptional service and product offerings.
Among these, Legal & General consistently impress with a broad range of deals and a strong reputation for customer care.
Another noteworthy provider is More2Life, lauded for their flexible, tailored solutions that address the individual needs of retirees, and their commitment to responsible lending.
We also rate highly Aviva, one of the UK's leading insurance providers, who bring a wealth of experience to the table.
They offer a series of competitive lifetime mortgage products with set interest rates. Let's not forget about Just Retirement, a provider renowned for its equity release schemes and personalised approach.
These providers not only offer the best products, but they also exhibit a deep understanding of the needs of retirees in the UK.
What Should You Know About Lifetime Mortgage Providers?
Lifetime mortgage providers are specialised companies that cater to eligible borrowers during their retirement years by offering long-term loans secured against their homes.
They are regulated by the Financial Conduct Authority (FCA) and must adhere to industry standards and consumer protection regulations.
When choosing a lifetime mortgage provider, factors to consider include interest rates, fees, loan-to-value ratios, flexibility in repayment options, customer support, and the provider's reputation and industry accreditation.
It’s advisable to seek independent financial advice to ensure an informed decision when considering different lifetime mortgage providers.
How Can You Find the Best Equity Release Lifetime Mortgage Provider?
To find the most suitable equity release lifetime mortgage provider, conduct thorough research and compare various providers based on your needs and circumstances.
Here are some helpful tips to find the best providers:
- Research and Compare: Research and compare different providers to find the one that suits your needs.
- Reputation and Accreditation: Consider the provider's reputation and check if they are accredited by industry bodies such as the Equity Release Council.3
- Interest Rates: Evaluate the interest rates offered by different providers, considering whether they are fixed or variable.
- Loan-to-Value (LTV) Ratios: Compare the LTV ratios offered by providers to determine how much you can borrow.
- Flexibility and Fees: Assess the flexibility of the lifetime mortgage products and be aware of any associated fees.
- Seek Financial Advice: Consider seeking independent financial advice to make an informed decision.
- Customer Support: Assess the quality of customer support offered by each provider.. This can be done by looking up customer reviews and complaints on sites such as TrustPilot.4
- Long-Term Implications: Weigh the long-term impact on your finances, home ownership, and inheritance.
Which Companies Are the Top Lifetime Mortgage Providers in the UK?
The top lifetime mortgage companies in the UK may change, but some notable providers include Aviva, Legal & General, LV=, Just, More2Life, and Hodge Lifetime.
These companies have a strong industry presence, adhere to Equity Release Council (ERC) standards, and are regulated by the Financial Conduct Authority (FCA).7
Remember to consult with a financial advisor or specialist and compare the offerings of different companies to find the best fit for your needs.
More2Life is a leading equity release provider in the UK, specialising in lifetime mortgage products for homeowners aged 55 and over.
It provides a range of flexible and innovative equity release plans, tailored to meet various financial needs during retirement.
It has also relaunched its Apex products, which come with a high loan-to-value range.8
That product pool was suspended after the former Chancellor Kwasi Kwarteng’s mini-budget turmoil.
Liverpool Victoria (LV)
Liverpool Victoria, also known as LV=, is a well-established UK insurance and financial services provider that has been in operation since 1843.
LV= offers a range of products including life insurance, general insurance, and investments.9
Its lifetime mortgage offerings are Lump Sum and Drawdown, and it has also partnered with Simply Lifetime Mortgages to assist with queries about equity release.
Aviva Lifetime refers to the lifetime mortgage products offered by Aviva.
Aviva is a leading global insurance and financial services provider based in the UK.
Aviva offers a wide range of lifetime mortgage plans with flexible features, such as voluntary repayments and drawdown facilities. 10
Included in its offerings is an inheritance guarantee feature, as well as the no negative equity guarantee.
Canada Life is a prominent insurance and financial services company with a long history.
It was originally founded in Canada in 1847 and now operates in various countries, including the UK.
The company offers a spectrum of financial products and services, such as life insurance, pensions, investments, and annuities.
Canada Life provides equity release solutions for homeowners aged 55 and over in the UK lifetime mortgage market.
These products enable eligible homeowners to access a portion of their home's value as tax-free cash while retaining ownership.11
Legal & General
Legal & General is a multinational financial services company headquartered in the UK.
