One Family Voluntary Payment Standard Fixed

Are You Considering the Voluntary Payment Standard 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 Standard Fixed Scheme Review

Voluntary Payment Standard Fixed Key Details

Type Rate APR
One Family Fixed 4.79% 5.1%

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 Standard 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 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 Standard 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!

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 Standard Fixed

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 gives homeowners a one-time lump sum cash payment that they can use anyway they want. This product may appeal to homeowners looking for the best rates while also need the flexibility to make payments in order to avoid interest rollover and therefore maintain control over the balance in the future. 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 for property values as low as £70,000 and as high as £200,000.

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 in single or joint life. The youngest applicant must be 55 years old, and the oldest applicant must be 100 years old at the time of entrance.

Minimum Release

OneFamily will accept a loan of £10,000 as a minimum, with a maximum discharge of £750,000.

Scheme Features

The OneFamily Voluntary Payment Standard scheme is a lifetime roll-up mortgage plan with one of the lowest interest rates among the OneFamily schemes. The Voluntary Payment Standard 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 Voluntary Payment Standard plan differentiates from the Voluntary Lite plan by having larger loan-to-value rates. As a result, maximum loan amounts on the Standard range of plans are larger, and interest rates are higher as a result.

The Downsizing Protection feature is an advantageous element of the Voluntary Payment Standard 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 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 payment option that allows households to repay One Family 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% per year and reducing the balance over time, much like a traditional repayment mortgage. These payments must be a minimum of £25 and can begin at any time during the plan’s life cycle. Debit card, standing order, check, or bank transfer are all options for payment.

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 OneFamily Voluntary Repayment Standard program begins at the age of 55, with maximum loan-to-value percentages of 20% for joint lives and 21% for single lives.

The Voluntary Payment plans offer a 10% pa flexible payment option that allows homeowners to make One Family 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.

Footnotes

*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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Value of Your Home?

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Editorial Note: This content has been independently collected by the SovereignBoss 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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