One Family Equity Release: What to Know in 2024

One Family does not offer equity release products directly. They are noted for their comprehensive range, including lump sum lifetime mortgages and flexible plans with drawdown options, which cater to diverse financial needs.
  • Last Updated: 08 May 2024
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  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui
Are You Considering One Family Equity Release to Unlock Capital? Do You Want to Know About Its Schemes and Fees? Discover More Here.
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Key Takeaways
  • One Family offers equity release products to those over 55 through lump sum or income payments, which are repaid upon home sale, while providing flexible payment options and easy plan adjustments to cater to changing financial needs.
  • One Family offers unparalleled customer support and unique plan features, such as inheritance protection or downsizing protection, to safeguard inheritance.
  • Pros include unlocking home equity, offering financial flexibility, and skipping monthly repayments; cons include a potential decrease in estate value, an effect on benefits eligibility, and interest accumulation.

Is OneFamily equity release your answer to securing retirement finances in 2024?

With equity release lending reaching £664mln in the second quarter of 2023, you may well be looking for a suitable provider.1

What can OneFamily offer you?

Our team of experts at Every Investor, an independent third-party information portal, is focused on helping you narrow down the list of equity release companies in the UK that could meet your needs.

In This Article, You Will Discover:

    To present you with the latest and most valuable information, our articles are regularly updated, fact-checked, and quality-checked.

    Therefore:

    Who Offers the Lowest Rates in 2024?

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    Request a FREE call back & discover:

    • Who offers the LOWEST rates available on the market.
    • Who offers the HIGHEST release amount.
    • If you qualify for equity release.
    One Family Home Equity Plan

    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 OneFamily. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by OneFamily.

    How Can OneFamily Enhance Your Retirement Plans Through Equity Release?

    By leveraging OneFamily’s equity release schemes, retirees can unlock the value tied up in their homes, providing a significant boost to their financial freedom during retirement.

    This approach allows for a more comfortable lifestyle or the ability to pass on early inheritance, enhancing overall retirement planning.

    What Is Equity Release and How Does OneFamily Fit In?

    Equity release is a financial strategy for over 55s, allowing access to their home’s locked-in value without selling.

    It’s a practical option for supplementing income or funding retirement plans.

    This scheme is unique as it postpones loan repayment.

    The total debt, including interest, is settled from the property’s sale, usually occurring at the homeowner’s life change, like passing away or moving to care facilities.

    Read More: About Equity Release

    Why Is OneFamily the Top Equity Release Provider for Over 50s?

    OneFamily is a leading provider of equity release solutions in the UK with a track record of helping thousands of customers achieve their financial goals for more than forty years.

    It’s equity release advisors do not earn commission on sales and are members of the Equity Release Council (ERC).3 

    This positions them to act impartially and act in the best interests of customers.

    Why Consider OneFamily for Your Equity Release?

    OneFamily distinguishes itself in the equity release market with competitive interest rates, flexible withdrawal options, and personalised advisory services.

    Their tailored solutions are designed to meet the unique needs of each homeowner, ensuring a fit that enhances financial security and peace of mind.

    Who Are One Family and What Is Their Role in Equity Release?

    OneFamily is a leading financial services provider in the UK, offering products and services related to savings, insurance, and equity release.

    Established in 2014 through the merger of Engage Mutual and Family Investments, OneFamily has built a solid reputation for it’s commitment to customer satisfaction, transparency, and ethical practices. 2

    As a member-owned organisation, OneFamily reinvests it’s profits to optimise it’s products, services, and benefits to the advantage of it’s members.

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

    OneFamily recognizes the evolving financial needs of modern families, offering flexible solutions that cater to a wide range of circumstances.

    Beyond traditional equity release products, OneFamily provides innovative financial tools like intergenerational mortgages and child trust funds, addressing the needs of families at different life stages.

    Their approach emphasizes financial inclusivity and education, ensuring that families are well-equipped to make decisions that secure their financial future.

    By offering resources and support for financial planning, OneFamily empowers families to navigate the complexities of modern finance together.

    What Makes OneFamily’s Equity Release Options Stand Out?

    OneFamily’s equity release options are notable for their innovative features, such as the ability to make voluntary payments, a no-negative-equity guarantee, and a range of plan options that cater to different financial and lifestyle needs.

    Their commitment to customer satisfaction is evident through their transparent policies and bespoke service.

    What Services Make OneFamily a Leading Equity Release Firm?

    OneFamily offers a range of financial products and services.

    These include:

    • Children’s savings accounts.
    • Child trust funds for 16-year-olds and older.
    • Savings plans in the form of bonds for children and adults.
    • Life cover for those over 50.
    • Equity release advice.

    What Are OneFamily Equity Release Schemes for 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 OneFamily equity release involves a clear, step-by-step process designed with the customer’s ease in mind.

    Initially, potential applicants are encouraged to seek independent advice to understand the implications of equity release. Subsequently, interested parties can contact OneFamily directly or via an adviser to discuss their options.

