Key Takeaways
- The key points in a One Family equity release review often include a high level of customer satisfaction, competitive interest rates, and a wide range of flexible products.
- One Family is generally considered a reliable equity release provider, with a strong track record of customer satisfaction and regulatory compliance.
- Customer opinions in a review often highlight the company’s excellent customer service, flexible product options, and competitive interest rates.
- The interest rates are typically competitive, with options for fixed or variable rates depending on the specific product chosen.
- Potential negatives in a review may include higher charges for certain types of services and the need for face-to-face meetings to finalize the equity release.
Are you considering releasing equity with a product from OneFamily?
As a retiree, you could be getting ready for your golden years and looking for ways to unlock the capital from your home.
For that, you need a reputable later-life lending provider.
Could that be OneFamily?
At SovereignBoss, we have dedicated countless hours to gathering the latest equity release news. Here is what you need to know about OneFamily, so that you can consider it and decide for yourself.
Find out how below!
NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss only and may not reflect the views or opinions of OneFamily. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by OneFamily.
What Is Equity Release?
Equity release is a financial solution allowing homeowners aged 55 and over to access their property’s value without selling.
It’s designed for those seeking funds for retirement or other needs.
Equity release involves either a lifetime mortgage or a home reversion plan, each with unique features.
Learn More: About Equity Release
Who Is OneFamily?
OneFamily is a financial services company situated in Brighton and Hove, Sussex.1
It is a mutual society, therefore, it does not have shareholders. It is owned by its members.
One Family was formed after the merger of Engage Mutual and Family Investments in 20142, which shared similar values.
OneFamily is a member of the Equity Release Council3 and adheres to it’s strict code of conduct.
Why Consider OneFamily?
You should consider OneFamily because it is a respected financial services provider with a proven track record.
Additional information.
- It is an award-winning financial services firm.
- It provides advice for a flat cost of £950.
- It is the largest provider of child trust funds in the UK.
Does OneFamily Have an Equity Release Calculator?
Yes, there is a OneFamily equity release calculator.
You can also make use of our equity release calculator below to see how much you could unlock from your home.
Read More: Why Use an Equity Release Calculator?
What Services Does OneFamily Offer?
OneFamily offers various financial services, including equity release* and life cover for over 50s.
* The recent instability in the mortgage markets has forced OneFamily Lifetime Mortgages to temporarily withdraw its products from new business.
More information.
- Savings accounts for children
- Child trust funds for 16-year-olds and above
- Life cover for those over 50
- Equity release
Does OneFamily Offer Equity Release?
Yes, One Family does offer equity release however, due to recent instability in the market, it has temporarily withdrawn lifetime mortgages for new customers.
Existing customers will not be affected by this.
OneFamily’s Equity Release Schemes
OneFamily’s equity release scheme is a lifetime mortgage*.
A lifetime mortgage is a loan secured against your property; the loan will be repaid from the proceeds of your property’s sale when you pass on or move into permanent care.
OneFamily offers the following types of lifetime mortgages:
- Interest payment lifetime mortgages
- Interest roll-up with voluntary payment option lifetime mortgage
* OneFamily has temporarily withdrawn its lifetime mortgage offerings from the market.
Customers will not be able to take out a new lifetime mortgage plan, however, existing customers remain unaffected.
OneFamily’s Equity Release Scheme Features
OneFamily’s equity release scheme features include the option for your family to contribute to your interest repayments on your behalf.
More information.
Interest Payment Lifetime Mortgage
The interest payment lifetime mortgage features are:
- Monthly interest payments are required.
- Your family is permitted to pay the interest on your behalf.
Interest Roll-Up With Voluntary Payment Option Lifetime Mortgage
The features of the interest roll-up with voluntary payment option lifetime mortgage are:
- No regular payments are required.
- Interest is added to the initial loan balance.
- Voluntary payments are permitted.
- Interest is payable when the home is sold.
OneFamily’s Equity Release Interest Rates
One Family’s equity release interest rates are dependent on the plan you choose, as well as factors such as your age and property value.
Currently, equity release rates are between [INTEREST_RATE_RANGE].*
The newest equity release interest rates can be viewed here.
More information.
Super LTV Fixed Rate
You pay a once-off lump sum with a higher loan-to-value (LTV) at a fixed interest rate.
