Responsible Life Equity Release & Lifetime Mortgage Review in 2024

Is Responsible Life’s Equity Release the Best Option for You? Discover Its Pros, Cons, Fees, Interest Rates and Scheme Features. Find Out More Here…
  • Last Updated: 01 Feb 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

  • Responsible Life equity release is a financial product that allows homeowners aged 55 and over to unlock tax-free cash from the value of their property.
  • The scheme operates by providing a loan against the value of your home, which is repaid when you pass away or move into long-term care.
  • With its membership in the equity release Council and adherence to their stringent standards, Responsible Life equity release is generally considered safe for seniors.
  • Advantages include access to tax-free cash and no monthly repayments, while potential downsides include a reduction in your estate value and potential impact on means-tested benefits.
  • To apply, you can directly contact the company, fill out an application form, and undergo a financial assessment."

Could Responsible Life's equity release products help you fund your retirement?

More and more homeowners are starting to make the most of their previously inaccessible property wealth with equity release products.

While it is great to have a wide variety of plans to compare in order to obtain the best value equity release, the fact that there are many options can make the whole process quite daunting.

The good news is that it does not have to be.

This article on Responsible Life will help you decide if it is the right provider for you, and reading our summary may save you time and money.

In This Article, You Will Discover:

    At Every Investor, our research team has spent countless hours reviewing equity release information and putting it together in an easy-to-use format.

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

    Who Is Responsible Life?

    Responsible Life is an equity release specialist which prides itself on having developed a range of lifetime mortgages to suit a host of later-life borrowing needs.

    With offices in Plymouth, it is well established and is backed by Rothesay Life, a reputable UK-based insurer.

    In 2021, the Royal London Mutual Insurance Society Ltd, acquired a 30% stake in the Responsible Group (which includes Responsible Life).1

    What Is Home Equity Release In The UK?

    For individuals over 55, home equity release in the UK offers a way to utilize the value of their home for financial gains, without the need to sell.

    It's a method to convert property equity into accessible funds. The repayment model of equity release is distinct.

    The loan amount, with interest, is paid back from the proceeds of the home's sale, typically after the homeowner dies or enters long-term care, preserving financial stability during their lifetime.

    What Is the Process for Taking Out a Responsible Life Equity Release?

    Embarking on the journey of taking out a Responsible Life equity release is a process that demands careful consideration.

    As experienced professionals, we guide you through every step, starting with the initial financial consultation where we assess your financial circumstances and your property’s equity.

    After ensuring your understanding and comfort with the scheme, we then move on to having a specialist solicitor review the plan.

    The solicitor's role is to facilitate the legal work involved, ensuring that your best interests are advocated for.

    Once the legalities are squared away, a surveyor assesses your property's value, which directly impacts the amount of equity you can release.

    Finally, after your approval of the provided figures, the equity release process is completed.

    Always remember, it's paramount to take this decision carefully as it will affect your estate's value and potentially your entitlement to means-tested benefits.

    Why You Could Consider Responsible Life

    You could consider Responsible Life if you are looking into equity release because it is a specialist later-life mortgage lender focused on the over-55s.

    It is also a member of the Equity Release Council and is authorised and regulated in the UK by the Financial Conduct Authority.

    Furthermore, Responsible Life's lifetime mortgages are exclusively available through financial advisors to ensure your financial needs are looked after during your equity release application.

    What Services Does Responsible Life Offer?

    Responsible Life offers equity release services in the form of specialised flexible lifetime mortgages to those over 55.

    It's plans are available through your financial advisor.

    Responsible Life focuses on lifetime mortgages and does not offer home reversion as part of its portfolio.

    Does Responsible Life Offer Equity Release or Lifetime Mortgages?

    Yes, Responsible Life offers equity release.

    It has a range of flexible lump-sum and drawdown lifetime mortgages available to over-55s who own homes in the UK.

    Responsible Life’s Equity Release Schemes

    Responsible Life offers a variety of equity release schemes, all in the form of lifetime mortgages.

    The schemes available:2

    • Lump Sum Lifetime Mortgage
    • Drawdown Lifetime Mortgage
    • Fee Paid Lifetime Mortgage
    • Premier Lifetime Mortgages

    More information:

    Lump Sum Lifetime Mortgage

    This plan gives you access to your home’s capital as a one-off tax-free lump sum. It is great if you need access to cash quickly and do not plan on drawing more in the future.

    Drawdown Lifetime Mortgage

    The drawdown plan will pay out a lower lump sum and will hold the rest of your approved value in reserve to withdraw as needed.

    Fee-paid Lifetime Mortgages

    Fee-paid lifetime mortgages are available as both a lump sum plan and a drawdown plan.

    For a low fee of £500, you will guarantee a lower interest rate on your initial lump sum and further withdrawals.

    Premier Lifetime Mortgages

    This range of premier lifetime mortgages is designed for properties with a market value higher than £2mln.

    Each property is considered on its individual merits. The minimum loan value is £100,000, and the maximum is £2mln.

    There is both a drawdown and a lump sum option.

    *The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions.

    Responsible Life’s Equity Release Scheme Features

    Responsible Life’s equity release scheme features are very flexible and include fixed early repayment charges.

