It is likely you are familiar with Barclays and are wondering if it offers equity release or products like it.

With the sector reaching the £6.2bln mark in 2022,¹ equity release is a popular financial product, and a lot of people are wondering who is the best equity release company.

Barclays Equity Release Review: Can They Help You in 2025?

As of 2025, Barclays does not offer equity release products directly. Instead, the bank focuses on providing traditional mortgage solutions and comprehensive financial planning services for retirees. However, many homeowners approaching retirement may still look to Barclays for guidance on unlocking the value of their property. While Barclays does not have an in-house equity release scheme, it often refers clients to specialist providers such as Legal & General, Aviva, or Canada Life. These providers offer a range of lifetime mortgages and home reversion plans, which allow older homeowners to access their property's value without the need to move.

For individuals considering equity release, it is crucial to understand how Barclays' financial products can fit into their overall retirement strategy. This review explores Barclays' mortgage solutions for retirees, available alternatives for equity release, customer feedback, and key factors to consider before making a decision.

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Barclays' Mortgage Solutions for Retirees

While Barclays does not provide equity release products, it does offer mortgage options tailored for retirees that can serve as alternatives. One of the most popular options is the Retirement Interest-Only (RIO) Mortgage. This product allows older homeowners to borrow against their property's value while making monthly interest payments. Unlike traditional mortgages, the principal remains unchanged, and the loan is typically repaid when the homeowner sells the property, moves into long-term care, or passes away.

This option is suitable for retirees who want to free up cash without reducing their estate's value significantly. The main advantage of an RIO mortgage is that it avoids the issue of compound interest accumulating over time, which is a common concern with lifetime mortgages. Barclays also offers later-life remortgaging options, allowing homeowners to switch to more favourable terms if their financial situation changes. These products can be useful for individuals looking to consolidate debt or secure a lower interest rate on their existing mortgage.

Additionally, Barclays provides standard mortgage products that some retirees may qualify for, depending on their income and financial circumstances. The bank’s mortgage advisors offer personalised guidance to help clients determine the best solution for their needs. While these products differ from equity release, they still provide options for accessing home equity while maintaining financial stability in retirement.

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Alternatives to Barclays for Equity Release

For those specifically seeking equity release options, several reputable providers offer competitive products. These include:

• Aviva: Known for its flexible repayment options and competitive interest rates, Aviva’s lifetime mortgage products allow customers to make voluntary repayments to manage the loan balance over time.
• Canada Life: Offers a variety of plans, including enhanced equity release options for individuals with specific health conditions, which may allow them to unlock more equity.
• Legal & General: Recognized for its comprehensive equity release solutions, Legal & General provides lifetime mortgages with flexible drawdown options to suit different financial needs.
• More2Life: A specialist in equity release, More2Life provides tailored plans for homeowners looking to access property wealth while retaining control over their estate.
• Pure Retirement: Offers straightforward and accessible equity release plans with competitive terms for retirees.

These providers have established themselves as key players in the UK market, each offering unique products and services to meet diverse customer requirements. For retirees considering equity release, comparing these options and consulting with a financial advisor is highly recommended.

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Customer Feedback on Barclays' Services

Customers have praised Barclays for its competitive interest rates and flexible repayment options, particularly for later-life mortgages. Many retirees appreciate the straightforward approach Barclays takes in helping them navigate their financial options. The bank’s mortgage advisors are frequently highlighted for their prompt and professional service, ensuring that clients fully understand their choices before committing to a mortgage plan.

However, some clients have expressed concerns over the complexity of certain mortgage products, particularly regarding early repayment charges and the impact on inheritance. While Barclays does not offer equity release, some customers have indicated that clearer guidance on this subject would be beneficial. Others have noted that Barclays' referral system to third-party equity release providers can sometimes feel disjointed, leading to additional research and effort on the homeowner’s part.

Overall, Barclays maintains a strong reputation for transparency and customer service, but individuals seeking equity release may need to look elsewhere for specialised solutions.

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Key Considerations Before Choosing Equity Release

Before committing to equity release, retirees should weigh several important factors:

1. Long-Term Financial Impact: Equity release can significantly reduce the value of an estate, affecting inheritance plans. It is essential to discuss this with family members and consider all alternatives.
2. Interest Accumulation: Unlike standard mortgages, equity release products often involve compound interest, which can rapidly increase the loan amount.
3. Eligibility Criteria: Age, property value, and financial health all influence the amount that can be borrowed.
4. Alternative Solutions: Exploring options such as RIO mortgages, downsizing, or government-backed schemes may offer better financial outcomes.
5. Professional Advice: Consulting with an independent financial advisor ensures that retirees fully understand the implications and select the most suitable plan for their needs.

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The Role of Financial Advisors in Equity Release

Given the complexity of equity release and later-life financial planning, seeking guidance from a qualified financial advisor is highly recommended. An experienced advisor can help retirees compare different equity release plans, understand the fine print, and determine whether Barclays' alternative mortgage products are a better fit.

Financial advisors also assist in assessing the long-term affordability of an equity release plan, factoring in potential changes in income, healthcare needs, and inflation. Many advisors work independently and can offer unbiased comparisons between Barclays' financial solutions and those of specialist equity release providers.

Choosing the right financial strategy for retirement is a crucial decision, and professional guidance ensures that individuals make informed choices that align with their personal and financial goals.

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Conclusion

While Barclays does not offer direct equity release products as of 2025, it provides valuable financial planning services and mortgage solutions for retirees. Those interested in equity release should explore specialised providers like Aviva, Canada Life, or Legal & General, which offer comprehensive plans tailored to different financial needs.

For retirees looking to access home equity while maintaining control over their estate, Barclays' Retirement Interest-Only Mortgage and later-life remortgaging options present viable alternatives. However, understanding the long-term financial implications of any decision is crucial. Consulting with an independent financial advisor is the best way to ensure that retirees choose a solution that aligns with their needs and financial well-being.

By thoroughly evaluating all available options, retirees can make an informed choice that supports their lifestyle and legacy.