Prudential Equity Release: What to Know in 2024

Prudential does not have an equity release plan but offers a range of other financial products designed to support retirement planning. They provide options that ensure financial security without the need to release equity from your home, such as pensions and investment plans.
  • Last Updated: 17 May 2024
  • Fact Checked Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui
What Are the Features of Prudential Equity Release? Find Out if It Still Does Equity Release or Any Later-Life Lending Alternatives and What Its Customers Have to Say. Read On...
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Key Takeaways
  • Prudential doesn’t offer equity release but hones in on pensions and investments, allowing you to dive deep into various services, including annuities and bespoke retirement strategies.
  • Prudential’s forte lies in crafting nuanced retirement plans and pension fixes outside of the equity release field.
  • Eyeing equity release rather than it’s alternatives? Peek at lifetime mortgages from the likes of Legal & General or Aviva.

Are you wondering what is equity release and how it works? Considering equity release as a means to access a tax-free lump sum in retirement?

Choosing a provider can be the hardest part, especially as the market is constantly changing.

You may have heard about Prudential and may be wondering if they still offer equity release.

We have done the research for you and found out everything you need to know.

In This Article, You Will Discover:

    Keeping up with the changes in the equity release world can be daunting, that is why our team of experts spends hours every day making sure we provide the most current information.

    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.
    Prudential Home Equity Release

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

    Who Is Prudential in the World of Equity Release and Lifetime Mortgages?

    Prudential was formerly a prominent financial services company offering equity release and lifetime mortgages to homeowners seeking to unlock their property’s value. However, as of 2009, Prudential Financial Inc. has ceased offering equity release services.

    Who Is Prudential in the Context of Lifetime Mortgages and Equity Release?

    Prudential is a reputable UK-based financial services provider.

    Founded in 18481, to provide loans to professional and working people, their services extended to insurance, investments, and retirement security. However, it’s important to note that Prudential no longer offers equity release or lifetime mortgages.

    They are authorised and regulated in the UK by the Financial Conduct Authority (FCA) and have more than a century of experience in the industry.

    Prudential is a subsidiary of M&G Plc2.

    What Is the Concept of Equity Release With Prudential?

    For those over 55, equity release was a way to leverage the financial worth of their home equity through Prudential Financial Inc.

    It provided an opportunity to convert property equity into cash, without selling the home.

    However, Prudential no longer offers equity release services. The repayment of this financial approach typically involved deferred repayment, fulfilled from the property’s subsequent sale, often after the homeowner’s critical life developments.

    Who Was Eligible for Prudential Lifetime Mortgages?

    Previously, to be eligible for a Prudential Lifetime Mortgage, individuals had to be at least 55 years old, own a property in the UK, and meet Prudential’s minimum property value criteria.

    The amount of equity that could be released depended on the applicant’s age and the home’s value.

    This product was designed for homeowners looking to supplement their retirement income, make home improvements, or provide financial help to family members. However, Prudential no longer offers lifetime mortgages.

    Why Consider Prudential for Your Financial Needs?

    Considering Prudential for financial solutions offers the advantage of dealing with an established provider known for reliable services. However, it’s important to note that Prudential no longer offers equity release services.

    Why Should You Consider Prudential Your Financial Needs?

    You should consider Prudential because:

    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA)3.
    • It offers a selection of financial services

    What Services Does Prudential Offer?

    Prudential offers the following services:

    • Pensions and retirement
    • Savings and Investments
    • Insurance

    Does Prudential Offer Equity Release or Lifetime Mortgages?

    No, Prudential no longer offers equity release.

    It did offer lump sum and drawdown lifetime mortgages between 2005 and 2010 but no longer considers additional borrowing or new plans.

    If you are an existing Prudential customer who took out a drawdown equity release scheme you can still contact Prudential to claim your funds, without the need for further financial or legal advice.

    What Are the Benefits and Drawbacks of Choosing Prudential for Equity Release?

    Previously, the benefits of choosing Prudential for equity release included experienced advice and access to secure financial products. However, it’s important to note that Prudential no longer offers equity release services.

    Some potential drawbacks of equity release with any provider may include the impact on inheritance and estate value.

    What Are the Advantages of Prudential’s Financial Products?

