Are you thinking about whether OneFamily equity release is the right choice to secure your retirement in 2024 or not? While OneFamily offers a range of financial products, equity release isn’t one of them.

With equity release lending hitting £664 million in the second quarter of 2023, finding the right provider can feel overwhelming.¹ So, what can OneFamily offer instead?

At EveryInvestor, our independent team is dedicated to helping you navigate the UK equity release market, and our regularly updated articles aim to provide you with the latest information to ensure you make well-informed financial decisions.

Let’s dive right in…

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

What Is Equity Release, and How Does OneFamily Fit In?

Equity release is a financial product that allows homeowners to access the equity in their home without having to sell it, and although OneFamily does not offer equity release, they provide various alternative financial services, which can complement financial planning alongside equity release options.

Equity release is an option that is particularly useful for supplementing retirement income or funding other major expenses.

With equity release, loan repayment is typically postponed until the homeowner passes away or moves into long-term care, at which point the property is sold to repay the loan, including any accumulated interest.

OneFamily’s Equity Release Expertise: Who They Are and How Do They Help?

OneFamily is a UK-based financial services provider known for helping customers with long-term savings and investments, but they do not offer equity release directly; instead, OneFamily focusses on products like ISAs and life insurance, guiding customers toward financial security as they navigate options like equity release through external providers.

Formed in 2014 after the merger of Engage Mutual and Family Investments, OneFamily has built a reputation for transparency, ethical practices, and customer satisfaction.²

As a member-owned organisation, they reinvest profits into improving services and products for their members, fostering a customer-first approach.

OneFamily provides impartial, expert advice to help individuals make informed financial decisions; their advisers are members of the Equity Release Council (ERC) and do not earn commissions on sales, ensuring that their guidance is truly in the best interest of the client.

Let’s look at what more they can do for you:

Why Is OneFamily a Top Equity Release Adviser for Over-50s?

OneFamily has established itself as a trusted equity release adviser for over 50s in the UK by helping thousands of customers achieve their financial goals for more than 40 years.

Although OneFamily doesn’t directly offer equity release, their advisers guide clients through the process with impartiality, ensuring the best solutions are explored.

As members of the ERC, OneFamily’s advisers adhere to high standards of consumer protection; furthermore, they do not earn commission on sales, allowing them to provide unbiased advice that prioritises the best interests of their clients.³

How Can OneFamily Enhance Your Retirement Plans Through Equity Release?

OneFamily can enhance your retirement plans through equity release by providing expert equity release advice, allowing retirees to take the informed step of unlocking the value tied up in their homes through equity release.

With their impartial guidance and membership in the ERC, OneFamily ensures that retirees explore the best solutions tailored to their needs, enabling more comprehensive and flexible retirement planning.

Why Consider OneFamily for Your Financial Retirement Planning?

Consider OneFamily for your financial retirement planning, as they offer tailored financial products that help individuals plan for retirement.

With their range of investment options, including lifetime ISAs and savings plans, they provide solutions that align with long-term goals, making them a strong contender for those considering retirement planning strategies.

Here’s why OneFamily is a solid choice:

How Does OneFamily Cater to the Financial Needs of Modern Families?

OneFamily caters to the modern family by understanding their evolving financial needs and offering flexible advice that addresses a broad range of financial circumstances; beyond traditional products, OneFamily guides innovative solutions such as intergenerational mortgages and child trust funds, helping families at different life stages secure their financial futures.

Their approach focusses on financial inclusivity and education, empowering families to make informed decisions.

By offering tailored resources and support, OneFamily helps families navigate the complexities of modern finance, ensuring they are well-equipped to achieve long-term financial stability together.

What Services Make OneFamily a Leading Equity Release Adviser?

OneFamily stands out as a leading equity release adviser by offering comprehensive guidance, personalised financial solutions, and access to competitive products.

Beyond their solutions, their advisers provide tailored advice to help clients navigate the complexities of equity release, ensuring informed decisions for retirement planning.

