Imagine if you could tap into the cash value of your property without having to sell it, move out, or even pay back the money received during your lifetime. If that sounds like an impossible dream think again, as this is exactly what equity release schemes offer qualifying homeowners!
This is a fairly new financial option but it is still a crowded market, and deciding which company you would like to work with can be a challenging task. That’s why we have put together this overview of the top five best equity release scheme advisors to look at if you are thinking of this as an option for 2019. (All mentioned here are authorized and regulated by the Financial Conduct Authority, and the Financial Services Register.)
1 – Responsible Equity Release
Responsible Equity Release is a Plymouth based company. You can get free advice with no obligation, and no fee is ever due unless or until you take out a plan through them. Their financial advisors are all suitably experienced and qualified.
All plans recommended meet the strict criteria set by the Equity Release Council so the customer will never be left with negative equity or be forced to leave their home. Responsible Equity Release has lots of consistently positive reviews on various independent review sites, including TrustPilot.
2 – Legal & General
There are two lifetime mortgage options on the table for interested customers – a flexible lifetime mortgage and an optional payment lifetime mortgage. The flexible option means no monthly payments, while the optional payment involves paying all or part of the monthly interest.
Although Legal & General offer this equity release product they do not advise on it directly, instead referring anyone interested to either their existing financial advisor or a specialist company [The Retirement Lending Advisers] unrelated to theirs.
3 – More 2 Life
Unlike other advisor companies which offer advice on a range of products More 2 Life was founded exclusively to offer equity release advice and suggestions. Operating since 2008, they have won lots of awards, including Best Lifetime Mortgage Lender (2017). More 2 Life employ professional advisors who can suggest a good range of suitable products to interested customers.
4 – Pure Retirement
This Leeds based company has a lot of equity release mortgage experience, and industry awards! Their focus is on putting the customer first, and providing a top quality level of service.
Pure Retirement staff encourage customers to take independent financial advice to make sure that their particular needs and wishes are going to be met.
5 – OneFamily
Established in 2015 when two well-established organizations merged, OneFamily has a five-star rating for its lifetime mortgages. Customers are able to repay a maximum of 10% a year (of the original amount borrowed) without any penalty fee. Being owned by its customers means all OneFamily’s energy goes into helping clients rather than trying to make a profit for others.
These are our top five picks for good equity release companies in 2019, but as with any major financial decision it is important to seek impartial financial advice from a suitable source before making any binding decisions.