Just Equity Release (Jan 2022)
Just Lifetime Mortgage Review
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Considering Just Equity Release? What are the Pros, Cons & Costs? Discover If Just Lifetime Mortgage Schemes are for You.
Before You Start Reading...
Let's See How Much You Can Release 👇
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release provider (view our full equity release providers list) with all the choices available.
Or is it?
Is Just equity release the best?
Have you read about the equity release benefits?
The companies we profile, are the best in the business to help you unlock the cash tied into your home.
- Understand the services that Just offers.
- Determine if they might be able to assist you and your family on your equity release journey.
As experts in the equity release field (we’ve reviewed more than 250 schemes!), we’ve combed the market, researched all equity release service providers and narrowed it down to who’s on top.
What’s Equity Release?
An equity release mortgage (See What’s Equity Release?) is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. We’ve summed up the most important information about the topic in this quick video.
Who Are Just?
Established in 2004, Just is a specialist UK financial services group that offers products and services to assist clients in living a better later life. The company believes that financial intermediaries are best positioned to assist people with the decisions they must make in order to achieve their goals.
What About the Just Equity Release Calculator?
Before you consider using the Just calculator, please take note.
Our providers can almost always match & BEAT any existing equity release quote that you find through Just. So first use this calculator below & see how much you can release.
How Much Can You Release?
Use the FREE Calculator 👇
It's VERY FAST and, takes just 8 seconds
Why Consider Just?
Just has achieved a 2 Star ‘Outstanding’ accreditation from Best Companies1, securing places in 5 of their Best Companies lists.
Other awards include:
- Outstanding (2 Star Accredited) Company to Work For
- The UK’s 100 Best Large Companies To Work For
- Financial Services’ 30 Best Companies To Work For
- London’s 75 Best Large Companies To Work For
- The South East’s 100 Best Companies To Work For
- Northern Ireland’s 10 Best Companies To Work For
Just Pros & Cons
Just Pros
- Plans with monthly payment options, at a minimum of £25 per month, up to 100% of the interest.
- 3 to 12 month payment holidays for repayment plans.
- Access tax-free cash.
- A huge amount of plan options.
- Enhanced lifetime mortgage plans available for individuals and couples with ill-health.
- Cashback Options.
Just Cons
- The interest can accumulate quickly if it’s not repaid.
- Equity release does reduce your inheritance.
Just’s Qualification Criteria
- Minimum Amount of Equity Offered: £10,000, or £20,000 if you are making monthly payments
- Maximum Amount of Equity Offered: £1,000,000 for properties in England, Scotland, and Wales and £250,000 for Northern Ireland
- Minimum Age Limit: 55
- Maximum Age Limit: 85
- Property Minimum Value: £70,000
- Location: England, Scotland, Wales, and Northern Island
Just's Equity Release Plans & Lifetime Mortgage Schemes
Because the Just For You Lifetime Mortgage allows you to create your own plan, you may include elements other than interest servicing. These choices must be chosen prior to the plan’s offer and induction.
Just will include a drawdown facility into the plan if you pick the Cash Facility option. As a result, after the maximum loan amount has been determined based on age and property worth, Just will offer a drawdown arrangement depending on the funds remaining after the first lump payment has been taken.
By selecting this Cash Facility, the interest rate and subsequent cash withdrawal rates will be enhanced by 0.1 percent in comparison to the normal conditions.
If the cash reserve facility is entirely utilized, more borrowing may be available. Any further advances will be charged at the interest rate in effect at the time of each withdrawal.
Just Lump Sum Equity Release Plans
Just’s Lump Sum Lifetime Mortage plans come with a free valuation and no application fees. Interest rates start at 3.39%. Furthermore, there’s a cash facility option, 3-year no early repayment charge, and an up to 10% voluntary payment option.
Just Drawdown Equity Release Plans
The Just Drawdown Lifetime Mortgage plans come with the same features and starting interest rates of 3.39%. Furthermore, there’s 5x LTV Tier Options.
