Best Equity Release Companies
(Rated from 181 customer reviews)

Best Equity Release Companies

The Best Equity Release Companies Reviewed & Compared

I think you will agree with me when I say:

It’s challenging trying to find the equity release company that perfectly suits your needs!

Or is it?

Well, it turns out, that after years and thousands of hours researching; 50 lender considerations, 300 consumer and five expert consultations, we have defined opinions on what classifies an equity release company as perfect: favourable interest rates, A+ customer reviews, and wide-ranging deals.

Nationwide Equity Release Company is the best overall equity release plan provider; it has all the listed features, and it has a clean edge over its competition. James Woods, one of the company’s loyal clients, took out a lifetime mortgage plan with the company two years ago, and he accredits his financial capability and hassle-free retirement with Nationwide.

He loves the fact that Nationwide has an A+ customer review rating and that it’s a certified member of the ERC, so he is safeguarded by the Council’s statement and principles. It’s also one of the highest-rated equity release lenders and offers affordable interest rates, the ‘no negative guarantee scheme’ and flexible lifetime mortgage schemes like the voluntary payments plan. He has vowed to continue using the company’s services and regrets anytime he wasted considering other equity release providers.

So, if you want to register and get your lifetime mortgage or home reversion plan from a reliable and convenient source, one that offers you reasonable fees and flexible terms, and a company that has top-notch credentials and an excellent reputation, make sure get the best equity release quotes from these top ten equity release plan providers.

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Best Equity Release Companies – Comparing Equity Release Plan Providers

Are you property rich but cash flow tight? Well, if you are, you’ll appreciate how vital it’s to have money in place and the freedom to fulfill your dreams and needs.

However, if you don’t have a solid plan, living comfortably and actualising those dreams seems like a fantasy. That’s where equity release comes in handy.

An equity release plan enables homeowners over the age of 55 to unlock the value in their estate by converting it into a cash lump sum or regular income. These plans don’t require you to make any monthly repayments and allow you to continue owning and living in your home until you breathe your last breath, or move into permanent care. Only then is the lifetime mortgage plan customarily repaid from the sale of your residence.

Given how long they run for, you need to make an informed decision on the company that will help you with the process. You have to ensure that they give you the best equity release plan for your circumstances and you can only achieve that through a thorough comparison of the plan providers across the market to find the most favourable rate.

The Best Equity Plan Providers in 2019

With more than fifteen equity release companies including banks on the market, coming to a final decision on the company that represents your needs best can be confusing; especially with each of them offering slightly different services and interest rates.

Some providers may impose a higher age limit than the industry minimum standard; others will have high interest rates and fees, while others can only allow you to release a fixed amount of equity. So, when you put some of these issues into consideration, you can agree that it’s vital to compare them to find the ideal one.

That said, here is a guide on the best equity release plan providers. Hopefully, you will find one that will cater to your needs.

Top 10 Equity Release Scheme Providers

1. Age Partnership

Age

Age Partnership Equity Release was developed in 2004, and it offers a tailored range of equity release products. It has a 97% trust score in various independent review sites, and it has won several awards inclusive of ‘The Best Equity Release Advisor Customer Service Highly Commended Award’ in 2017.

The FCA regulates the company’s equity release plans, and they heed to the statements and principles stipulated by the Equity Release Council.

Age Partnership Options

Age Partnership Equity Release is an efficient equity release brokering company that compares equity release throughout the market as opposed to offering you a single lifetime mortgage product, like most companies.

Due to Age Partnership’s prominent position in the equity release market, it has a preferential rates agreement with leading plan providers; rates that may not be directly accessible to you or through IFA’s.

Thus, by using their services, it means that you’re eligible to:

  • Preferential low lifetime mortgage rates that can save you thousands of capital in terms of interest
  • Cash bonuses
  • Free estate valuations

Since they compare equity release products across the market, their services include, but is not limited to:

  • LV
  • Legal & General
  • Hodge Lifetime
  • Aviva
  • Just Retirement
  • Pure Retirement
  • More 2 Life

Other Features and Qualification Considerations

  • Minimum Age Limit: 55 years
  • Maximum Age Limit: 95 years
  • Interest Rates Offered: Preferential Low Lifetime Mortgage Rates
  • Customer Review Ratings: A++
  • Special Features: No Negative Equity Guarantee 

If you need more information on AGE Partnership, use our calculator and see how much you can release.

