One Family Voluntary Payment Lite Fixed

Are You Considering the Voluntary Payment Lite Fixed 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 Voluntary Payment Lite Fixed Review

Voluntary Payment Lite Fixed Key Details

Type Rate APR
One Family Fixed 2.8% 3.00%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • 10 Year Fixed Early Repayment Charges
  • Choice of Fixed/Variable Rates
  • Downsizing Protection Option
One Family Voluntary Payment Lite Fixed

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 Voluntary Payment Lite Fixed, 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 Voluntary Payment Lite Fixed 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 Voluntary Payout Lifetime Mortgage provides homeowners with a one-time lump sum cash payment that they can use as they want. This program may appeal to homeowners looking for the best rates while also need the freedom to make payments in order to avoid interest rollover and so control the future balance. This product may be excellent for persons who have mortgages that are due for repayment at or near retirement but don’t have an exit strategy or can’t offer proof of income. Additionally, we have seen the product employed in IHT mitigation exercises.

Minimum Property Valuation

OneFamily Equity Release will consider applications with a minimum property worth of £70,000 and no maximum property value.

Property Location Requirements

The property in question must be the primary residence and must be in England, Wales, or Scotland. 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 Voluntary Payment Equity Release plan is available for single or joint life. The youngest applicant must be 55 years old, with a maximum age of 100 years at the time of entry.

Minimum Release

OneFamily will accept a loan of £10000 as a minimum, with a maximum discharge of £750000 at this time.

Scheme Features

The OneFamily Voluntary Payment Lite scheme is a lifetime roll-up mortgage plan with one of the lowest interest rates among the OneFamily equity release programs. The Voluntary Payment Lite equity release plan from OneFamily provides a one-time tax-free capital sum that the applicant can use for anything.

The headline interest rate, which brings equity release interest rates in line with residential mortgages, is the major focus of this product. Homeowners can choose between fixed and variable interest rates for the first time in the equity release market, based on their preferences. The introduction of the OneFamily fixed interest rate equity release product gives homeowners greater 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.

At any given age, the Lump Sum Voluntary Lite plan differentiates from the Voluntary Standard scheme by having lower loan-to-value rates. The Lite plans’ maximum loan amounts are reduced as a result of this, but they do have the advantage of lower interest rates. The OneFamily Voluntary Payment Lite program begins at 55 years old, with maximum loan-to-value ratios of 15% for joint lives and 16 percent for single lives.

The Downsizing Protection feature is an advantageous element of the Voluntary Lite Plan. 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 set early repayment charges are another attractive characteristic of these Lump Sum Interest Roll-Up Lifetime Mortgages (ERC). OneFamily only charges an ERC for the first ten years after the equity release loan’s start date. The ERC starts at 6% for the first five years, then drops to 3% for the next five years, and then there is no penalty after that.

Equity Release Council Status

Because OneFamily is a member of the Equity Release Council, all of their fixed and variable rate plans are protected 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 Voluntary Payment Equity Release plan is available for single or joint life. The youngest applicant must be 55 years old, with a maximum age of 100 years at the time of entry.

Scheme Options

Because the OneFamily Voluntary Payment plan does not demand a regular payment schedule, interest can be allowed to accumulate if necessary. The Voluntary Payment plans, on the other hand, provide a 10% pa flexible repayment option, which allows homeowners to make OneFamily payments without suffering any penalties. As a result, these payments may aid in the management of future balances and, ultimately, the final inheritance for beneficiaries.

Homeowners can thus choose between making no payments at all and watching the balance grow over time, repaying the interest-only component and keeping the balance level, or repaying the principal and maintaining the balance level. Alternatively, you can pay the entire 10% per year and pay off the remainder over time, comparable to a repayment mortgage. Any repayments must be a minimum of £25 and can begin at any time during the plan’s life cycle. Standing orders, debit cards, checks, and bank transfers are all acceptable payment methods.

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. It is not possible to switch to a different product without totally remortgaging the plan.

Repayment Options

The Voluntary Payment plans do feature a 10% pa flexible repayment option, which allows homeowners to make OneFamily installments without penalty. As a result, these payments may aid in the management of future balances and, ultimately, the final inheritance for beneficiaries.

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

*For a limited time only, we are offering a free valuation on property appraisals up to £1 million (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.

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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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As Featured In
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