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 Review

Super LTV Key Details

Type Rate APR
One Family Fixed 6.29% 6.70%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • Downsizing Protection
  • Downsizing Protection
  • Voluntary Payments upto 10%pa
One Family Super LTV

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 in’s and out’s of equity release, as you deserve only the best.

However, 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!

What's Equity Release?

We've summed up the most important information about the topic in this quick video.

An equity release mortgage 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. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.

Learn More: What’s Equity Release?

How Does Equity Release Work?

Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.

Learn More: How Does Equity Release Work?

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Most popular reasons for releasing equity

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.
Learn more about the various One Family equity release schemes..

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.

Valuation Features

One family Life plan updates are still in the works. We will give an update soon.

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.

Inheritance Protection

One family Life plan updates are still in the works. We will give an update soon.

Application Fees

One family Life plan updates are still in the works. We will give an update soon.

Cashback Options

One family Life plan updates are still in the works. We will give an update soon.

Footnotes

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

Editor’s Rating: 4.85

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.

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!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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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HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

See how much you can release today!

How Much Can You Release?

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Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Written by
Nicola Date
Writer & Financial Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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Equity Release Calculator

Value of Your Home?

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