Who is the Best Company For Equity Release? (Top 10 2023 Provider Reviews)

Who is the Best Company For Equity Release? (Top 10 2023 Provider Reviews)

Who is the best company for equity release in December 2023?

Some of the best equity release companies include Aviva, Royal London, Liverpool Victoria, Legal & General, More 2 Life, Canada Life, Just (formerly Just Retirement), One Family, Standard Life, Crown, Royal London & Livemore account for the best providers.

Who is the best company for equity release in December 2023?

Some of the best equity release companies include Aviva, Royal London, Liverpool Victoria, Legal & General, More 2 Life, Canada Life, Just (formerly Just Retirement), One Family, Standard Life, Crown, Royal London & Livemore account for the best providers.

Table of Contents
Table of Contents
remortgaging and releasing equity with a pad and figures comparing the top companies

Who are the best equity release companies in December 2023?

Author Paul Murphy

Updated December 2023

a graphic showing Who are the best equity release companies in 2023?

List of equity release companies in the uk

As a specialist equity release broker, Later Life Finance are well positioned to provide an expert insight into finding the best equity release companies and mortgages, with a full list of providers for your needs. 

Some of the best equity release companies included on the list are Aviva, Royal London, Liverpool Victoria, Legal & General, More 2 Life, Canada Life, Just (formerly Just Retirement), One Family, Standard Life, Crown and Livemore, who all offer a range of equity release mortgages. 

Our comprehensive guide provides valuable insights and comparisons to help you find the right option that suits your specific needs and circumstances.

The Top 10 equity release companies in 2023: Updated list

The Top Equity release companies 2023

 

  1. Canada Life

  2. Legal & General

  3. Aviva

  4. Nationwide

  5. Just

  6. LV=

  7. Pure Retirement

  8. Standard Life

  9. Crown Equity Release

  10.  Livemore

  11. More to Life

  12. Later Life Finance 

  13. Royal London

top reasons for equity release companies & percentages infographic

Finding the best equity release companies: Top tips

Who are the best equity release companies for your specific requirements, and why?

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. 

Discovering which equity release company is best for your specific requirements is crucial to ensuring you find the right solution for your current and longer-term plans.

Liverpool Victoria and Canada Life, for instance, offer ‘defined’ early repayment charge criteria for early settlement of the mortgage. 

Canada Life also provides ‘downsizing protection’ for moving home and settling the mortgage early. 

Other well-known names such as Standard Life and Legal & General offer plans with a wide range of features. 

The overall market is competitive, with lenders frequently vying for the most competitive interest rate position.

This will give you access to the full range of plans available and the best equity release companies  

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. 

Equity release providers require homeowners to seek professional advice from a qualified equity release adviser. 

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.

Equity release council top 10 companies

Who is best for equity release?

The best equity release companies included in the list are Aviva, Liverpool Victoria, Legal & General, More 2 Life, Canada Life, Just (formerly Just Retirement), One Family, Standard Life, Crown, Royal London, and Livemore.

But which is the top company for you, and why? Our experts understand each companies specific positive and negative points to help you make an informed decision. 

Realistically, finding the best provider will depend on several factors. 

Making voluntary repayments to reduce or avoid compound interest, any early repayment charges, and which lender offers the best interest rates are all important questions to consider when comparing the best equity release companies. 

As an FCA authorised broker, and a member of the equity release council, Later Life Finance are able to review all equity release providers, companies, schemes and plans to source the best deal for your requirements. 

Email us at advice@later-life-finance.co.uk with any questions and to compare the top equity release providers, schemes and rates. 

Our experts will take your name, address and requirements in order to provide you with a detailed quotation without any obligation to proceed. 

As an FCA authorised broker, we will ensure our customers fully understand the range of options available. 

We have a vulnerable customer procedure and follow ‘treating customers fairly’ policies to ensure our advice is clear. 

The best equity release companies compared: Which lender is top in 2023?

The best equity release companies included in the list are Aviva, Liverpool Victoria, Legal & General, More 2 Life, Canada Life, Just (formerly Just Retirement), One Family, Standard Life, Crown, Royal London, and Livemore.

But which is the top company for you, and why? Our experts understand each companies specific positive and negative points to help you make an informed decision. 

Realistically, finding the best provider will depend on several factors. 

Making voluntary repayments to reduce or avoid compound interest, any early repayment charges, and which lender offers the best interest rates are all important questions to consider when comparing the best equity release companies. 

As an FCA authorised broker, and a member of the equity release council, Later Life Finance are able to review all equity release providers, companies, schemes and plans to source the best deal for your requirements. 

