One Family Voluntary Payment Lite Variable

Are You Considering the Voluntary Payment Lite Variable 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 Variable Scheme Review

Voluntary Payment Lite Variable Key Details

Type Rate APR
One Family Variable 2.8% 3%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • 10 Year Fixed Early Repayment Charges
  • Choice of Fixed/Variable Rates
  • Downsizing Protection Option

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 Variable, 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 Voluntary Payment Lite Variable 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 Voluntary Payment Lite Variable

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 schemes. 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 launch of the OneFamily variable interest rate equity release product is a big step forward for the equity release market, giving consumers more options.

The interest rate for Voluntary Payment Lite is derived using a base interest rate (collar). Every September, OneFamily calculates the yearly Consumer Price Index (CPI) and adds it to the collared base interest rate. The interest rate that will be charged for the next 12 months is calculated by adding these two amounts together, effectively giving us a one-year reviewable fixed rate. To prevent interest rates from rising too high, OneFamily uses an interest rate cap, which sets a maximum interest rate for the plan.This ensures that OneFamily will never go above the maximum interest rate for the duration of the contract.

The Lump Sum Voluntary Lite plan differs from the Lump Sum Standard plan in that its loan-to-value percentages are lower at any given age. On the Lite range of plans, this results in a smaller maximum loan amount on an Equity Release Calculation, although 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 feature of the Voluntary Payment 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.

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 Repayment plan does not demand monthly payments, the interest can be allowed to accumulate if necessary. The Voluntary Payment plans, on the other hand, feature a flexible 10% per year repayment option that allows households to repay OneFamily without penalty. As a result, these payments may aid in the management of future balances and, ultimately, the final inheritance for beneficiaries.

Homeowners can choose between making no payments at all and watching the debt grow over time, repaying the interest-only portion and keeping the balance constant, or repaying the full 10% each year and reducing the total over time, similar to a repayment mortgage. These payments 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 provide a flexible 10% per year payback option that allows homeowners to make OneFamily installments without incurring any penalties. As a result, these payments may aid in the management of future balances and, ultimately, the final inheritance for beneficiaries.


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

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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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