Sun Life Equity Release & Lifetime Mortgage Review in 2024

Are You Considering SunLife Equity Release? Discover the Pros, Cons and How Much Equity You Can Release With SunLife. We have Got All the Answers You Need Right 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

  • SunLife caters to individuals aged 50+ with affordable financial solutions and has been active since 1810, offering plans for over 50s since 1979.
  • SunLife provides an online equity release calculator on its official website, enabling potential customers to estimate the amount they could release from their home.
  • The review of SunLife included various benchmarks such as the diversity and quality of equity release offerings, standard and pricing of advisory services, customer feedback, company standing, and adherence to Financial Conduct Authority standards.
  • SunLife charges market-related fees for equity release, with average costs ranging between £1,500 to £3,000.
  • SunLife allows customers to release between 20% and 60% of their property's value through equity release, with the borrowed amount depending on the homeowner's age and property value​​​​​​​​​​.
  • Currently, equity release rates are between 5.20% to 6.30%*

Could you be among the numerous UK customers who have tapped into their property wealth with SunLife equity release?

Choosing the right equity release lenders can be a huge challenge, especially with so many excellent options on the market.

Without this essential information, you could end up missing out on a life-changing opportunity.

In This Article, You Will Discover:

    We have put together an accurate guide by analysing plans offered by the entire UK equity release industry, showcasing the safest equity release lenders in the industry.

    Is SunLife one of them?

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

    Who Is Sun Life?

    Sun Life is a distinguished financial services company, established in 1865, specializing in life insurance and retirement planning.

    Their long-standing presence in the UK financial market has cemented their reputation, particularly among those preparing for retirement.

    Their focus on the over-50s demographic stands out, offering tailored products such as life insurance and equity release.

    This specialization makes Sun Life a notable option for individuals seeking financial stability in their later years.

    What Is Equity Release?

    Equity release lets those over 55 tap into their home's value without moving.

    Homeowners can unlock a portion of their property's equity, providing a lump sum or regular payments.

    This financial option defers repayment until the home is sold, usually when the homeowner passes away or enters care.

    The debt includes the original amount plus accrued interest.

    Learn More: Equity Release Mortgages Explained

    An Introduction to SunLife

    SunLife offers affordable financial solutions, catering specifically to those aged 50+.

    SunLife opened it's first offices opposite The Bank of England in 1810 and started offering plans for over 50’s in 19791.

    SunLife is authorised and regulated in the UK by the Financial Conduct Authority (FCA), with access to both the Financial Services Compensation Scheme and the Data and Marketing Association.

    Are You Looking for the SunLife Equity Release Calculator?

    If you are looking for the SunLife Equity Release Calculator, you can find it on the official SunLife website under their equity release section.

    This online tool will allow you to estimate the potential amount you could release from your home.

    Remember, it is always a good idea to consult a financial adviser to understand the details and implications of any equity release product.

    Before anything else, why not try our simple calculator below for an approximation of how much equity you could release?

    How Did We Review the Information on SunLife?

    We evaluated SunLife using various benchmarks, including:

    • The diversity and excellence of their equity release offerings
    • The standard and pricing of their advisory services
    • Feedback and ratings from customers
    • The company's standing and years of expertise
    • Adherence to the standards set by the Financial Conduct Authority.

    Additionally, we compared SunLife against other market players to gauge it's competitiveness regarding interest rates, charges, attributes, and adaptability.

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

    SunLife Customer Reviews

    To find out what SunLife customers have to say, have a look at the reviews on these sites:

    SunLife Equity Release Complaints

    While SunLife strives to provide the best service, some customers have had issues. Most complaints revolve around communication delays, but SunLife typically addresses them promptly.

    If you are unhappy with SunLife and would like to make a complaint, the best way to do so is to reach out directly on it's website.

    An alternative option is to leave a review on a platform like Trustpilot, and its customer service team will promptly get in touch to help.

    SunLife Equity Release Interest Rates

    The interest rate you will be able to secure depends on the type of scheme you select, your personal circumstances, and market conditions.

    Depending on your situation, equity release interest rates can range from 5.20% to 6.30%*.

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

    What Are SunLife Fees?

    The fees that SunLife charges are market-related equity release fees.

    On average, equity release fees are £1,500 to £3,000.2

    It may also offer you a free valuation; however, sometimes providers charge for this depending on your plan.

    Does SunLife Offer Lifetime Mortgages and Home Reversion Schemes?

    No, SunLife is limited to lifetime mortgage plans.

    With a lifetime mortgage, you will retain ownership of your property, as well as the right to live there for the rest of your life.

    Learn more about lifetime mortgages and home reversion schemes.

    What Are the Other Services Offered by SunLife?

    Besides equity release, SunLife offers funeral plans and life insurance for those over 50 and 60 years of age respectively.

    What Is the Maximum Amount of Equity I can Receive with SunLife?

    With SunLife, you can release between 20% and 60% of your property through equity release.3

    The amount that you borrow will depend on your age and the value of your home.

    To get an overview of the best plan for your personal circumstances, it is best to discuss your options with a qualified equity release advisor or broker.

    What Are the Pros and Cons of Equity Release with SunLife?

    The main pro of equity release with SunLife is that no monthly repayments are required.

    The main con of equity release with SunLife is that it's website has limited information about the plans it provides, so you will need to contact them for more information.

    More pros and cons:

    Equity Release With SunLife Pros

    • The cash you unlock is tax-free.
    • You can stay in your home until you pass away or enter long-term care.
    • The ‘no negative equity guarantee' means you will not leave your family with debt.
    • You can ring-fence a portion of your estate as inheritance protection.

    Equity Release With SunLife Cons

    • Interest is added annually and can compound quickly.
    • Your family’s inheritance will be reduced.
    • Releasing equity may impact your tax benefits and means-tested benefits.
    • It charges fees, but these can be covered with the money you unlock.

    Interesting read: Is Equity Release Safe in Feb 2024?

    SunLife Equity Release Products

    SunLife allows you to access the equity in your house through a lifetime mortgage, only if you have a little or no mortgage left.

    To be eligible for an equity release program with SunLife, you must be at least 55 years old and own property worth a minimum of £70,000.

    Why Should I Consider SunLife?

    You should consider SunLife because it is an award-winning financial institution for over 50-year-olds.

    Ask your financial adviser about SunLife to see if it is the best institution for you and your family.

    FCA Details

    Regulators

    • Financial Conduct Authority (FCA)4
    • Prudential Regulation Authority (PRA)5

    Registration Numbers

    • FCA Reference Number: 769427

    FCA and Companies House Link

    SunLife Contact Number

    • 0800 633 55 66
    • contactus@sunlife.co.uk
    • Sun Life, 1, Wythall Green Way, Wythall, Birmingham, B47 6WG.

    Common Questions

    Is SunLife a Member of the Equity Release Council?

    Who Owns SunLife?

    Can I Apply for a Job at SunLife?

    Does SunLife Offer Equity Release?

    Is SunLife Safe?

    In Conclusion

    SunLife's equity release offerings present a compelling option for UK homeowners aiming to unlock the value of their homes.

    It's dedication to customer service, coupled with a comprehensive range of products, positions it as a trusted name in the equity release sector.

    It's credibility, built over years of consistent service and adherence to industry standards, speaks volumes.

    If your are a homeowner looking for later-life lending options, it may be worthwhile considering equity release with SunLife, but always in consultation with a financial expert to ensure the best fit for your individual circumstances.

    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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