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Top 10 Best Lifetime Mortgage Providers Compared for 2024

martin lewis and lifetime mortgages compass pointing to expert

Author: Paul Murphy Later Life Finance

The top 10 lifetime mortgage providers in 2024 include Aviva, Royal London, Liverpool Victoria, Legal & General, More 2 Life, Canada Life, Just (formerly Just Retirement), Standard Life, Crown & Livemore. These are a list of the best providers.

We review the brand new interest only lifetime mortgage providers below to help you with your research into the world of equity release when considering the most reputable companies.

Table of Contents

Who are the top 10 lifetime mortgage providers in 2024?

As a specialist equity release broker, Later Life Finance are well positioned to review & compare the top lifetime mortgage providers based on our experience to help you navigate your options. Get a lifetime mortgage quote from Later Life Finance and compare the whole market. 

We have access to exclusive broker deals to save you time and money when comparing the best equity release providers

A table comparing the top lifetime mortgage providers in 2024

Legal & General Home Finance (Best lifetime mortgage provider for RIO and Interest only)

“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 for Over 60s Lifetime mortgage solutions. 

In 2023 Legal & General launched the first official interest only lifetime mortgage for homeowners aged 50 and over. 

Their range of flexible mortgages on offer provide homeowners with a greater range of options than ever.  Later Life Finance has access to their Interest only lifetime mortgage calculator

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. 

We review later life mortgages from all lenders to secure you the best possible deal. 

Standard Life (Best provider for interest only lifetime mortgages)

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 Over 70s mortgages for homeowners.

In 2024 they launched a brand new interest only lifetime mortgage.

For understanding how do you calculate lifetime interest on a mortgage? We have access to interest calculators to help you calculate all your options. 

which provides a discounted interest rate for monthly interest payments. 

If you are considering How much can I borrow on an interest only lifetime mortgage?

We have full access to Standard Life’s full range of plans to secure you the best deal. 

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.

Our FREE equity release lifetime mortgage comparison service includes:

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. 

This is a feature many people ask for when researching information from the expert Martin Lewis Lifetime mortgages as it provides homeowners with the extra peace of mind of flexibility in their homes. 

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. 

Mature couple using a laptop while relaxing at home Comparing the best Equity Release companies available on a laptop
Aviva best equity release plans

Aviva (Best lifetime mortgage provider for flexible 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.

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. 

defaqto 5 star top rated uk equity release companies

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.

Later Life Finance provide lifetime mortgages Nationwide for homeowners looking to release the equity in their homes. 

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 lifetime mortgage 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.

top reasons for equity release companies & percentages infographic

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.

mature couple research equity release companies reviews and which to choose
truths about comparing equity release providers image of homeowners comparing the myths and facts

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 best equity release plans

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. 

Who is best for equity release?

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Equity release council top 10 companies

Registered providers

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

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.

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

Understanding all your options is key to deciding which lifetime mortgage provider is best 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 lifetime mortgage, provider and deal for your needs on an impartial basis as a specialist broker. 

Equity release FAQs

The main downside to equity release is the effect of compound interest on the most common type-the lifetime mortgage. However, this interest effect can be avoided or reduced with voluntary repayments. The equity release council included voluntary repayments as a requirement for lenders to meet their strict codes of conduct. The ability to make voluntary, penalty-free partial repayments was made a compulsory feature for all products to meet Equity Release Council standards from March 2022.
Prior to finalising your decision on equity release, it is crucial to seek financial guidance with a qualified equity release adviser. Discussing your plans with an independent equity release adviser will enable you to compare the whole market, and your adviser will identify the most suitable solution to match your specific circumstances. Additionally, should you opt to proceed with equity release, it is essential to obtain legal advice. Your adviser will be able to suggest an independent solicitor who specialises in equity release.
While Martin Lewis does not provide a direct endorsement for equity release, he acknowledges that under specific circumstances, it can be a viable solution to access funds tied up in your home to meet living costs and provide financial security. Where downsizing has been ruled out, for example, Martin Lewis has a balanced view on the concept of equity release and it's benefits to homeowners seeking extra funds in later life, and advises independent advice on equity release is obtained.
Equity release provides you with a cash lump sum or a drawdown facility to take the cash over a longer timeframe. The "catch" with equity release is that the money released from your home, plus interest will need to be repaid when the property is eventually sold. With a Lifetime Mortgage, you will owe the money borrowed plus the loan interest accrued. If you make voluntary repayments to the mortgage this will help reduce the amount of interest repayable on the mortgage, and will help maximise any inheritance your beneficiaries may receive.
It takes between six and eight weeks for an equity release application to complete and to receive your funds. The timescale depends on whether you have a mortgage to repay from the money taken, and whether there are any legal processes which may delay the process, such as moving home or changing the title.
A lasting power of attorney, or LPA is not required to setup an equity release plan. However, having an LPA in place is important to ensure access to further funds from a drawdown plan if you ever lose capacity to make your own decisions, or cannot sign your wishes for physical reasons, such as a stroke. If you have not set up an LPA and it is required, the Court will need to appoint a deputy for you. Planning ahead is prudent to ensure you have arranged such measures in case an LPA is required in the future, and this can save a great deal of stress if and when the time comes to use the LPA.
Equity release funds are tax-free and can be used for anything you wish (providing any existing mortgage is repaid from the funds). Popular uses of equity release funds include repaying mortgages and unsecured debt, home improvements, a cash boost, purchasing second homes, and helping family with a financial gift.
Lifetime mortgages are the most popular form of equity release and provide the flexibility to move home and make voluntary payments, if preferable. Equity release customers unlocked £1.6 billion in property wealth in Q2 of 2022. (Equity release council)
An equity release application should take around eight weeks until you receive your equity release funds. This depends on whether you have an existing mortgage to repay and if any changes to the title are required, which can increase the timescale to arrange.
In July 2023 the lowest Equity Release rate is currently 6.03% (Monthly Equivalent Rate) fixed for life. The highest interest rate in the market is currently 8.64% (Monthly Equivalent Rate).