2. Nationwide

It offers you a whole range of products – ensuring you receive the best equity release interest rates, incentives, and cash back options.

The FCA (Financial Conduct Authority) regulates the Nationwide equity release plans, and they’re certified members of the Equity Release Council, which means they have voluntarily agreed to abide by the codes of their membership.

Nationwide Options

The company offers a wide range of flexible lifetime mortgage options that still pays out an initial lump sum of equity. However, it also provides you with the choice to have a cash reserve facility that provides you with easy access to your capital and does not affect your means-tested benefits.

It’s a more cost-effective option since you only get to pay interest on the cash you withdraw and not the one in reserve.

The minimum initial loan with this plan is £10,000, with a minimum of £5,000 in the cash reserve.

Nationwide also offers more favourable interest rates depending on your health records and lifestyle conditions.

Other Features and Qualification Requirements

  • Minimum Amount of Equity Offered: £10,000
  • Maximum Amount of Equity Offered: £460,000
  • Minimum Age Limit: 55 years
  • Maximum Age Limit: 85 years
  • Interest Rates Offered: Depends on how risky the loan is, but for the early repayment plan, it’s 6%
  • Customer Review Ratings: A+
  • Special Features:
    • No Negative Equity Guarantee 
    • Inheritance Protection Guarantee
    • Voluntary Partial Repayment 

If you need more information on Nationwide, need to use our calculator and see how much you can release.

3. Legal & General

Legal & General (L&G) Equity Release is one of the world’s largest equity release plan providers and one of the UK’s leading pension fund asset managers.

As a certified member of the Equity Release Council, it abides by their guidelines and codes, and it endorses the ‘no negative equity guarantee.’ The FCA also regulates its services, and the company has won several awards.

L & G Options

There are two varieties of the L&G Equity Release plans. They include the:

  • Flexible Lifetime Mortgages
  • Premier Flexible Lifetime Mortgage

The Flexible Lifetime Mortgage offers you a chance to borrow money as either a single tax-free cash lump sum or in smaller amounts (drawdowns).

The minimum you can borrow with this plan is £10,000, and the maximum will be dependent on your age and value of your estate. You can also opt to drawdown a minimum of £2,000 at any time with no fees. You will only be charged the interest rate at the time of the withdrawal; not your original application. It also comes with the ‘no negative guarantee,’ and it gives the freedom to choose the inheritance protection option at no extra costs.

With this plan, you can be sure that your family will have something left after you die.

The Premier Flexible Lifetime Mortgage, on the other hand, works similarly to the standard flexible lifetime mortgage option, but it offers you a minimum of £250,000.

Legal & General Equity Release also offers other favourable plans, and you can access them on their website.

Other Features and Qualification Considerations

  • Minimum Amount of Equity Offered: Dependent on the plan, but it ranges from £10,000 to £250,000
  • Maximum Amount of Equity Offered: No limit specification
  • Minimum Age Limit: 55 years
  • Maximum Age Limit: 75 years
  • Property Minimum Value: £100,000 and £150,000 for ex-council property
  • Interest Rates Offered: Depends on how risky the loan is
  • Customer Review Ratings: A+
  • Location: Scotland, Wales, England
  • Special Features:
    • No Negative Equity Guarantee 
    • Inheritance Protection Guarantee (at no extra costs)

 L & G also work with ‘The Retirement Lending Advisers’ to aid in advising you on which plan best caters to your needs. They don’t charge for this service, but they only offer advice on L&G market products and not equity release schemes available with other companies.

If you need more information on L&G, need to use our calculator and see how much you can release.

4. Aviva

Aviva equity release, one of the most established equity release plan providers in the UK, have been offering lifetime mortgage plans to over 150,000 consumers since 2000.