Email us at advice@later-life-finance.co.uk with any questions and to compare the top equity release providers, schemes and rates. 

Our experts will take your name, address and requirements in order to provide you with a detailed quotation without any obligation to proceed. 

As an FCA authorised broker, we will ensure our customers fully understand the range of options available. 

We have a vulnerable customer procedure and follow ‘treating customers fairly’ policies to ensure our advice is clear. 

Aviva best equity release plans

Best equity release mortgages

If you are considering releasing the equity from your home, it’s important to find the best equity release mortgage for your specific needs. 

An equity release mortgage allows homeowners aged 55 and over to borrow against the value of their property, typically without requiring any monthly repayments, as these are optional with lifetime mortgages. 

Modern lifetime mortgages allow interest and capital repayments to help offset the effect of compound interest. 

To find the best option, it’s advisable to research and compare different lenders, considering factors such as interest rates, flexibility, fees, customer service, and exit criteria for later down the line. 

Comparing equity release mortgages is crucial in order to ensure you get the most suitable deal. Different lenders offer various plans, including lifetime mortgages and home reversion schemes. By investigating the different options available, you can find the best equity release mortgage that allows you to access the funds you need while also addressing any concerns you may have about inheritance and protecting a portion of your home’s value for the future.

Best lifetime mortgage companies

If you are considering a lifetime mortgage, it’s important to do your research and find the best lifetime mortgage company for your needs.

With so many companies offering this type of mortgage, it can be overwhelming to choose the right one. Who is best for your needs, and why?

Later Life Finance are a specialist broker who can help you find the right company for your needs.

We have access to the whole market, with companies offering competitive interest rates and providing clear and transparent terms.

By choosing the best lifetime mortgage companies to match your needs, you can have peace of mind knowing that you are making a well-informed decision about your financial future.

When searching for the best lifetime mortgage companies, it’s crucial to compare their customer reviews, interest rates, and repayment options.

Companies that have positive reviews from their customers and are highly rated by reputable financial institutions are likely to provide reliable and trustworthy services.

Additionally, consider the interest rates offered by each company and compare them to find the most competitive option.

Lastly, look for companies that offer flexible repayment options that align with your financial goals. By considering these factors, you can select the best lifetime mortgage company that will meet your individual needs and offer a secure and comfortable retirement.

The best equity release mortgages and features at a glance:

  1. Canada Life- Lifetime mortgage with downsizing protection 

  2. Legal & General- RIO &  interest only lifetime mortgages

  3. Aviva- Flexible underwriting, voluntary repayment lifetime mortgages

  4. Nationwide- RIO plans

  5. Just- High lump sum plans and medically enhanced plans

  6. LV= Drawdown plans

  7. Pure Retirement- Range of funders to select

  8. Standard Life- Lump sum and drawdown plans,voluntary repayments

  9. Crown Equity Release-Home reversion

  10.  Livemore-RIO and Lifetime mortgages

  11. More to Life- Lump sum and drawdown plans,voluntary repayments

  12. Later Life Finance– whole of market broker service

  13. Royal London- Lump sum and drawdown plans, voluntary repayments

Royal london best equity release plans

The best equity release products

When it comes to finding the best equity release products, it is important to carefully compare the different options available based on your current and longer-term goals. 

Equity release allows homeowners to release some of the value tied up in their property, providing them with a lump sum or a regular drawdown of income. 

By conducting thorough research and seeking advice from our professional advisers at Later Life Finance, homeowners can find the best equity release product that fits your needs and financial goals.

The best equity release products provide flexible features and competitive interest rates, ensuring that homeowners can make the most of their property’s value. 

It is crucial to consider factors such as the maximum loan amount, early repayment charges, and inheritance protection when choosing an equity release product. 

By assessing the various options and understanding the terms and conditions, homeowners can make an informed decision and select a product that offers the best possible financial outcome for their circumstances.

Which are the best equity release schemes?

When it comes to finding the best equity release schemes for retirees, thorough research is crucial.

To discover the best equity release schemes, it is advisable to compare different providers, considering factors such as interest rates, flexibility, and customer reviews.

While searching for the best equity release schemes, it is vital to find a scheme that suits your specific needs and circumstances.

Taking the time to carefully evaluate the available options and considering all associated costs and restrictions will ensure that you choose the best equity release scheme to meet your financial goals and future plans.

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.  

Speaking with our experts and discussing any concerns you may have about how lifetime mortgages work, and compare the best providers for your personal goals. 

We invite you to involve family members during your research, discuss the alternatives and ensure you make a balanced view on whether equity release is the right choice for you.  