Just Enhanced Lifetime Mortgage Plan
If the youngest applicant has a history of poor health, the medical history might be considered when determining the terms of the lifelong mortgage. This medically upgraded option comes with monthly payments as well. The larger the possible lump amount, the worse the severity of the disease. Again, Just’s underwriters will modify the interest rate appropriately.
Just For You Lifetime Mortgage Plans
When compared to other variants of the plan, the Just For You Lifetime Mortgage – Interest Serviced option provides the most competitively priced equity release interest rate.
The Just For You – Interest Serviced Lifetime Mortgage is offered on a single or joint life basis, as well as tenants in common.
The Just For You – Interest Serviced Lifetime Mortgage allows you to pick your repayment method over the interest rate. The interest rate imposed by Just at the start of the plan will be determined by the level of monthly payments as a proportion of the loan amount.
Another element that will assist joint homeowners is the 3-year window of opportunity for penalty-free repayment if one spouse dies or moves into care. In this case, the survivor gets three years to repay the equity release loan without incurring any early repayment penalties.
The Just For You Lifetime Mortgage provides a range of cashback packages and application costs ranging from £0 to £600, depending on age, loan-to-value, and choices chosen.
Just Equity Release Scheme Offers
- 3-Year No Early Repayment Charge
- 5x LTV Tier Options
- Cash Facility Option
- Medical Enhancements
| Product Name | Type | Interest Rate The interest rate is the cost of borrowing the principal. | APR The APR includes not only the interest expense on the loan but also all fees and other costs involved in procuring the loan. |
|---|---|---|---|
| Just Just For You Lifetime Mortgage | Fixed | 3.44% | 3.4% |
| Just Just For You Lifetime Mortgage | Fixed | 5.85% | 5.9% |
| Just Just For You Lifetime Mortgage | Fixed | 3.34% | 3.3% |
| Just Just For You Lifetime Mortgage | Fixed | 3.39% | 3.4% |
| Just Just For You Lifetime Mortgage | Fixed | 3.39% | 3.4% |
| Product Name | Type | Interest Rate The interest rate is the cost of borrowing the principal. | APR The APR includes not only the interest expense on the loan but also all fees and other costs involved in procuring the loan. |
Not what you're looking for?
Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare the equity release rates!
Learn More About Just
Just is one of the UK’s top suppliers of speciality financial services solutions, with a specific focus on serving the requirements of those considering, nearing, or already in retirement.
Just’s main purpose is to help people achieve a better later live by providing financial advice, guidance, competitive products and services. It also offers guaranteed income for life solutions, provided by individually underwritten annuities, and defined benefit de-risking solutions. Its award-winning service and first-class products distinguish the group from other financial services companies in this sector. Both intermediaries and clients understand its strategy, and it continues to gain traction in the sector service awards.
‘Just For You’, their lifetime mortgage plan gives you the chance to custom design your own equity release scheme. For example, you could create a drawdown facility which will provide access to extra cash withdrawals in the future, if required.
Or benefit from one plan that can integrate multiple features which can be individually selected based on your requirements. There are five loan-to-value tiers, each of which will determine the level of borrowing available and the interest rate charged.
FCA Details
FCA Address
Enterprise House
Bancroft Road
Reigate
Surrey
RH2 7RPR H 2 7 R P
UNITED KINGDOM
Trading Names
Current
- Just
- Just Retirement Limited
Previous
- Abacus Annuities Ltd
FCA Permitted Services
- Banking
- Mortgage & Home Finance
- Insurance
- Pensions
- Investments
Regulators
- Financial Conduct Authority
- Financial Services Authority
Registration Numbers
- FCA Ref Number: 232595
- FCA Reg Number: 5017193
Just Info
Got Questions About Just & Lifetime Mortgages?
Is Just A Member of the Equity Release Council?
What Are Just's Interest Rates?
Who Owns Just Equity?
Where is Just Located?
Conclusion
Before You Go...
Let's See How Much You Can Release 👇
Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