    This is followed by a detailed application form, a property valuation to determine eligibility, and a formal offer. Upon acceptance, legal work is completed to finalize the agreement, culminating in the release of funds.

    Throughout the process, OneFamily provides support and guidance to ensure applicants make informed decisions.

    How Can OneFamily’s Equity Release Calculator Aid You?

    Yes, OneFamily does have an equity release calculator.8

    Alternatively, to answer your question, “How much can I borrow?”, you can use our Every Investor equity release calculator for an approximation of how much equity you can release.

    What Financial Implications Should You Consider with OneFamily Equity Release?

    When considering equity release with OneFamily, it’s essential to evaluate the potential impacts on your estate’s value, inheritance for your beneficiaries, and any tax implications that might arise.

    OneFamily provides detailed advice to help customers understand these aspects, ensuring informed decision-making that aligns with their financial goals and family circumstances.

    What Costs Can You Expect With OneFamily Equity Release?

    The costs associated with obtaining equity release through OneFamily depend on the type and amount of lifetime mortgage you choose, as well as the fees for advice, valuation, and legal services. 

    What Are OneFamily’s Interest Rates for Equity Release?

    Interest rates on plans offered through OneFamily Advice differ depending on the plan you opt for and factors such as your age and property value.

    Currently, OneFamily Lifetime Mortgages does not offer lifetime mortgages to new customers. Thus, rates for plans held by existing customers of the company are not made public.

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

    What Fees Are Involved in OneFamily Equity Releases?

    The costs associated with obtaining equity release through a OneFamily Advice advisor encompass standard elements like property appraisals and professional consultancy charges.

    The expenses tied to equity release:

    Valuation Fees – to proceed with equity release, it is imperative to obtain a valuation of your property. The equity release lender usually engages an independent third-party property surveyor to perform this duty, and you will be liable for the fee.

    Legal charges – securing your own legal counsel is a mandatory step in the equity release process, and the solicitor providing this service will also complete all legal paperwork on your behalf.

    Consultancy charges – expert financial advice is another requisite when you embark on the journey of equity release; this provision by the Financial Conduct Authority (FCA) ensures that you are appraised of the full implications of proceeding with the loan.

    Administrative fees – these are fees associated with the loan provider processing your application.

    On average, the fees associated with obtaining equity release range between £1,500 to £3,000.9

    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 is tax-free, providing a financial boost without immediate tax liabilities.

    However, if the money is invested, any income generated may be subject to taxation.

    Furthermore, equity release can affect the value of one’s estate and potential inheritance tax liabilities.

    OneFamily advises customers to consider these factors carefully and consult with a tax specialist to fully understand the implications of their equity release decision.

    How Does OneFamily Assure Safety and Compliance in Equity Release?

    OneFamily prioritises customer safety and regulatory compliance by adhering to the strict guidelines set by the Equity Release Council and the Financial Conduct Authority (FCA).

    These measures include clear communication, a no-negative-equity guarantee, and regular audits, all aimed at protecting the interests of those opting for equity release.

    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.

    Additionally, OneFamily undergoes regular audits and reviews to align with regulatory requirements set by the Financial Conduct Authority (FCA).

    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.

    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

    What Do Customers and Reviews Say About OneFamily Equity Release?

    Customer testimonials and independent reviews consistently highlight OneFamily’s equity release as positively impacting retirees’ financial well-being.

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

    What Are OneFamily Equity Release Reviews Saying?

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

    This is an impressive achievement considering that people often only leave a review when they are upset about a product or service.

    Based on the 2,000+ reviews on Trustpilot, OneFamily enjoys a rating of 4.6 out of 5 stars.10

    What Are the Benefits and Risks of One Family Equity Release?

    An equity release can be an effective tool for mature homeowners seeking additional finances.

    The primary benefits include access to a lump sum or regular income, the freedom to remain in your home, and the absence of monthly repayments.

    This financial solution offers flexibility, helping families navigate through retirement or unexpected costs.

    Nevertheless, the impact on inheritance and potential for escalating debt necessitates careful consideration.

    The risks of equity release are equally significant. It could reduce your estate’s value, possibly leaving little for your heirs.

    Increased interest rates over time can also lead to a larger debt than initially released.

    Additionally, it might affect your eligibility for means-tested benefits.

    While equity release can offer immediate financial relief, thorough consultation with an independent financial advisor is recommended to fully understand the potential implications.

    Common Questions

    Who Owns OneFamily and Their Impact on Equity Release?

    Is Investing With OneFamily Safe for Your Equity Release?

    What Are the Benefits of One Family Equity Release?

    Are There Any Risks Associated with One Family Equity Release?

    How Can I Apply for One Family Equity Release?

    Who Owns OneFamily?

    Is OneFamily Safe?

    Is OneFamily a Member of the Equity Release Council?

    How Can I Be Employed by OneFamily?

    In Conclusion: Is OneFamily Your Best Choice for Equity Release?

    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.

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