Top 10 Best Lifetime Mortgage Providers Compared for 2024
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.
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.
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:
- Lifetime mortgage provider deal comparison
- Compare lifetime mortgage rates
- Find a lifetime mortgage adviser
- Interest only lifetime mortgage and retirement interest only mortgage comparison
- Full discussions around alternative options to consider before proceeding with a lifetime mortgage
- Access to lifetime mortgage calculators for detailed projections of your total interest costs and discover how long equity release takes to arrange
- Compare the best lifetime mortgage interest rates from the whole market
- Find the cheapest lifetime mortgage deals including cash backs and free valuations
- Find out how much can I borrow with a lifetime mortgage and what percentage
- Use our lifetime mortgage calculator to get started and book a free review
- Deal with an expert lifetime mortgage broker to access the whole market and compare the top deals
- Lifetime mortgage VS equity release covered for complete clarity on your options
- Learn how to apply for a lifetime mortgage and what to expect during the process
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.
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.
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.
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.
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.
Who is best for equity release?
Ready to compare the top lifetime mortgage providers?
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.
Later Life Finance broker review:
First class service as standard.
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.