The company has over 30 million consumers worldwide, and it provides a wide range of lifetime mortgage products.

The FCA authorises it, and it’s a certified member of the Equity Release Council.

Aviva has also won several awards in the equity release docket including the Best Equity Release Provider in 2016.

Aviva Options

The company offers two lifetime mortgage plans, and subject to its terms and conditions, both options allow you to remain in your residence until you (and your partner if you take a joint lifetime mortgage scheme) pass on or move into permanent care. They include:

  • Lifetime Lump Sum Max
  • Aviva Flexible Plan

The Lifetime Lump Sum Max Plan enables you to unlock a minimum lump-sum payment of £15,000 or more with the option of borrowing a more substantial amount at a later date, subject to your age and property value.

The Aviva Flexible Plan, on the other hand, offers you either a single lump sum or a drawdown option (you can get more information on this by checking out the ‘Types of Equity Release Schemes’ guide). It also offers you a minimum initial loan of £10,000, with a minimum of £5,000 in the cash reserve for future use.

Aviva Equity Release also provides you with favourable interest rates that are dependent on your health and lifestyle conditions.

Other Features and Considerations

  • Minimum Amount of Equity Offered: £15,000
  • Maximum Amount of Equity Offered: No limit specification
  • Minimum Age Limit: 55 years
  • Maximum Age Limit: 80 years
  • Property Minimum Value: £75,000 (and it should not be unoccupied for more than six months)
  • Property Condition: Freehold (Aviva can accept if 160 years are remaining on the lease)
  • Interest Rates Offered: Depends on how risky the loan is
  • Customer Review Ratings: A+ BBB
  • Special Features:
    • No Negative Equity Guarantee 
    • Inheritance Protection Guarantee
    • Voluntary Partial Repayment

The Aviva Lifetime Mortgage Plans are designed to last for life, but they also offer you the option of having ‘early repayment plans.’

If you need more information on Aviva, need to use our calculator and see how much you can release.

5. Liverpool Victoria (LV=)

Liverpool Victoria (LV) Equity Release, popularly known as LV=, is a leading financial company in the UK with over one million clients who have unlocked the value of their homes through equity release schemes. It’s practically one of the few equity release companies that offer the holiday home or second home lifetime mortgage plans in the UK.

LV= has been in the equity release game since 2002, and it’s authorized by the FCA and a certified member of the Equity Release Council; so you can be reassured that it has a ‘no negative equity guarantee’, as well as complies with the rest of the Equity Release Council’s guidelines and principles. 

The company has also won several awards including the 5-star awards for Equity Release Services for its Flexible Lifetime Mortgage.

LV= Options

LV equity release offers two great lifetime mortgage plans. They include the:

  • Lifetime Mortgage Lump-Sum Plus
  • Flexible Lifetime Mortgage

The Lifetime Mortgage Lump Sum + Plan allows homeowners who are 60 years old to release cash that ranges from 25% of your estate’s value, and up to 55% for those aged between 90 to 95.

It also allows you to borrow a minimum single lump sum payment of £10,000, meaning that the fees and interest rates are lower compared to LV’s flexible lifetime mortgage. Any future borrowing can be available depending on your circumstances and the terms and conditions of the equity release plan at the time.

True to its name, the Flexible Lifetime Mortgage offers you more flexibility as compared to the Lump Sum Plus Plan. You can decide to unlock the value of your home either through a lump sum or a drawdown plan.

The amount of cash you withdraw with this plan ranges from 20% of the value of your residence for 60-year-olds and at 50% for those aged between 90 and 95.  The minimum amount you can unlock is about £10,000 and the maximum can be three times your original loan or if lower, the highest amount will be against the value of your residence.

It has a minimum withdrawal limit of £2,000, and you can unlock the maximum loan available to you from a period of 15 years. However, you can only make one withdrawal each year, and your provider will charge an interest that will be dependent on the rates at that time and not as per the initial loan agreement.