Equity release specialists: Experience matters when choosing a suitable broker

Equity release specialists are trained and qualified to provide expert advice and safely guide you through your options, the alternatives and any pitfalls to avoid. 

Dealing with whole of market broker Later Life Finance puts you in the driving seat when accessing the top equity release deals. 

We listen carefully to what matters to you, and base our advice on what meets your best interests. 

What are the benefits of dealing with an equity release broker?

What are the advantages of dealing with an equity release broker? 

Brokers such as Later Life Finance can review all lenders, plans and schemes to find you the top equity release company and the best deal for you. 

For example, lump sum or drawdown reserve plans, fixed VS variable exit fees VS lowest interest rate, what’s best for you, and why? 

Knowing the best solution for you is key to getting the correct outcome, and to avoid unnecessary costs later down the line. 

Our experts will carefully review each feature based on your current and longer terms plans and design you a solution reflecting your overall goals. 

This makes Later Life Finance the top choice for many homeowners when reviewing who the best equity release brokers are. 

Speaking with genuine experts and discussing your concerns will help you decide which equity release broker is the best fit for you. 

Later Life Finance broker review:First class service as standard.

equity release broker review image
truths about comparing equity release providers image of homeowners comparing the myths and facts

Finding the best equity release deals in the UK: Lowest interest rates or flexibility?

Who offers the best equity release deals in the UK, and how do you choose the most suitable plan for your needs?

The right deal for you will depend on several factors, including your current and longer term plans, such as moving home and potentially repaying the mortgage. 

For example, you may plan to move home in the future and repay the equity released from your home. 

To help you find the best deal our equity release mortgage calculator will provide instant results. 

You can also book a free review of your options to compare the whole market. 

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. 

The truth about the best equity release companies: Voluntary repayment features are pivotal in 2023

With 40 thousand interest-only mortgages maturing per year over the coming decade*, a safe and flexible solution now exists for homeowners to remain in their homes if downsizing isn’t preferable.

Using an equity release compound interest calculator will help you decide how making the repayments will benefit your estate. 

Voluntary repayments are now a standard feature of lifetime mortgages, and can be used to avoid or reduce compound interest and preserve your equity. 

To access tax-free equity for retirement, wealth distribution by gifting an early inheritance to family, for aspirational purposes, or simply to help homeowners meet the increasing costs of living.  

This article provides insights into the following:

  1. Understanding the concept of an equity release plan and reviewing the best equity release companies, deals and schemes for UK homeowners. 
  2. Essential factors to consider and helpful tips for selecting the most suitable equity release providers, reviewing plan features and flexibility. 
  3. Identifying the top industry leaders in the field of equity release.
  4. Highlighting competitive equity release plan features available in the market.
  5. Voluntary repayments are important to discuss with your adviser

Choosing an equity release provider to meet your longer term goals

Your longer term plans must also be considered when deciding whether equity release is suitable. 

The right provider depends on what matters to you most, such as downsizing, preserving your equity for an inheritance, or something else you may wish to factor into your solution, there are lots of options to consider. 

In order to avoid the pitfalls, we review the top 10 equity release companies and compare the top lifetime mortgage providers

If you are researching leading equity release providers,  it’s likely you will have many questions to ask before making a decision on whether raising funds from your home is the right choice for you. 

We compare the top rated equity release plans to help you make a balanced view of the various features available from each lender and scheme. 

Ultimately, expert advice is crucial to ensure you are making the right decision on releasing equity from your home. 

Health conditions, such as high blood pressure, angina, cancer and multiple sclerosis can impact on life expectancy, and certain lenders offer enhanced lending terms based on health. 

This means if you have an illness you may qualify for a higher level of lending. 

There are alternative options to  explore to ensure equity release is suitable, such as downsizing, using alternative assets or taking a lodger, for example. 

We provide a professional overview of the options currently available to homeowners, with a side by side equity release company comparison and review of each plan to find out who are the best equity release companies and why. 

Later Life Finance provide equity release in London and throughout the whole of the UK.

*Source FCA interest only mortgage report

defaqto 5 star top rated uk equity release companies
researching the 5 star top equity release companies in uk

Which company offers the best equity release?

If you’re looking for answers on who offers the best equity release solutions, pension and insurance firms are better suited to finance the equity release mortgages than large, well-known banks because the funding models required are based on a longer-term lifetime basis. 

Familiar names such as Aviva, Rothesay Life, Legal & General and Liverpool Victoria are big names in the industry. 

Our equity release guide helps answer some of the common questions about raising cash from your home. 

