Who Are The Best Equity Release Companies (Top 10 List)
Book your free, no obligation equity release consultation with our expert advisers today, and compare the best companies & deals!
The best equity release companies (Top 2024 providers)
Are you considering equity release, but not sure where to start with the best company, or who to trust with your plans?
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.
Compare My Equity are an independent equity release broker who put your best interests first, as genuine experts we can safely guide you through all your equity release options, the alternatives and any pitfalls you need to consider.
Our friendly experts will guide you without any stress or pressure.
Equity release plans enable you to raise tax free equity from your home. The money can either be taken as a lump sum, or a series of smaller drawdowns.
This allows you to safely unlock the wealth you have built up in your home to boost your finances. Any existing mortgage must be repaid from the money taken out, and the rest of the equity available in your home can be used as you wish.
Top 10 equity release companies
Who are the Top Equity release companies 2024?
Canada Life
Legal & General
Aviva
Nationwide
Just
LV=
Pure Retirement
Standard Life
Crown Equity Release
Livemore
More to Life
Royal London
Our 5 star reviews reflect our excellent service!
How do I choose the best equity release company? (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.
Who offers the best equity release mortgages?
Finding the best equity release mortgage for you depends on your current and longer term plans as a starting point.
All modern lifetime mortgages allow interest and capital repayments to help offset the effect of compound interest, but what about moving home, early repayment, or other important features you need to ensure the solution meets your personal needs?
Compare my equity provide a complete broker and research service.
We compare all 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.
Who are the 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.
- Ask any questions or concerns you have with our qualified advisers
- Learn how voluntary repayments can help preserve more of your equity
- Access calculations, projections and interest costs
- Find out how the different equity release plans work
- Find out more about the latest offers available
- Discuss whether any entitlements to means-tested benefits may be affected
- Understand the impact on the value of your estate
- Discuss other borrowing options available
- Work with your qualified adviser to see whether equity release is right for you
Our 5 star reviews reflect our excellent service!
Why arrange your free equity release advice appointment?
By arranging your free equity release advice appointment and if you are in the age group of 55 or above, you will speak with a fully qualified equity release adviser at Compare My Equity, a trading name of Later Life Finance Limited, the FCA authorised expert broker.
We are a specialist equity release advice firm passionate about helping homeowners over 55 to meet their financial needs and goals with releasing equity.
Before being able to release money from your home, you must speak with an adviser as it is a Financial Conduct Authority (FCA) requirement.
The FCA regulates the equity release marketplace to ensure fair deals, avoid any misselling and maintain the highest standards in the financial services industry.
Your equity release adviser will be able to determine the best route to meet your goals. This could be to use equity release, help find an alternative solution, or do nothing at all.
All of our advisers are fully qualified experts, ensuring you are only recommended the correct solution for you.
Take the first step towards achieving your financial goals by booking your free equity release advice consultation today!
What happens at a free equity release advice appointment?
If you are aged 55 or above, your free equity release advice will typically be split between two free appointments.
The Fact Find meeting
During the Fact Find meeting, your adviser will discover what you want to achieve with equity release and explain different types of equity release plans, discussing their features and risks. During this meeting, your adviser will gather relevant information about you, including:
- Basic details about yourself – Date of Birth, full name, address
- Financial details – Income, expenditure, liabilities, assets
- Financial planning – Long-term care plans, Power of Attorneys, funeral plans, inheritance plans
- Health and lifestyle – A medical questionnaire to determine eligibility for a medically enhanced plan
- Property details – Property type, construction, condition
- Preferences – What you are looking for in your plan, including features, release amounts, and interest rates
- Requested funds – What you are planning to spend the funds on, and when
- Your chosen solicitor details – Contact number, email and property address
- Alternatives to equity release – Downsizing, selling assets, or mortgaging
If time is limited, your adviser will be flexible and answer any questions upfront, arranging another suitable time for you.
Recommendation meeting
Following the Fact Find meeting, your adviser will research the market to find a suitable equity release plan or alternative. If they believe equity release is the best option, they will request a personalised illustration from a lender, known as a “Key Facts Illustration” (KFI). The KFI is a 17-section document that details the plan’s specifics, including interest rate, release amounts, plan features, and risks.