Other Features and Qualifications Considerations

  • Minimum Amount of Equity Offered: £10,000
  • Maximum Amount of Equity Offered: No limit specification
  • Minimum Age Limit: 60 years
  • Maximum Age Limit: 95 years
  • Property Minimum Value: £70,000
  • Property Condition: Freehold, bungalow, or flat. If it’s of leasehold, it may be accepted. However, the lease should have between 70 to 90 years remaining dependant on your age
  • Location: England, Scotland or Wales including the Isle of Wight and Anglesey
  • Building Materials: In excellent condition, well maintained and designed of conventional bricks and mortar (other building materials may be considered)
  • Interest Rates Offered: Depends on how risky the loan is
  • Customer Review Ratings: A+
  • Special Features: No Negative Equity Guarantee 

You should also note that the LV equity release interest is compounded annually and not monthly, like with other plan providers. It can make a massive difference over ten years.

If you need more information on LV, need to use our calculator and see how much you can release.

6. Just

Just equity release, formerly referred to as Just Retirement Equity Release and established from a merger of Just Retirement and Partnership Assurance, the company offers three equity release plans and provides its consumers with flexible terms that allow you to borrow more based on your health and lifestyle choices.

The FCA regulates it, and it’s a certified member of the Equity Release Council.

It has also won several awards including the ‘5-star in the ‘Life and Pensions’ Category by the Financial Adviser Service Awards for the last twelve years, and the ‘5-star for the ‘Mortgages’ Category, nine years in a row. 

Just Options

It has three equity release options, and they include:

The Just Drawdown Lifetime Mortgage Plan is accessible to consumers above 60 years, and it enables you to release a minimum of £10,000 and a maximum of £600,000 if you live in England and £250,000 if you live in Wales, Scotland or Northern Ireland, depending on your age and estate value.

You can opt to release the cash in a single lump sum or smaller amounts. Therefore, you will only pay interest on the initial amount you unlocked, based on the rates at the time of every withdrawal.

The cash reserve accessible will be limited to the lower amount of either three times the start-up loan or the maximum amount you can borrow based on your age and the value of your residence.

The Lump Sum Lite Lifetime Mortgage Plan is for those aged 60 and above and whose property is worth at least £70,000 and located in Scotland, Wales or England. 

It also serves those that need to unlock a single lump sum payment without having to withdraw any additional sums in the future. The amount of money you release is higher than that of the drawdown lifetime plan, but their interest rates are off-the-roof too. If you need to borrow more, you’ll have to wait till six months are over, but it all depends on your eligibility.

The amount you release is dependent on your age and the value of the estate with a minimum amount of £10,000 and a maximum of £600,000 in England and £250,000 in Scotland and Wales.

The Lump Sum Plus Lifetime Plan is available to those aged 60 and above and with an estate value of at least £70,000 in Wales, England, and Scotland.

It provides you with the choice to maximise the lending potential against your property. The standard loan to value is typically higher than that of the Drawdown Lifetime mortgage, but it also comes with a higher interest rate. Moreover, the Just Underwriting team also considers your health and lifestyle, thus offering you the option of borrowing a more considerable amount.

Other Features and Qualification Considerations

  • Minimum Amount of Equity Offered: £10,000
  • Maximum Amount of Equity Offered: £600,000 if you live in England and £250,000 Wales, Scotland or Northern Ireland
  • Minimum Age Limit: 60 years
  • Maximum Age Limit: 90 years
  • Property Minimum Value: £70,000
  • Location: England, Scotland or Wales for all plans and Northern Ireland for the drawdown lifetime mortgage scheme
  • Interest Rates Offered: Depends on how risky the loan is
  • Customer Review Ratings: A+
  • Special Features: No Negative Equity Guarantee 

If you need more information on Just, need to use our calculator and see how much you can release.

7. More 2 Life

More2life

More 2 Life Equity Release was established in 2008 and is known as the most prominent innovator in the lifetime mortgage market and among the largest equity release firms in the UK.

The FCA fully authorises More 2 Life, and it only deals with fully qualified, independent advisers. As a board member of the Equity Release Council, it adheres to the body’s standards and principles that ensure the fair treatment of customers.