    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA).
    • It has more than a decade of industry experience.
    • Your lifetime mortgage is transferrable. 

    What Are the Disadvantages of Prudential’s Financial Products?

    • Reduced assets and inheritance when opting for equity release.
    • Penalty charges apply for early repayment.
    • It no longer offers equity release.

    How Does Prudential Compare to Other Equity Release Providers?

    Prudential stands out for its long-standing reputation and commitment to providing tailored financial solutions, although they no longer offer equity release.

    Compared to other providers, Prudential offers competitive interest rates and flexible repayment options that cater to a wide range of needs.

    Their customer service is focused on transparency and supporting clients through every step of the process, setting them apart in the financial services market.

    What Do Customers and Reviews Say About Prudential’s Equity Release Services?

    Customer reviews of Prudential’s equity release services often highlight their professional advice, customer service, and transparent product details.

    What Do Customers Say About Prudential Equity Release?

    Prudential customer reviews have been quite mixed.

    However, Prudential has been applauded for its customer service and flexibility.

    What it’s customers have said:

    What Are Common Complaints About Prudential’s Financial Services?

    Prudential complaints can be directed to the team directly on the messaging service online.

    There is also the option to send a letter to the customer relations unit.

    Alternatively, you can contact Prudential by telephone to lodge a complaint.

    Many people have also turned to popular review sites to voice their concerns.

    Prudential is committed to attempting to resolve any issues you may have at it’s earliest convenience.

    How Was Prudential’s Equity Release Information Reviewed?

    We reviewed the information on Prudential based on it’s regulatory obligations, online facts, and services.

    The FCA has strict guidelines for financial service providers to adhere to.

    NOTE: This article is an unaffiliated, independent, third-party, review of Prudential.

    Understanding the Fine Print: Redemption Process, Tools, and Regulatory Compliance with Prudential

    Understanding Prudential’s fine print requires attention to the redemption process, available tools for planning, and their compliance with regulatory standards.

    What Is the Redemption Process for Prudential Lifetime Mortgages?

    Redeeming your Prudential Lifetime Mortgage typically occurs when you sell your home, move into long-term care, or pass away.

    The mortgage, along with any accrued interest, is repaid from the sale proceeds of your home.

    If you wish to repay early, you may face early repayment charges depending on your mortgage terms.

    It’s important to understand these details upfront to make informed decisions about your financial future.

    Does Prudential Have An Equity Release Calculator?

    No, Prudential does not have an equity release calculator.

    If you are looking for an equity release calculator, use the one below to see approximately how much equity you could release from your home.

    What Is the FCA Address for Prudential Equity Release?

    10, Fenchurch Avenue, London, EC3M 5AG, UK.

    What Are Prudential’s Trading Names in Equity Release?

    Prudential is the trading name of Prudential Distribution Limited.

    What Equity Release Services Are Permitted by Prudential’s FCA Registration?

    • Savings
    • Investments
    • Insurance

    Who Regulates Prudential Equity Release Services?

    • Financial Conduct Authority (FCA) 
    • Prudential Regulation Authority (PRA)

    What Are the FCA Registration Numbers for Prudential Equity Release?

    • FCA Ref Number: 139793
    • Companies House Number: 00015454

    What Are Prudential’s FCA Links for Equity Release?

    How Can You Contact Prudential for Equity Release Inquiries?

    Prudential’s contact number is 0800 000 000.

    Frequently Asked Questions About Prudential Equity Release

    Is Prudential Part of the Equity Release Council?

    Does Prudential Offer Equity Release Services?

    How Safe Is Prudential for Financial Services?

    How Does Prudential Define Equity Release in the UK?

    How Is Prudential’s Equity Release Tailored for Those Over 65?

    Evaluating the Pros and Cons of Prudential Equity Release

    What Risks Are Involved With Prudential’s Equity Release?

    Concluding Thoughts on Prudential Equity

    While we can not deny that Prudential has a great track record in the finance industry, it is unfortunately not an option for equity release.

    It’s years of industry experience and it’s regulatory status, provide reassurance regarding the services it does offer.

    If you have decided that equity release is an option you would like to pursue, then get in touch with an experienced equity release adviser to help you with the process and help you choose from the equity release companies in the UK.

    Unfortunately, Prudential is not an equity release match.

    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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