During the recommendation meeting, your adviser will provide you with the KFI and ensure you fully understand all aspects of the plan. Your adviser will also provide you with other documents, including:
- Suitability Report – Why the recommended plan is suitable
- A copy of the Fact Find – What the recommendation has been based on
- Compare My Equity’s terms of business – What you are agreeing to by submitting an application with Compare My Equity.
If you are satisfied with the adviser’s recommendation and wish to proceed, you will need to sign the provided documents and send them back to Compare My Equity along with proof of address and identification. We will then process your application and submit it to the lender.
Is free equity release advice a good idea?
We believe that booking a free equity release advice consultation is essential to understand all your options with genuine expert advisers who will discuss all your options.
This could include recommending an equity release plan that suits your needs, exploring alternative financial solutions, or even deciding that equity release may not be the right option for you.
Compare My Equity are committed to providing transparent and fair services to our clients.
We only charge our fee upon completion of the equity release process, ensuring that you are not left out of pocket by a single penny if you don’t receive the equity release funds.
Moreover, we take pride in offering whole market advice, which means you get unrestricted access to lenders and all available products.
This comprehensive approach ensures that we can explore a wide range of options and find the best solution for you.
It’s worth noting that many of our competitors offering whole of market advice may charge higher fees compared to ours.
What fees can I expect to pay for arranging equity release?
For homeowners in the age group of 55 and above considering equity release, there are a few potential fees associated with the process, although not all of them are charged in every case.
The costs could include:
- Financial advice:
Advisers have the flexibility to set their own fees, and while we offer free initial advice, we do charge a fixed fee of £1,490 if you decide to proceed with an equity release plan. Importantly, our advice fee is only payable upon completion (when you receive your money), so you won’t have to pay anything upfront. Other adviser’s may charge higher fees or require upfront payments for their advice.
- Legal advice:
You’ll need a solicitor to provide advice on the legal implications of equity release. We work with leading equity release specialist firms that charges payable only upon completion. Remember, you have the freedom to choose your solicitor, and it’s an FCA requirement to receive independent legal advice.
- Product fee:
Some equity release products may have a fee, also known as the lender’s or completion fee. These fees can range from as little as £5 up to £995, or some products may not have a fee at all.
- Valuation fee:
A surveyor will visit your property as part of the equity release application, and in most cases, the valuation fee is free.
5. Exit fees
If you wish to repay the plan early, the lender may charge a redemption fee.
Your adviser will discuss this in detail with you to ensure the most suitable plan is recommended.
- Redemption fee:
At the end of the plan when you repay the money, the lender may charge a redemption fee, which is essentially a cost to remove the lender’s charge from the title deeds.
Typically, this fee is around £125, but may change in the future with inflation.
If you are concerned about the set-up costs, you have the option to add them to the loan amount rather than using your savings.
It’s essential to remember that while this guide is written by a qualified equity release adviser, it does not constitute financial or legal advice and should not be solely relied upon.
For a full understanding of the features and risks of an Equity Release plan, we recommend requesting a personalised illustration. Contact us today for a free equity release advice consultation to explore your options and make informed decisions about your financial future.
Who are Compare My Equity?
Compare My Equity are part of Later Life Finance. As a specialist broker, we find you the best deals and provide expert advice with a complete start to finish broker service.
We are a member of the equity release council, and are fully authorised by the FCA.
We offer free equity release advice consultations with our qualified advisers for homeowners aged 55 and above.
We provide phone, video and home appointments, where you will receive expert information and free initial advice regarding the full range of equity release plans available to you.
If you decide to go ahead with a suitable recommendation, you can expect to receive your money in around 6-8 weeks.
Why choose Compare My Equity?
At Compare My Equity, we have access to the best equity release companies.
Here’s why you should choose us:
Reputation:
Compare My Equity are part of Later Life Finance. With a reputation for providing expertise and service which can be relied on when planning your finances, you are in safe hands with us.
Independent, Expert Advice:
Our team provides independent equity release advice tailored to your personal requirements.
Fast, Reliable and Efficient:
We understand that time is crucial in financial decisions. We offer a fast and efficient service, with quick response times.
Flexible Solutions:
Every homeowner has unique needs, every equity release plan we arrange if based on your current and longer-term goals.
We offer flexible solutions tailored to your specific needs and circumstances.
Competitive Rates:
Concerned about getting the best equity release interest rates?
At Compare My Equity, we source competitive rates on our equity release plans, helping you keep your costs manageable with equity release.
Equity release FAQS
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Accordion Sample Description