As members of the equity release council, Later Life Finance provide expert advice on releasing equity, and review all equity release companies in the UK to find your best solution. 

Here we review the top 10 equity release companies. 

top 10 equity release deals

Canada Life Home Finance

“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. 

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.

Canada Life have previously offered a second home and a Buy to Let lifetime mortgage, however this has been removed from the market in 2023. 

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 

“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 two Defaqto 4-star rated lifetime mortgages. They offer flexible mortgages 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.

They also offer a retirement interest only mortgage (RIO), which does not offer the same level of protection as a lifetime mortgage, as there is a risk of repossession if the monthly repayments were defaulted on.

Legal & General offer defined exit fees starting at 10% in year 1 which reduces by 1% each year.

Very good
Michael Dilucia
Michael Dilucia
08/07/2023
My equity release application had been rejected 3 times when I was referred to Peter at Later Life. He was extremely thorough, patient, friendly, and knowledgeable. He helped us with every step of the application and explained everything clearly and patiently. We finally succeeded in getting the equity release we wanted. I cannot recommend them highly enough. Their service goes above and beyond. Very happy customers!
Sherry Izadi
Sherry Izadi
08/07/2023
Paul has been a rock throughout the most traumatic time of my life. His patience has been endless as I was clueless about my financial complications after the death of my husband. I recommend his services to anyone out there needing his advice and guidance.
Hazel Franklin
Hazel Franklin
20/10/2022
Paul Murphy was superb in sourcing and arranging my lifetime mortgage and his professionalism was second to none. I would recommend him without reservation.
Tony Holloway
Tony Holloway
31/03/2022
Paul did a first class job helping me secure a great rate for my equity release proposition. I like the idea of equity release but at the right rate Paul was competitive and at the expense of his own commission made it happen. I really felt I was the focus not him. The big firms with the fancy marketing were almost twice as much in terms of all- important compound interest. I highly recommend Paul, he works for you, not 'them'. I also felt safe with the solicitors he recommended, they too sent a first class guy who was a pleasure to work with. Equity release is not cheap, it's vital that people like Paul work for your best interest (pun intended). What price can you place on the latter peace of mind having financial security brings. Highly delighted.
Mike Murray
Mike Murray
31/03/2022
We have used Paul's services twice in just over a year. Initially it was to change provider as better interes rates were available. On the annual review it transpired that no early repayment charges would be levied. Being a Yorkshire man l searched for best rates, providers and advisors and it was back to Paul. I have no loyalty where money is concerned but transparency, knowledge and reliability are paramount. That's exactly what we got. Good service, excellent communication, expedience and saved money. Second time around not even a direct fee to pay for the service. Another provider did come up with an option however their fees were somewhat prohibitive, when l brought this to their attention they offered to slash the fee. Not good practice. So after all the waffle. I have no reservations in recommending Paul's services.
Anthony Grey
Anthony Grey
08/09/2021
We had reservations about Equity Release plans and approached a number of leading companies. Glad we settled with Paul Murphy and Responsible Life. He was patient and personable and guided us through the process. We received a most professional service, never felt under pressure. The plan is now in place. Excellent communications throughout. No hesitation, would highly recommend Paul. Jw.
Jeffrey Wade
Jeffrey Wade
07/01/2021
A truely excellent service from Paul. From the moment we made contact with Paul he provided clear balanced advice supported by any documentation we asked for. We researched the market at the same time, independently, and it was evident Paul was offering a very competitive product that met our needs exactly. Paul’s speed of communication was outstanding, by e mail or phone, and we literally had replies within minutes. An extremely professional and friendly service and we were delighted Paul secured the deal we wanted. We wouldn’t hesitate to recommend Paul’s expertise, advice and resultant product suggestions to anyone considering these financial products. Thank you!!
Priors Bob
Priors Bob
26/12/2020
Brilliant service from this company! Paul was so helpful all through the process and made everything so simple to understand! Thank you Paul, you are a star! Would definitely recommend!
Alice Froggatt
Alice Froggatt
08/11/2019

Aviva

“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.

Aviva offer defined exit fees starting at 10% in year 1 which reduces by 1% each year.

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.

Just (JRL Group)

“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 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.

Pure Retirement have several plans with varying levels of exit criteria for early repayment.

Standard Life

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.

Standard Life are part of the same group of companies as Sun Life, the Phoenix Group. 

Later Life finance are able to arrange Standard Life plans.

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.

Up to 10% of the sum borrowed can be repaid per year.

Standard Life have defined exit fees starting at 8% in year 1 which reduces each year.