One Family Super LTV

Are You Considering the Super LTV Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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One Family Super LTV Scheme Review

Super LTV Key Details

Type Rate APR
One Family Fixed 6.29% 6.7%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • Downsizing Protection
  • Downsizing Protection
  • Voluntary Payments upto 10%pa

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the One Family Super LTV, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the One Family Super LTV be the right equity release plan for you?
We’re here to help you:
One Family is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with One Family?

Let’s find out!

Who Are One Family?

OneFamily is a financial services company situated in Sussex’s Brighton and Hove1 . It’s a mutual society, therefore there are no stockholders; instead, its 2.6 million members own it.
One Family Super LTV

Scheme Background

OneFamily Lifetime Mortgage. This lender is best known for specializing in Guaranteed Over 50’s Life Cover, but now includes at, or near retirement lifetime mortgage lending to its offering.

The Interest Payment Lite plan from OneFamily is a lifetime mortgage that allows the homeowner to receive a once-off lump sum as part of their equity release scheme. It also allows the homeowner to pay up to 100% of the monthly interest that accrues on the loan for a period of time that can be set by the homeowner.

This product may be ideal for homeowners with mortgages at, or near retirement who are in need of repayment but have no repayment strategy in place. The OneFamily Interest Payment Lite Plan will enable such mortgagors to switch away from the residential mortgage market by re-mortgaging onto this OneFamily interest-only lifetime mortgage.

OneFamily was formed in 2015 through the merger of Family Investments and Engage Mutual. One Family manages more than £7.5 billion and is a trading name of Family Assurance Friendly Society, which has more than 2 million members.

Eligibility & Requirements

The OneFamily Super LTV Lifetime Mortgage plan provides homeowners with a one-time lump sum cash payment that they can use anyway they want. This product may appeal to homeowners seeking the largest equity release lump payment and who are pleased to see the interest roll-up.

This product may be suitable for folks with mortgages who are nearing or in retirement and need to pay them off but don’t have a plan in place. Additionally, we have seen the product employed in IHT mitigation exercises.

Minimum Property Valuation

OneFamily Equity Release will consider applications for home values ranging from £70,000 to £100,000, with no upper limit.

Property Location Requirements

The property in question must be the primary residence and must be in England or Wales. It must be either a freehold or a leasehold property with an unexpired term of at least 155 years minus the youngest applicant’s age, or 75 years, whichever is larger.

Single vs Joint

This OneFamily Super LTV Equity Release plan comes with both a single and joint life option. The youngest applicant must be at least 60 years old, with a maximum age of 100 years at entry.

Minimum Release

OneFamily’s minimum loan amount is larger than others, at £20000, with a current maximum release of £1 million.

Scheme Features

The OneFamily Super LTV Lump Sum scheme is a roll-up lifetime mortgage plan with a fixed interest rate that is guaranteed for the duration of the loan. This ensures a future balance if no more borrowing requests are made in the future. The Super LTV equity release plan from OneFamily provides a one-time tax-free capital sum that the homeowner can use for whatever.

The introduction of the OneFamily Super LTV fixed interest rate equity release product gives homeowners more peace of mind, knowing that regardless of what happens with interest rates elsewhere, the rate applicable to their plan will remain fixed for life, giving consumers and their beneficiaries more confidence.

From the age of 70, the OneFamily Super LTV Lump Sum plan differentiates from the rest of their product line in that it has substantially higher loan-to-value rates. As a result, even the Standard plans have a greater maximum loan amount and, as a result, higher interest rates. Maximum loan-to-value percentages for the OneFamily Super LTV start at 45 percent at age 70, rise to 58 percent by age 83, and stay there until age 100.

The inclusion of the Downsizing Protection provision in the OneFamily Super LTV Lump Sum Plan is a useful feature. This means that anyone downsizing after 5 years can repay their OneFamily equity release plan in full, with no early repayment penalties. If you downsize during the first five years, you’ll be subject to the regular set early repayment penalties.

Early Repayment Feature

The fixed early repayment rates (ERCs) are another attractive element of the OneFamily Super LTV Roll-Up Lifetime Mortgage. For the first 8 years from the start of this equity release loan, OneFamily merely levies an early repayment fee. The ERCs begin at 6% for years 1-3, then decrease by 1% each year until the eighth year. Following that, there are no early repayment penalties if the loan is paid off in full.

Equity Release Council Status

Because OneFamily is a member of the Equity Release Council, all of their plans are backed by the No Negative Equity Guarantee, which ensures that beneficiaries never owe more than the property’s value and, as a result, owe nothing to the lender.

Joint Application Features

This OneFamily Super LTV Equity Release plan comes with both a single and joint life option. The youngest applicant must be at least 60 years old, with a maximum age of 100 years at entry.

Scheme Options

Should more equity be required to be withdrawn for personal use in the future, OneFamily allows for extra borrowing. This is accessible 6 months after the initial advance was made, and it will be subject to underwriting guidelines at that time. The maximum amount of additional borrowing is £4000, and it is subject to lender conditions at the moment.

Repayment Options

The Voluntary Payment Option in the OneFamily Super LTV equity release plan allows you to decide the future balance of the scheme. This allows you to repay up to 10% of the initial loan amount each year without incurring any early repayment penalties.
These payments can be made at any time during the year and must be at least £25. Payments to OneFamily will be accepted via bank transfer, debit card, standing order, and check.

As a result, homeowners who use the Super LTV for an interest-only mortgage can continue to pay the interest on a monthly basis, preserving a constant mortgage balance throughout retirement. Furthermore, by paying more than OneFamily’s interest rate, the real loan balance can be lowered over time, allowing it to be handled like a repayment mortgage.

Footnotes

*Free valuation offer on property valuations up to £1m – pro-rata thereafter

One Family's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by One Family.

Before You Go

How Much Can You Release? 👇

 

Equity Release Calculator

Value of Your Home?

50000

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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.

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As Featured In
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