One Family Voluntary Payment Standard Variable

Are You Considering the Voluntary Payment Standard 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 Standard Variable Review

Voluntary Payment Standard Variable Key Details

Type Rate APR
One Family Variable 3.2% 3.40%

Scheme Incentives

  • Free Valuation

Scheme Offers

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

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 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 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 Standard 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!

What's Equity Release & How Does It Work?

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.

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: What’s Equity Release & How Does It 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 straightforward one-time lump sum cash payment to spend as they see fit. This product may be aimed at homeowners searching for the lowest feasible rates while also having the freedom to make repayments to avoid interest roll-up and so control the future debt. This product may be appropriate for people who are nearing retirement and have mortgages that need to be repaid but have no exit strategy in place and cannot produce evidence of income. Furthermore, we can see the product being utilized in IHT mitigation exercises and by individuals who grasp the consequences of changing interest rates.

OneFamily Equity Release will accept applications with a minimum valuation of £70,000 and no maximum valuation restriction. However, for homes worth more than £2 million, please contact us directly as situations may be separately insured, with customized quotations available through Equity Release Supermarket – 0800 802 1051.

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

This OneFamily Voluntary Payment Equity Release plan is available in single and joint life. The youngest candidate must be 55 years old, with a maximum age at admission of 100 years.

The minimum loan amount accepted by OneFamily is £10,000, with a current maximum release of £750,000. For your personalized OneFamily Key Facts Illustration, please contact 0800 802 1051.

Minimum Property Valuation

OneFamily Equity Release will consider applications with a minimum value of £70,000 and no maximum valuation limit. Please contact us directly for houses worth more than £2 million, as circumstances may be individually insured, with tailored rates available through Equity Release Supermarket – 0800 802 1051.

Property Location Requirements

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

Single vs Joint

This OneFamily Voluntary Payment Equity Release plan is available in single and joint life. The youngest candidate must be 55 years old, with a maximum age at admission of 100 years.

Minimum Release

The minimum loan amount accepted by OneFamily is £10,000, with a current maximum release of £750,000. For your personalized OneFamily Key Facts Illustration, please contact 0800 802 1051.

Scheme Features

The OneFamily Voluntary Payment Standard scheme is a roll-up lifetime mortgage plan with one of the lowest interest rates among the OneFamily plans. The OneFamily Voluntary Payment Standard equity release plan gives a one-time tax-free capital sum that the applicant may spend on whatever they like.

The headline interest rate, which brings equity release interest rates in line with residential mortgages, is the major emphasis of this product. For the first time in the equity release market, homeowners can choose between fixed and variable interest rates based on their own preferences. The introduction of the OneFamily variable interest rate equity release product is a big step forward for the equity release sector, providing consumers with more options.

A base interest rate is used to compute the Voluntary Payment Standard interest rate (collar). Every September, OneFamily adds the annualised Consumer Price Index (CPI) number to the collared base interest rate. The total of these two values is the interest rate that will be charged for the next 12 months, resulting in a one-year reviewable fixed rate. To prevent runaway interest rates, OneFamily offers an interest rate cap, which implies the plan has an upper interest rate restriction. This guarantees the highest interest rate that OneFamily can ever charge for the duration of the agreement. Contact Equity Release Supermarket on 0800 802 1051 for the most recent capped and collared Voluntary Payment Standard interest rates.

The Voluntary Payment Standard system varies from the Voluntary Payment Lite scheme in that it has greater loan-to-value ratios at any age. This leads in larger maximum loan amounts on the Standard range of programs, as well as higher interest rates. The OneFamily Voluntary Payment Standard range begins at the age of 55, with maximum loan-to-value ratios of 20% for combined lives and 21% for single lives.

OneFamily is a member of the Equity Release Council, therefore all of their plans, both fixed and variable rate, come with the assurance of the No Negative Equity Guarantee, assuring beneficiaries never owe more than the value of the home and, as a result, they owe nothing to the lender.

The Downsizing Protection feature is a useful element of the Voluntary Payment Standard Plan. This allows anyone who downsizes after 5 years to return their OneFamily equity release plan in full, with NO early repayment penalties. If you downsize during the first five years, the normal set early repayment penalties will apply.

The set early repayment costs are another appealing aspect of these Voluntary Repayment Interest Roll-Up Lifetime Mortgages (ERC). OneFamily only charges an ERC for the first ten years after the start date of the equity release loan. The ERC begins at 6% for the first five years, then drops to 3% for the next five years, with no penalty thereafter.

Valuation Features

One Family Voluntary Payment Standard Variable provides free valuation.

Early Repayment Feature

The Downsizing Protection feature is a useful element of the Voluntary Payment Standard Plan. This allows anyone who downsizes after 5 years to return their OneFamily equity release plan in full, with NO early repayment penalties. If you downsize during the first five years, the normal set early repayment penalties will apply.

Equity Release Council Status

OneFamily is a member of the Equity Release Council, therefore all of their plans, both fixed and variable rate, come with the assurance of the No Negative Equity Guarantee, assuring beneficiaries never owe more than the value of the home and, as a result, they owe nothing to the lender.

Joint Application Features

The Voluntary Payment Standard system varies from the Voluntary Payment Lite scheme in that it has greater loan-to-value ratios at any age. This leads in larger maximum loan amounts on the Standard range of programs, as well as higher interest rates. The OneFamily Voluntary Payment Standard range begins at the age of 55, with maximum loan-to-value ratios of 20% for joint lives and 21% for single lives.

Scheme Options

Because there is no monthly payment obligation enforced on the OneFamily Voluntary Payment plan, the interest can be permitted to roll-up if necessary. The Voluntary Payment plans, on the other hand, provide a 10% pa flexible payment option, allowing households to repay One Family without penalty. As a result, these payments can assist manage the future balance and, eventually, the final legacy for beneficiaries.

Homeowners may therefore choose whether to make no payments at all and watch the amount rise over time, return the interest only component and keep the balance flat, or repay the full 10% each year and see the balance decrease over time, similar to a repayment mortgage. These payments are subject to a minimum of £25 and can begin as soon as the plan is activated. Standing orders, cheques, debit cards, and bank transfers are all acceptable ways of payment.

Should more equity be necessary to be withdrawn for personal purposes, OneFamily allows for more borrowing in the future. This is available 6 months after the original advance and is subject to underwriting guidelines at the time. Switching to a different product is not possible until the plan is entirely remortgaged.

*The FREE valuation offer applies to homes worth up to £1 million and is billed pro-rata for those worth more than that. Only for a limited period.

For more information or to seek a quote on this OneFamily Voluntary Repayment Lifetime Mortgage plan, call the Equity Release Supermarket team now on Freephone 0800 802 1051.

Repayment Options

Because there is no monthly payment obligation enforced on the OneFamily Voluntary Payment plan, the interest can be permitted to roll-up if necessary. The Voluntary Payment plans, on the other hand, provide a 10% pa flexible payment option, allowing households to repay One Family without penalty. As a result, these payments can assist manage the future balance and, eventually, the final legacy for beneficiaries.

Inheritance Protection

Because there is no monthly payment obligation enforced on the OneFamily Voluntary Payment plan, the interest can be permitted to roll-up if necessary. The Voluntary Payment plans, on the other hand, provide a 10% pa flexible payment option, allowing households to repay One Family without penalty. As a result, these payments can assist manage the future balance and, eventually, the final legacy for beneficiaries.

Application Fees

One Family Life Plan updates are still in the works. We will give an update soon.

Cashback Options

Footnotes

One Family Life Plan updates are still in the works. We will give an update soon.

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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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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