More 2 Life Options

The More 2 Life Lump Sum + Plan enables homeowners who are aged 60 years and above to borrow money that ranges from 20% to 50% of your estate’s value. It also allows you to acquire a minimum single lump sum payment of £10,000, and any future borrowing can be available depending on your circumstances and the terms and conditions of the equity release plan at the time.

Other Features and Qualification Considerations

  • Minimum Amount of Equity Offered: £10,000
  • Maximum Amount of Equity Offered: No Limit specification
  • Minimum Age Limit: 60 years
  • Maximum Age Limit: 90 years
  • Property Minimum Value: £70,000
  • Location: England, Scotland or Wales
  • Interest Rates Offered: Depends on how risky the loan is
  • Customer Review Ratings: A+
  • Special Features: No Negative Equity Guarantee 

If you need more information on More2Life, need to use our calculator and see how much you can release.

8. Age Concern

Formerly known as Age UK, Age Co is a retirement specialist, under HUB Financial Solutions and offers a variety of equity release products. The FCA regulates it and is a member of the Equity Release Council. So, you can be sure that their products are reputable and that the Council’s standards and principles protect you.

Age Co Options

The company does not provide you with specific equity release plans as such; instead, they advertise the services of their endorsed partner ‘Hub Financial Solutions.’

As a significant contributor to the Just group, Hub works with various plan providers that include and are not limited to:

  • Aviva
  • Bridgewater
  • Just
  • Legal & General
  • One Family

Therefore, when you register with Age Co about one of its equity release schemes, it refers you to Hub who will talk you through your requirements and compare the plans available with the above lenders.

However, while it’s fantastic that Hub Financial Solutions compare a range of companies, they don’t compare the whole equity release market.

Other Features and Qualification Specifications

  • Minimum Amount of Equity Offered: £10,000
  • Maximum Amount of Equity Offered: No Limit specification
  • Minimum Age Limit: 55 years
  • Maximum Age Limit: 90 years
  • Property Minimum Value: £70,000
  • Interest Rates Offered: Depends on how risky the loan is
  • Customer Review Ratings: A+
  • Special Features: No Negative Equity Guarantee 

Even though the amount you can release depends on the company you choose a scheme with Aviva, Bridgewater, Just, Legal & General or One Family, Age Co do offer you an equity release calculator on their website that provides you with an indication of how much this could be.

If you need more information on Age Concern, need to use our calculator and see how much you can release.

9. Hodge Lifetime

Hodge Lifetime

Incorporated in 1965 and an exclusively owned subsidiary of Julian Hodge Bank Limited, Hodge Lifetime Equity Release offers you several lifetime mortgage plans.

It’s a founder member of the Equity Release trade body and is one of the most established equity release lenders, whose primary focus is committed to the retirement market.

The FCA regulates the company’s services, and it’s a member of the Equity Release Council.

It has also won several awards inclusive of the ‘Best Lender for Older Borrowers.’

Hodge Lifetime Options

Hodge offers four types of lifetime mortgage plans:

  • Flexible Lifetime Mortgage
  • Lump Sum Lifetime Mortgage
  • Lifetime Mortgage
  • Indexed Lifetime Mortgage 

The Flexible Lifetime Mortgage Plan gives you the option of taking out an initial lump sum but then withdraw further lump sums in the future.

The minimum cash you can release is £1,000 per transaction, and the maximum loan available is £500,000, but it’s dependent on your age and property value. You can also repay up to 10% of the initial lump sum plus 10% of any further withdrawals on an annual basis without being charged. You also have the choice to pay back the loan as a result of selling your property after five years.

The Lump Sum Plan allows you to release a single lump sum payment and comes with an option to pay back 10% of the value of the original loan each year and the chance to repay after five years due to selling or relocating to another estate, without incurring early repayment charges.

The Lifetime Mortgage is accessible to those aged 55 instead of 60 and gives you a higher loan value, of up to £1,000,000. You can opt to release it in a single lump sum, and you can still choose to repay up to 10% of the first loan annually. You can repay the full credit on a repayment charge, at a fixed scale and it’s payable for up to ten years.

