Compare The Top 10 Best Equity Release Companies For 2024
The top 10 best equity release companies in 2024 include Aviva, Royal London, Liverpool Victoria, Legal & General, More 2 Life, Canada Life, Just (formerly Just Retirement), Standard Life, Scottish Widows, Crown & Livemore.
Author: Paul Murphy Later Life Finance
Who are the top 10 equity release companies in 2024? (Most reputable providers)
Who is the best provider of equity release?
As a specialist equity release broker, Later Life Finance are well positioned to review & compare the top 10 equity release providers based on our experience to help you navigate your options.
We have access to exclusive broker deals to save you time and money when comparing the best equity release providers.
Equity release provides a solution with flexible mortgages for older borrowers, as lifetime mortgages can offer a greater level of financial freedom for homeowners to enjoy the retirement you’ve worked for.
In the world of equity release companies, providers and schemes, the range of choice can seem overwhelming. Using an equity release broker will help you source the best solution for your specific needs when considering current lifetime mortgage rates for over 60’s.
Which provider is best for you, and why? Should you avoid any particular equity release companies? Can you be declined equity release, and how much can you borrow on a lifetime mortgage?
We address these questions and compare each companies features, deals, pros and cons of each scheme to help avoid any pitfalls with choosing the best equity release provider.
When you are ready to compare plans in detail, our Lifetime mortgage calculator will help you get started with finding the best equity release providers.
Canada Life Home Finance: (Top provider for low early repayment charges)
“We have 3.4 million customers, 470,000 pension annuities in force, and manage more than £42.2 billion of equities, fixed income and property”
Canada Life are an established equity release provider and offer flexible mortgages which allow you draw down money as and when you need it for flexible lifestyle home loans.
They have a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Up to 10% of the sum borrowed can be repaid per year.
They also offer a feature called downsizing protection, which offers added flexibility for moving home and settling the plan early.
They have fixed early repayment charges compared to many of the other lenders available.To use our equity release calculator without providing all your personal details, you can decide whether you want to progress your enquiry further without any pressure or hassle.
Legal & General Home Finance (Best provider for equity release mortgages)
“In June 1836, six lawyers founded Legal & General and our aim to build a better society has been present for as long as we have. Today we help over 10 million people with savings, retirement and life insurance”
Legal & General offer Defaqto 4-star rated lifetime mortgages.
in 2023 Legal & General launched the first official interest only lifetime mortgage for homeowners aged 50 and over.
Their range of key later life mortgages on offer provide homeowners with a greater range of options than ever.
They offer a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Up to 10% of the sum borrowed can be repaid per year.
They also offer a retirement interest only mortgage (RIO).
When considering lifetime mortgage and home reversion plan examples it’s important to access the whole market to help you understand what’s best for you.
Our lifetime mortgages calculator provides instant results and you can also book a free review of your options without any obligation.
Aviva (Best provider for flexible equity release underwriting criteria)
“We’re a composite insurer made up of separate business areas, covering everything from pensions to pet insurance”
Aviva offers a choice of two Defaqto 4-star rated lifetime mortgages.
They offer flexible mortgages that allow you draw down money as and when you need it.
They have a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest, up to 10% of the sum borrowed can be repaid per year.
We are often asked, how long does equity release take after valuation? Aviva and several other lenders will process your application in around 6 weeks after valuation.
The BBC equity release calculator doesn’t include Aviva plans however as an independent broker Later Life Finance compare the whole equity release market to source the top deals.
Nationwide
“We’re a building society, or mutual, owned by our members. That’s anyone who banks, saves or has a mortgage with us”.
Technically Nationwide aren’t a lifetime mortgage lender. They provide mortgages with fixed monthly payments for later life borrowers, including a retirement interest only mortgage. They do not offer a drawdown option.
Their plans differ from a lifetime mortgage as the Nationwide require sufficient income to service the interest payments. The plans are not protected by Equity release council codes of conduct.
Later Life Finance’s calculators provide the key options available for older borrowers.
Just (JRL Group) (Best equity release provider for cash back deals & medically enhanced plans)
“JRL started out by specialising in guaranteed income for life solutions (provided by pension annuities) and lifetime mortgages”. They also use the trading name HUB which refers to companies within the Just Group.
Just offer a lifetime mortgage that lets you release a one off lump sum or an initial lump sum and extra cash when you need it.
They have flexible mortgages that allow you draw down money as and when you need it.
They don’t provide reversion mortgages, however they have a range of lifetime mortgages to compare.
They offer a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Just also offer a medically enhanced lifetime mortgage.
Liverpool Victoria
“From humble beginnings we’ve been going strong since 1843!”
LV= offer flexible equity release plans that allow you draw down money as and when you need it.
They offer a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Up to 10% of the sum borrowed can be repaid per year.
Liverpool Victoria have fixed early repayment charges compared to many of the other lenders available.
Pure Retirement
“Established in 2014, Pure Retirement was the top of this year’s list of fastest growing businesses in Yorkshire”
Pure Retirement offer equity release plans and have flexible mortgages that allow you draw down money as and when you need it.
They have several lifetime mortgage plans, including Sovereign, Emerald and Classic range.
They offer a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest. Up to 10% of the sum borrowed can be repaid per year.
Standard Life (Best provider for term interest only lifetime mortgage equity release)
Standard Life is “a brand that has been trusted to look after people’s life savings and retirement needs for nearly 200 years”.
Standard Life offers two Defaqto 5-star rated lifetime mortgages. These plans are not available across the whole marketplace. Select brokers can arrange their mortgages.
They offer flexible mortgages that allow you draw down money as and when you need it, and a repayment option that lets you repay some or all of the monthly interest to reduce the effect of compound interest.