Founded in 1836, it has grown to become one of the largest insurance and investment management firms, offering a diverse range of products, including life insurance, pensions, investments, and mortgages.
Legal & General provides equity release solutions for homeowners aged 55 and over in the lifetime mortgage market.12
It offers various lifetime mortgage plans with different features to cater to individual needs, such as lump sum, drawdown, and optional repayment options.
Just, formerly known as Just Retirement, is a UK-based financial services company specialising in retirement solutions, including lifetime mortgages and annuities.
Just offers medically underwritten lifetime mortgages that cater to those with underlying health issues, which includes a choice of fixed or variable early repayment charges.13
Pure Retirement provides flexible and innovative lifetime mortgage plans that enable retirees to access a tax-free cash lump sum while retaining ownership of their property.
It offers free Energy Performance Certificates for new Classic lifetime customers and is also partnering with Tree-Nation to plant one tree for every new Classic lifetime mortgage completed.14
Something to note, however, is that its minimum qualifying age is 60, not 55 like many other providers.
Responsible Life is a UK-based financial services company specialising in equity release advice, including lifetime mortgages.
The company offers personalised advice and guidance to homeowners aged 55 and over who are considering releasing equity from their homes as tax-free cash while retaining ownership of the property.
Although it doesn’t directly offer lifetime mortgages, its advisory role proves invaluable in guiding customers through the equity release market.
Helping them discover suitable lifetime mortgage products from various providers, ensures a personalized fit for their unique needs and circumstances.
What Criteria Were Used to Review and Choose the Top Lifetime Mortgage Providers?
When choosing and reviewing the top lifetime mortgage providers, we considered multiple factors to ensure their reliability, reputation, and the availability of suitable products for homeowners.
Some key factors we took into account include:
- Reputation and history: Providers with a solid track record and established presence in the industry are more likely to offer reliable and trustworthy services.
- Accreditation: Membership with recognised industry bodies, such as the Equity Release Council, indicates that the provider adheres to strict standards of customer protection, transparency, and fairness.
- Range of products: Providers that offer a variety of lifetime mortgage plans with different features cater to a wider range of financial needs and circumstances.
- Interest rates: Competitive interest rates are essential, as they significantly impact the overall cost of the loan.
- Flexibility: Providers that offer flexibility in repayment options, drawdown facilities, and other features tend to be more attractive to borrowers with different needs.
- Customer support: Providers with a strong focus on customer service, offering guidance and assistance throughout the application process and loan duration, are essential for a smooth experience.
- Customer reviews and feedback: Analysing customer testimonials, reviews, and satisfaction ratings can give insight into the quality of the provider's products and services.
Lifetime Mortgage FAQs: Everything You Need to Know
Is Scottish Widows a Provider of Lifetime Mortgages?
Between a High Street Lender or a Specialist, Who Should You Choose for a Lifetime Mortgage?
What's the Application Process for a Lifetime Mortgage Provider?
Which Provider Offers the Best Lifetime Mortgages?
What Key Features Should the Best Lifetime Mortgage Providers Offer?
Which Banks Are Offering Lifetime Mortgages?
How Can You Identify the Best Lifetime Mortgage Provider?
What Are the Current Interest Rates for Lifetime Mortgages?
Is It Possible to Purchase a Property Using a Flexible Lifetime Mortgage?
How Do Lifetime Tracker Mortgages Work?
Who Are the Best Lifetime Mortgage Providers in the UK?
Which Lifetime Mortgage Providers Offer the Best Rates?
What Should I Consider When Choosing a Lifetime Mortgage Provider?
How Do I Compare the Best Lifetime Mortgage Providers?
What Reviews Exist for the Best Lifetime Mortgage Providers?
Concluding Insights on Choosing Lifetime Mortgage Providers
Choosing the right lifetime mortgage provider is essential to getting the most out of your equity release journey.
By considering factors such as interest rates, fees, customer service, and seeking independent financial advice, you can find a provider that meets your individual needs and helps you achieve your retirement goals.
Whether you are looking for a lump sum payment, regular income, or a drawdown facility, there are various lifetime mortgage products available to meet different needs.
It's advisable to research and compare various lifetime mortgage providers to understand your options for accessing your home equity.
The features mentioned and the amounts raised are subject to the lender’s criteria, terms, and conditions. These may take into account age, health, and lifestyle factors in order to provide an enhanced amount.
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