One Family Equity Release & Lifetime Mortgage Review in 2024

Are You Considering One Family Equity Release to Unlock Capital? Do You Want to Know About Its Schemes and Fees? Discover More Here.
  • Last Updated: 30 Jan 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

Key Takeaways

  • OneFamily, formed in 2014 from the merger of Engage Mutual and Family Investments, offers savings, insurance, and equity release services, prioritising customer satisfaction, transparency, and ethical practices.
  • OneFamily has been providing equity release solutions in the UK for over forty years, with non-commission-based advisors and members of the Equity Release Council, ensuring impartiality and customer-focused service.
  • The company offers various financial services, including children’s savings accounts, child trust funds, adult savings plans, life cover for over 50s, and equity release advice.
  • OneFamily Advice, a subsidiary, advises on equity release products from different providers, whilst OneFamily Lifetime Mortgages serviced existing lifetime mortgage plans until October 2022.
  • The costs for OneFamily’s equity release include advice, valuation, legal services, and administrative fees, with total costs typically ranging from £1,500 to £3,000.
  • Interest rates vary between 5.20% to 6.30%* based on the chosen plan and individual factors like age and property value.

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:

    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.

    Who Is OneFamily?

    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.

    What Is Equity Release About?

    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 Choose OneFamily?

    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.

    What Services Does OneFamily Offer?

    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.

    Does OneFamily Offer Equity Release or Lifetime Mortgages?

    OneFamily Advice, a subsidiary of OneFamily, offers financial advice on equity release products and helps customers secure equity release from a selection of different providers, depending on the applicant’s circumstances.

    Up until 19th October 2022, OneFamily Lifetime Mortgages, a subsidiary of OneFamily, offered lifetime mortgages. These products were, however, temporarily withdrawn from the market due to market instability that caused interest rates to skyrocket.4

    OneFamily Lifetime Mortgages still services plans held by customers who applied for and took out plans on or before the abovementioned date.

    OneFamily’s Equity Release Schemes

    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

    OneFamily’s Equity Release Scheme Features

    Although OneFamily does not currently offer any new equity release schemes of it's own, it's advisors actively seek notable features through partner lenders. 

    As members of the Equity Release Council, they exclusively recommend lenders who also hold this membership. This ensures that the lifetime mortgage you obtain will have several standardised features.

    These include:

    • The option to make penalty-free partial loan repayments mitigates the impact of compound interest and helps cut down on later-life borrowing costs.
    • The right to remain living in the home for life without the obligation to make repayments until you pass away or move into long-term care.
    • A fixed interest rate for life protects customers against interest rate rises.
    • A No-Negative Equity Guarantee, ensures customers will not ever owe more than the value of their home and makes it impossible to leave debt to beneficiaries or family members.7
    • The right to port the loan to another property as long as it meets the provider’s lending criteria.

    Does OneFamily Offer an Equity Release Calculator?

    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 Are the Costs Associated With Obtaining Equity Release Through OneFamily?

    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. 

    Interest Rates

    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.

    Fees

    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 Advantages and Disadvantages of Choosing OneFamily for Equity Release?

    No matter which advisor or provider you opt for, there are always advantages and disadvantages to be aware of before you take out equity release, and it is no different with OneFamily.

    Pros

    Here is a roundup of the pros you will benefit from when consulting OneFamily Advice for your equity release product.

    Take a look:

    • As a result of the wide range of providers OneFamily Advice partners with, you have access to a variety of flexible plans and interest structures.
    • You will always be assured that your plan comes with a ‘No-Negative Equity Guarantee'.
    • You will always have the option to make partial loan repayments.
    • The advice fee is fixed no matter the value of your property.

    Cons

    As with all financial decisions, the benefits need to be considered against the cons. 

    A the cons you should consider:

    • Your means-tested benefits could be impacted if you take out an equity release loan.
    • Under most circumstances, you will be liable for early repayment charges if you decide to repay the loan early.
    • The inheritance you will leave your loved ones will likely be greatly reduced because of the equity release loan, especially if no partial repayments are made during the loan term.
    • The cost of an equity release loan is steep in comparison to other loans, especially if you allow the interest to roll up.

    Discussing all of these points with a OneFamily advisor will help determine whether equity release is the right option for you and, if it is, which lender and plan best fits your needs. 

    What Do OneFamily’s Customers Think?

    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 if You Have a Complaint About OneFamily?

    Complaints related to products or services offered by OneFamily can be lodged by post, email, or phone.

    The relevant contact details.

    • In writing – your complaint can be sent in writing to 16-17, West Street, Brighton, BN1 2RL.
    • By email – you can email your complaint to customerservices@onefamily.com or complaints@onefamily.com.
    • By telephone – contact OneFamily on 0800 915 3033.

    Alternatively, you can voice your concerns on one of the popular review sites for them to attend to if you are unsuccessful with the above channels.

    What Are OneFamily’s FCA Details?

    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.

    Address

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

    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

    OneFamily Contact Number

    OneFamily’s contact number is 0800 169 4321.

    How Did We Review the Information on OneFamily?

    We reviewed the information on OneFamily by gathering essential facts and insights from OneFamily’s website, review platforms, and news sites. We then compiled this data into a user-friendly guide. 

    Note: This article is an unaffiliated, independent review of OneFamily.

    Common Questions

    Who Owns OneFamily?

    Is OneFamily Safe?

    Is OneFamily a Member of the Equity Release Council?

    How Can I Be Employed by OneFamily?

    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.

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