    What is more, all plans from Responsible Life come with a no negative equity guarantee. Your interest rate will be fixed for life from inception, and you can make voluntary repayments.

    To qualify for the range of lifetime mortgages from Responsible Life, you will need to meet specific criteria, such as being over 55.

    Releasing equity with a Lifetime Mortgage will also guarantee that you retain 100% homeownership and can continue living there for as long as it remains your primary residence.3

    More details:

    • You must own your property.
    • The home needs to be located in the UK.
    • It must be your primary residence.
    • The upper age limit is 84.5; however, you can be a joint applicant if the younger applicant meets the criteria.
    • The minimum property value is £125,000, and if your home is a former local authority property, then it must be valued at a minimum of £150,000.
    • The minimum borrowing value is £10,000, with a minimum of £100,000 on the premier range of products.

    What Are Responsible Life’s Equity Release Interest Rates?

    The interest rate on a Responsible Life equity release plan will be calculated on a case-by-case basis and will depend on your age, property value, and mortgage type. 

    Equity release interest rates currently range from 5.20% to 6.30%* (AER), depending on the provider.

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

    What Are Responsible Life’s Fees?

    Responsible Life charges a once-off £500 fee for its fee-paid lifetime mortgage.

    As its products are only available through a financial adviser, you will more than likely pay your adviser’s fees.

    Other fees you need to cover when taking a lifetime mortgage include:

    • Arrangement fees.
    • Application fees (if relevant).
    • Valuation fees.
    • Solicitor’s fees.
    • Closing fees.

    These fees normally total anywhere between £1,500 and £3,000*.

    *While we regularly review our fees information, this may have changed since our last update.

    Does Responsible Life Have an Equity Release Calculator?

    No, Responsible Life does not have an equity release calculator.

    If your are looking for an equity release calculator, why not use ours below for an approximation of the equity you could release:

    What Are The Advantages and Disadvantages of Using Responsible Life?

    Using Responsible Life has advantages and disadvantages including the fact that the company has various lifetime mortgage options to choose from and the fact that the company does not offer home reversion plans.

    A deeper look:

    Responsible Life Pros

    Responsible Life pros include that it offers a no-negative equity guarantee.

    More details:

    • Responsible Life is a member of the Equity Release Council.
    • It offers lifetime mortgage products with a fixed early repayment fee and a fixed interest rate from inception.
    • It's premier range of products is available for homes with a value higher than £2mln.
    • It offers both a lump sum and a drawdown option on it's products.
    • For a one-off fee of £500, you can guarantee a lower interest rate from inception.

    Responsible Life Cons

    The cons of Responsible Life include that it only has two main kinds of equity release plans on offer, namely lump sum and drawdown mortgages with variations.

    More details:

    • There are no flexible or enhanced mortgage products available.
    • It does not offer a home reversion plan.
    • The minimum property value of £125,000 is higher than other lenders, who sometimes demand a minimum value of £70,000.
    • Equity Release will impact the amount of inheritance you can leave.
    • Equity Release will impact your entitlement to means-tested benefits now or in the future.

    How Did We Review the Information on Responsible Life?

    Our team of experts gathered all relevant data on Responsible Life and compiled this comprehensive summary.

    Customer Reviews

    Responsible Life does not have many online customer reviews as it's products are offered via financial advisers only.

    Customer Complaints

    If you wish to lodge a complaint with Responsible Life, you can do so by contacting the company.

    It does not have a specific complaints process listed on it's public website; however, your financial adviser will be able to give you more specifics.

    You can contact the company in the following ways:

    • By email - info@responsiblelife.co.uk
    • By telephone - 0808 168 1021

    Responsible Life FCA Details

    Trading Names:

    • Your choice Equity Release
    • Telegraph Equity Release
    • Responsible Estate Planning
    • Readers Digest Equity Release
    • Responsible Mortgages
    • Mortgages from Responsible Life
    • HNW Lifetime Mortgages
    • Trust in Equity Release
    • Responsible Equity Release
    • Retiredom
    • Responsible Life Limited

    FCA Permitted Services

    • Mortgages and Home Finance Services
    • Insurance
    • Consumer Credit

    Regulators 

    Financial Conduct Authority (FCA)

    Registration Numbers

    • FCA Ref Number: 610205
    • Companies House Number: 07162252

    FCA and Companies House Link

    Responsible Life Contact Number and Address

    • +44 0808 168 1021
    • info@responsiblelife.co.uk
    • Unit 11, 4a, Royal William Yard, Plymouth, PL1 3GE.

    Common Questions

    What Is Responsible Life Equity Release?

    How Does Responsible Life Equity Release Work?

    Is Responsible Life Equity Release Safe for Seniors?

    What Are the Pros and Cons of Responsible Life Equity Release?

    How Can I Apply for Responsible Life Equity Release?

    Is Responsible Life a Member of the Equity Release Council?

    Who Owns Responsible Life?

    Are You Looking For a Job at Responsible Life?

    Does Responsible Life Offer Equity Release?

    Is Responsible Life's Equity Release Safe?

    In Conclusion

    Should you be in the market for an equity release product and provider, Responsible Life could be a good option for you.

    It's products are flexible and cater to a varied clientele in the later-life mortgage space.

    It is always best to obtain advice from your financial adviser before making any decisions about Responsible Life equity release.

    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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