The Indexed Lifetime Mortgage Plan is also accessible to 55 up to 85-year-olds with a maximum loan limit of £1,000,000.

The only difference with this plan is that its interest is variable and you can only apply for it once a year to reflect annual movement in the All Items Consumer Prices Index yearly rate. The scheme comes with an ‘Interest Rate Guarantee’ that consists of a ceiling and floor rate, meaning you will never pay more or less interest than the two thresholds that will be set out in the original mortgage contract.

Other Features and Qualifications Considerations

  • Minimum Amount of Equity Offered: £20,000 or £15,000
  • Maximum Amount of Equity Offered: No Limit specification
  • Minimum Age Limit: 55 or 60 years
  • Maximum Age Limit: 85 years
  • Property Minimum Value: £100,000
  • Property Condition:  Freehold, bungalow, flat, or maisonette. If you have a lease, it should be of a minimum of between 90 to 99 years left on the contract
  • Location: Scotland, Wales, and England
  • Interest Rates Offered: Dependent on how risky the loan is
  • Customer Review Ratings: A+BBB
  • Special Features:
    • No Negative Equity Guarantee 
    • Interest Rate Guarantee

If you need more information on Hodge Lifetime, need to use our calculator and see how much you can release.

10. Stone Haven

Stonehaven

Stone Haven Equity Release Provider has been in the frontline, since 2006, when it comes to innovative equity release schemes. It provides its consumers with equity release plans they can trust and depend on to make their retirement comfortable and offers several lifetime mortgage plans.

The FCA also regulates the company’s services, and it’s a certified member of the Equity Release Council.

Stone Haven Options

Stone Haven offers three types of lifetime mortgage plans:

  • Lump-Sum Lite Lifetime Mortgage
  • Voluntary Select Lite Plan
  • Interest Select Lite Plan

The Lump-Sum Lite Lifetime Mortgageis one of the best schemes of Stone Haven.

It typically does as it says on the tin; it provides you with the lowest interest rate at market leading 6.13%. You don’t have to make any month to month repayments in the life of the plan. It’s especially perfect for those looking to leave some inheritance to their children, or if you cannot afford to contribute towards the interest charged by Stone Haven. For homeowners aged 55 and above, and it allows you to release a minimum of 11% of your estate value.

The Voluntary Select Lite Plan enables you to make10% voluntary repayments each year with no penalty. You can start making payments anytime from inception, and you will also have the chance to choose whether to make ad-hoc payments– it could be to cover the interest partly or to pay off all the interest-only. The minimum you can withdraw with this plan is £20,000, and there is no maximum limit currently.

The Interest Select Lite Plan is Stone Haven’s lifetime mortgage jewel and most popular option.

It provides you with the flexibility you need and offers financial control. There are no income checks, and it’s often seen as a self-certification mortgage, perfect for those who may have had an adverse credit in the past. The amount you can release is dependent on the age of the youngest applicant and your estate value. It also has the lowest interest rate of 5.94%, and it allows you to maintain a level mortgage balance throughout and therefore, secure the final inheritance when the providers eventually sell your property. 

Other Features and Qualifications Considerations

  • Minimum Amount of Equity Offered: £10,000
  • Maximum Amount of Equity Offered: No Limit specification
  • Minimum Age Limit: 55 years
  • Maximum Age Limit: 85 years
  • Property Minimum Value: £70,000
  • Interest Rates Offered: Monthly and dependent on how risky the loan is
  • Customer Review Ratings: A+
  • Special Features: No Negative Equity Guarantee 

 If you need more information on Stonehaven, need to use our calculator and see how much you can release.

In Summary

Equity release is one of the most important financial decisions you will ever make in your life. So, it would be best if you took your time when choosing a plan provider that will cater to all your needs. You should do your due diligence and consult several providers before making an informed decision on the company that will make your retirement the best times of your life.

Therefore, if you need to know more about equity release, check out the plan that best suits your situation or check out several reviews on equity release schemes, be sure to click here and see how much you can release and chat with an expert for free.

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