These are some of the key services OneFamily offers:

• Equity Release Advice: OneFamily offers impartial, expert advice to homeowners aged 55 and over on how to unlock their home’s value. As members of the ERC, their advisers do not earn commissions, ensuring they act in the best interest of their clients.
• Children’s Savings Accounts: OneFamily helps families secure their children’s financial future by offering tailored savings accounts.
• Child Trust Funds: As a leading provider of child trust funds, OneFamily offers expert guidance for managing these accounts, particularly for individuals aged 16 and older.
• Savings Plans: Their savings plans, including Family Bonds and Junior Bonds, provide secure, long-term financial growth options for both children and adults.
• Life Cover: OneFamily offers life cover for those over 50, providing peace of mind and financial security for their families.
• ISAs: OneFamily provides various Individual Savings Accounts (ISAs), such as Junior ISAs, Stocks and Shares ISAs, and Lifetime ISAs, helping individuals save tax-efficiently.

With a strong commitment to customer satisfaction, transparency, and ethical practices, OneFamily positions itself as a trusted financial adviser, helping families confidently navigate their financial futures.

Which Equity Release Options Does OneFamily Advise on in 2024?

As mentioned, OneFamily advice can help you access equity release from a range of different lenders, so the product offering depends on what these lenders have available at any given time.

Lenders that OneFamily advice partners with include Legal & General, Liverpool Victoria, Canada Life, Aviva, More2Life, Just, Pure Retirement, and Standard Life Home Finance.⁵

The most popular form of equity release is a lifetime mortgage, which is usually taken out on one’s primary residence, and sometimes on a second home. 

Though not formally regulated as equity release, Canada Life also offers a similar product on buy-to-let properties.⁶

How to Navigate the Equity Release Process with OneFamily?

Navigating the equity release process with OneFamily is straightforward, thanks to their step-by-step guidance and comprehensive support.

From the initial consultation to the final release of funds, OneFamily works closely with clients to ensure a smooth and understandable journey, demystifying the complexities of equity release.

What Are the Steps to Apply for OneFamily Equity Release?

Applying for equity release through OneFamily involves a clear, step-by-step advisory process designed with the customer’s ease in mind.

1. Seek Initial Advice:
   • Potential applicants are encouraged to seek independent advice to understand the implications of equity release fully. OneFamily offers a free initial consultation to discuss individual circumstances and determine eligibility.
2. Contact OneFamily:
   • Interested parties can contact OneFamily directly or through an adviser to explore their options. The advisers will provide comprehensive, impartial advice tailored to the applicant’s needs.
3. Detailed Consultation:
   • During the consultation, OneFamily’s advisers will explain the different equity release options, including lifetime mortgages, and assess the applicant’s suitability based on their financial situation and goals.
4. Application Process:
   • If equity release is deemed appropriate, OneFamily’s advisers will guide applicants through the application process. This includes completing a detailed application form and submitting necessary documentation.
5. Property Valuation:
   • A professional valuation of the property is arranged to determine its current market value, which is crucial for assessing how much equity can be released.
6. Formal Offer:
   • Based on the valuation and application details, a formal offer is presented to the applicant. The advisers ensure the applicants understand all terms and conditions before proceeding.
7. Legal Work:
   • Upon acceptance of the offer, legal work is initiated to finalize the agreement. Applicants are required to seek independent legal advice to ensure all legal implications are clear and understood.
8. Release of Funds:
   • Once all legalities are completed, the agreed funds are released. Applicants can choose to receive the funds as a lump sum, in regular payments, or a combination of both, depending on the specific product chosen.

Throughout the process, OneFamily provides continuous support and guidance to ensure applicants make informed decisions that best suit their financial needs and goals.

How Can OneFamily’s Equity Release Calculator Aid You?

OneFamily’s equity release calculator helps estimate the amount of equity you can release based on your property’s value and age.⁸

This tool aids in financial planning by giving you a preliminary idea of the funds available, helping you make informed decisions about your financial future.

It also prepares you for consultations with advisers by providing a solid foundation of knowledge.

The user-friendly interface ensures you can quickly and easily get an estimate, making the equity release process more accessible and understandable.

What Costs Can You Expect With OneFamily Equity Release?

When obtaining equity release advice from OneFamily, you can expect the following costs:

• Advice Fee: OneFamily charges a fixed advice fee of £950, payable upon completion of the equity release process.
• Valuation Fees: A property valuation is required to determine how much equity you can release. This fee varies depending on the value of your home and the lender’s requirements.
• Legal Fees: You will need to hire a solicitor to handle the legal aspects of the equity release transaction. Legal fees can vary, but it is essential to choose a solicitor experienced in equity release.