Lite & Standard LTV Fixed Rate
- You pay a once-off lump sum at a fixed interest rate.
- There are two levels of LTVs to choose from.
Variable Rate
- You pay a once-off lump sum at a variable interest rate.
- There are three levels of LTVs to choose from.
*While we regularly review our rates, these may have changed since our last update.
What Are OneFamily’s Fees?
OneFamily’s fees typically include an application fee, valuation fee, solicitor’s fee, and advice fees.
The total cost of setting up equity release is generally between £1,500 and £3,000.
Learn More About OneFamily
OneFamily4 is a multi-award-winning financial services firm that focuses on helping modern families succeed.
The company believes that money is a personal matter, and that every choice you make has an impact on the people you care about the most.
That is why the firm believes in designing items for modern families, including dual parents, divorced parents, single parents, live-in grandmothers, and close family friends.
In addition, OneFamily is a member-owned company.
This means that profits can be reinvested to provide quality products, services, and benefits.
It cares about the world we live in, so through the way it operates it’s business and invests your money, it is devoted to helping inspire better futures for everybody.
The OneFamily Foundation was created to aid consumers and their communities by assisting the people and places that are important to it.
What Are the Pros and Cons of OneFamily?
The pros and cons of OneFamily are that you pay a fixed advice fee; however, your inheritance will be reduced with any form of equity release.
OneFamily Pros
The pros of OneFamily include that you get expert advice from a qualified team.
More pros to consider.
- You get expert advice from an experienced team.
- You get a no-negative equity guarantee.
- After five years, you do not incur any early repayment charges.
OneFamily Cons
The cons of OneFamily are that the interest your plan will accrue may end up being costly.
More cons to consider.
- Cumulative interest5 (rolled up) could ultimately be quite costly.
- Decreased inheritance when opting for one of the equity release schemes.
- Releasing equity could affect your means-tested benefits, now or in the future.
OneFamily Customer Reviews
You can view OneFamily customer reviews below.
How Did We Review the Info on OneFamily and Equity Release?
We reviewed OneFamily based on the following:
- Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
- Financial Strength – Ensuring it is going strong and has adequate funds to meet long-term commitments.
- Product Range – We favour companies offering a variety of equity release schemes with greater product flexibility.
- Interest Rates and Fees – We have reviewed competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
- Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
- Code of Conduct and Compliance – We only consider companies that adhere to recognised industry standards and codes.
- Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
- Innovation and Technology – Is there a streamlined, digital application process?
- Client Testimonials – Success stories and the complaints resolution process.
As an unaffiliated, third party reviewer, our review of OneFamily is independent.
OneFamily Complaints
OneFamily complaints can be lodged by post, email, or phone.
The relevant contact details.
- In writing – Your complaint can be sent in writing to: 16-17 West Street, Brighton, BN1 2RL.
- By email – You can email your complaint to customerservices@onefamily.com
- By telephone – Contact OneFamily on 08009153033
Alternatively, you can voice your concerns on one of the popular review sites.
FCA Details
Current Trading Names
- OneFamily Lifetime Mortgages
- OneFamily Lifetime Mortgages Limited
Previous Trading Names
- Aldeburgh Chelsea Enterprises Limited
Regulators
- Financial Conduct Authority (FCA)6
Registration Numbers
OneFamily Lifetime Mortgages Limited:
- FCA Reference Number: 725168
- Company Reg Number: 09239554
OneFamily Advice Limited:
- FCA Reference Number: 783577
- Company Reg Number: 09188369
FCA and Companies House Link
OneFamily Lifetime Mortgages Limited:
- FCA Link: FCA Link
- Companies House Link: Companies House Link
OneFamily Advice Limited:
- FCA Link: FCA Link
- Companies House Link: Companies House Link
One Family Contact Number and Address
- +4401273725272
- members@onefamily.com
- OneFamily, 16-17 West Street, Brighton, East Sussex BN1 2RL.
Common Questions
[CUSTOM_FAQ]
Conclusion
OneFamily is a reputable and well-known later-life lender.
If you are a retiree trying to decide which is the best equity release company for you, rest assured that OneFamily is a viable option for you.
Bear in mind however, that OneFamily has temporarily withdrawn its lifetime mortgage products for new customers due to the current volatile market conditions.
Seek personalised financial advice before making any final decision and to find the best available equity release solution for you – be it with OneFamily or another provider.
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.