Standard Life have defined exit fees starting at 8% in year 1 which reduces each year.
Crown (Best equity release home reversion provider).
“Crown Equity Release is an independent specialist arranger of capital, it has been assisting clients on how to get the most out of their retirement Since 2001”
Crown are an equity release home reversion plan specialist.
A home reversion plan involves selling a share of your property, as opposed to a mortgage where you retain full home ownership.
This arrangement is more permanent than a lifetime mortgage and are difficult to reverse once they are arranged.
More 2 Life (Best for range of funders)
“More2life was founded, with big ambitions to change the equity release market by designing lifetime mortgages focussed on customers’ needs”
More 2 Life offer equity release plans include enhanced terms for certain medical issues, which could increase the level of lending available.
They offer flexible mortgages which allow you draw down money as and when you need it.
They have a flexible repayment option which allows some or all of the monthly interest to be repaid to help reduce the effect of compound interest.
Up to 10% of the sum borrowed can be repaid per year.
Livemore (Best provider for RIO and TIO deals)
“LiveMore was founded in in 2020 to solve a problem that many people aged 50-90+ in the UK face: accessing the mortgage options they need and deserve”
Providing retirement interest only and lifetime mortgages, Livemore are quickly gaining a reputation for efficiency and flexibility in the later life mortgage market.
Try our equity release calculator It’s completely free and there’s never any obligation to proceed with a solution.
Royal London
“We’re the UK’s largest mutual life, pensions and investment company, offering protection, long-term savings and asset management. Royal London have been working on a range of products to help advisers when discussing the use of property wealth in retirement.
The range will be supported consistently good customer service, competitive pricing, and flexible underwriting criteria, all underpinned by the strength of the Royal London brand”.
Royal London are an established brand and offer flexible mortgages which allow you draw down money as and when you need it.
Scottish Widows
“In 1995 Scottish Widows diversified, with the launch of Scottish Widows Bank. Then on 3rd March 2000, after almost 180 years of independence, the Society demutualised to become part of the Lloyds TSB Group”
Scottish Widows are an established brand and offer flexible mortgages which allow you draw down money as and when you need it.
Ready to compare the top 10 equity release deals?
Get your free calculation & compare the market with a free review
Registered providers
Get the latest equity release rates
Who are the best equity release companies for your specific requirements, and how do you compare the latest equity release rates?
We provide the top tips when finding the right solution for your plans.
Comparing equity release schemes will help you decide which option might be best for you.
The top tips to consider are
1. Book a free call back with our experts to compare plan features
2. Ask for our free calculation service to show how voluntary repayments can reduce the interest costs
3. Consider your circumstances in 5-10 years from now. We will help you with a clear plan of the best equity release company for your plans.
4. Deal with a whole of market broker such as Later Life Finance.
We explore the 4 little known truths about equity release to separate the truth from the horror stories to help you understand the industry with greater clarity.
If you are considering which are the best later life mortgages, we review lifetime mortgage companies and schemes to help you consider your options.
This isn’t a sales process, but rather ensures your best interests are maintained through qualified expert guidance and maintains strict FCA guidelines.
We review who offers the best equity release deals and consider how safe equity release is.
The best equity release mortgages and features at a glance:
Canada Life- Lifetime mortgage with downsizing protection
Legal & General- RIO & interest only lifetime mortgages
Aviva- Flexible underwriting, voluntary repayment lifetime mortgages
Nationwide- RIO plans
Just- High lump sum plans and medically enhanced plans
LV= Drawdown plans
Pure Retirement- Range of funders to select
Standard Life- Lump sum and drawdown plans,voluntary repayments
Crown Equity Release-Home reversion
Livemore-RIO and Lifetime mortgages
More to Life- Lump sum and drawdown plans,voluntary repayments
Later Life Finance– whole of market broker service
Royal London- Lump sum and drawdown plans, voluntary repayments
The best equity release brokers: Dealing with experienced experts makes all the difference
Who is the best equity release broker, and who should you trust with your plans to explore your options?
The choice of brokers advertising on TV and Google can seem overwhelming. Later Life Finance are an FCA authorised broker you can rely on for expertise and knowledge across all lenders, schemes and criteria to save you time and stress.
To help you find the best deal our equity release mortgage calculator will provide instant results.
It’s important the deal fits your requirements and is ‘future proof’, so you can be confident the equity release plan is flexible for early repayment, if this is part of your overall plan.
Later Life Finance broker review:
First class service as standard.
Which are the best equity release companies to avoid?
It is sensible to avoid equity release providers that aren’t members of the Equity Release Council.
Dealing with a reputable Equity release council registered company and will ensure you access a reputable source for your requirements, as the council maintain several codes of conduct across the industry companies must follow for consumer protection.
The Equity Release Council protects you from the possible risks of equity release, including a no negative equity guarantee.
Dealing with companies who are regulated by the Financial Conduct Authority will also ensure the advice provided is regulated. This is a standard requirement across the lifetime mortgage market as the products are fully regulated by the FCA.
Summary
Understanding all your options is key to deciding which equity release company is correct for your specific circumstances, and knowing which companies to avoid to ensure you source the best solution is equally important.
Access to a qualified equity release adviser who are Equity Release Council registered will ensure you receive independent, expert advice.
Later Life Finance are members of the equity release council. To book an appointment with an expert without any obligation click here
Dealing with an adviser with access to the whole equity release market will enable you to access the best equity release companies and schemes available, which will help match your requirements with the most appropriate solution available and the best equity release company, provider and deal for your needs on an impartial basis as a specialist broker.