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£70,000£1m+
You must be 55+ to qualify for Equity Release.
  • Independent UK Equity Release comparison service
  • Release up to £500,000 TAX FREE - Equity release is, in a nutshell, a way to unlock the value of your property and turn it into cash which lets you access – or 'release' – the equity (cash) tied up in your home, if you're 55+.
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OneFamily Equity Release Review

Homeowners above 55 years have the option of converting some or all of their property’s value into cash through equity releases. The cash released can help meet retirement needs such as home improvement for more comfortable living, clearance of loans and school fees, or even taking a family holiday.

OneFamily is a provider of financial services, including over 50s life covers such as equity release, child trust funds, and junior ISA. Below is a detailed description of the OneFamily equity release products.

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OneFamily Equity Release

OneFamily offers Lifetime Mortgages to homeowners who meet their criteria. A lifetime mortgage is a loan that is secured against the value of your home, allowing you to receive cash that is paid back after the sale of your house when you either move into long-term care or pass away. You will receive a one-off lump sum that will be yours to do with as you wish.

For the interest, you can either choose the variable rate interest or the 2-year fixed interest rate. The variable rate interest changes each year with the change in CPI, whereas the 2-year fixed-rate means you will be charged the same interest for the first two years, after which the plan will switch automatically to variable rates.

Depending on the plan you choose, you will either pay all, some, or no interest during the contract period. Based on this, there are two lifetime mortgage types offered by OneFamily:

Interest Payment Lifetime Mortgage

With the interest payment option, you can choose to pay either some or all of the interest each month. This gives you control of your loan, where paying 100% of the interest rate will prevent your loan amount from ever increasing. This product is also flexible where if you choose to skip a payment, the amount will roll over into the loan. When you can no longer make monthly payments, your plan will be switched automatically to the interest roll-up with a voluntary payment option.

Interest Roll-up Lifetime Mortgage

The interest roll-up option does not require you to make any monthly payments. The interest therefore, rolls over each month, meaning your final loan amount will be more than if you made monthly payments. There is, however, a voluntary payment option that allows you to repay up to 10% of the initial loan amount every year without incurring early repayment charges. This could either be done as a one-off payment or smaller payments of as little as £25.

Eligibility for the Lifetime Mortgage

You have to meet the following requirements to qualify for the lifetime mortgage:

You should be aged a minimum of 55 years and a maximum of 85 years.

Your property must be located in either England, Scotland, or Wales, and it must be your permanent residence. This means you must not leave it unoccupied for more than six months at a time.

You must either be a UK national or a foreigner with permanent UK residence rights.

In the case of a joint application, both members must meet the requirements above, and must also have full property title.

If your property has any outstanding mortgage on it, you should clear it first before the start of the contract. The lifetime mortgage offered can be used to clear the outstanding mortgage.

To compare Equity Release providers click here and complete the short form.