These costs ensure you receive accurate, professional advice and that all legal and financial aspects of the equity release process are handled correctly.

For more detailed information, you can visit their website at OneFamily Equity Release Advice

What Are the Tax Implications of Choosing OneFamily for Equity Release?

Choosing OneFamily for equity release can have significant tax implications, primarily influenced by how the released funds are used.

The lump sum received from equity release is tax-free, providing a financial boost without immediate tax liabilities. However, if you invest this money, any income generated from these investments, such as interest, dividends, or capital gains, may be subject to taxation.

Additionally, equity release can affect the value of your estate, potentially reducing the amount subject to inheritance tax. This might lower your estate’s overall tax liability but could also impact the inheritance left to your beneficiaries.

OneFamily advises customers to consider these factors carefully and consult with a tax specialist to fully understand the implications of their equity release decision. This ensures that you are aware of all potential tax impacts and can plan your finances accordingly.

How Does OneFamily Ensure Compliance with Equity Release Regulations?

OneFamily rigorously adheres to equity release regulations to ensure the highest standards of safety and transparency for its customers.

As a member of the Equity Release Council, OneFamily commits to its strict code of conduct, which mandates clear communication, comprehensive financial advice, and the inclusion of a no-negative-equity guarantee. This ensures that customers will never owe more than the value of their home, providing significant financial protection.

Additionally, OneFamily undergoes regular audits and reviews to align with regulatory requirements set by the Financial Conduct Authority (FCA). These reviews help ensure that all advice and services offered are compliant with the latest industry standards and regulations.

This dedication to compliance not only upholds the integrity of OneFamily’s services but also reinforces the trust and confidence of their customers in navigating equity release decisions. Through these measures, OneFamily ensures that customers receive reliable, transparent, and secure advice for their financial planning.

What Is OneFamily’s FCA Registration Information?

OneFamily’s equity release advice is provided by its subsidiary, OneFamily Advice, and the details are provided below. 

If you want more information about OneFamily’s other subsidiary, OneFamily Lifetime Mortgages, you can go to the FCA’s website here.

Contact Number and Details

OneFamily, 16 – 17, West Street, Brighton, East Sussex, BN1 2RL.

OneFamily’s contact number is 0800 169 4321.

Trading Names

• OneFamily Advice Limited
• OneFamily Advice
• OneFamily

FCA Permitted Services

You can find all details about the services (and any related limitations) provided by OneFamily Advice as permitted by the FCA, here.

Regulators

• Financial Conduct Authority (FCA)

Registration Numbers

• FCA Firm reference number: 783577
• Companies House number: 09188369

FCA and Companies House Links

• FCA
• Companies House

What Do Customers and Reviews Say About OneFamily Equity Release?

Customer testimonials and independent reviews consistently highlight the positive impact of OneFamily’s equity release advice on retirees’ financial well-being.

Clients commend OneFamily for their transparency, comprehensive support, and beneficial features of their equity release advice services, reflecting a high level of satisfaction with the assistance provided.

Customer Feedback

The majority of reviews for OneFamily are positive, with users praising the straightforward process and helpful, friendly customer service experience.

Customers often note the clarity and thoroughness of the advice received, which helps them make informed financial decisions.

Independent Reviews

Based on over 2,000 reviews on Trustpilot, OneFamily enjoys a rating of 4.6 out of 5 stars.⁹

This high rating is significant considering that people typically leave reviews when they are dissatisfied with a product or service, making such positive feedback an impressive achievement.

Overall, OneFamily’s commitment to transparency, comprehensive support, and customer satisfaction is evident in the consistently positive reviews and high ratings they receive from clients and independent review platforms.

Common Questions

In Conclusion

OneFamily’s equity release advisors offer flexible ways to unlock the wealth tied up in your home by partnering with various regulated equity release lenders. 

Various safeguards such as the ‘No-Negative Equity Guarantee’ and the ability to make partial loan repayments during the loan term make it a viable and safe option for many homeowners.

However, as with all financial decisions, it is essential to consider your personal circumstances, future plans, and potential alternatives before committing.

With OneFamily equity release advisors, you can navigate the market and choose the right equity release plan for your needs.

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.