5.1% Best Equity Release Companies

Equity release mortgage lenders offer different interest rates for people of varying age ranges and different loan-to-value percentages. Jubilee has looked at the best equity release companies and found one with excellent terms that should suit the needs of many homeowners.

Here are the key features:

  • Free automated home valuation with no personal visit
  • Loan to value up to 65%
  • No lender, broker or advisor fees
  • There are no valuation penalties for flats or other leasehold properties
  • Voluntary repayments
  • No early repayment penalties
  • Ideal to pay off an old mortgage
  • 5.1% capped interest rate
  • No upper age limits
  • New product for June 2024
  • No available on the leading comparison websites

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Equity release rates from Jubilee

What Are Equity Release Schemes, and what are the 2024 equity release interest rates?

Best Equity Release Companies UK 2024

Equity release schemes are designed to last the homeowner’s lifetime, and the cash can be used for any application the owner wishes.

The cash released from the home is then repaid when the homeowner passes away or moves to a long-term care facility when the house is most traditionally sold.

The equity release will be repaid upon the sale of the house. Under these circumstances, the repayment period is 12 months, and any funds left over will go to beneficiaries.

Equity release schemes available in the United Kingdom have recently started offering the option of making monthly payments toward the balance of the equity being used. The borrower can also pay just the principal balance or the principal and interest.

The decision to make monthly repayments will, in part, depend on the borrower’s finances, whether or not they can afford the additional payments each month, and the inheritance they wish to leave for beneficiaries.

What Types of Equity Release Plans are Available?

There are several equity release schemes and lifetime mortgage schemes available for individuals who are over the age of 55. Some of these options include Lifetime Mortgages, Interest Only Lifetime Mortgages, Drawdown Equity Release, Home Reversion, and Home Income Plan.

Choosing an equity release plan will always depend on the borrower’s unique circumstances, and care should always be taken to make an educated decision about which scheme will fit his or her finances and overall needs.

Lifetime Mortgages are one of the most popular types of equity release schemes. These loans are secured against the value of the home and can be exchanged for a tax-free lump sum or as supplemental income.

Lifetime Mortgages charge a fixed interest rate and are not repaid by monthly payments but added to the value of the overall mortgage. The balance, including all interest, is then repaid when the property is sold, and all remaining funds are given to beneficiaries.

Another popular equity release scheme is the Drawdown Lifetime Mortgage. This option is similar to the popular Lifetime Mortgage but with added flexibility. This scheme provides the borrower with a cash reserve facility where they can take any amount from initially, and the remainder will be reserved for future withdrawal.

The advantage of the Drawdown Lifetime Mortgage is that interest charges will only apply to the amount of funding withdrawn from the reserve, helping to save money overall. Further down this page, you will find a comprehensive section on this type of scheme, and you can decide if it’s a good match for your situation.

The decision to release a property’s equity is a big decision, and homeowners should always discuss this idea and the options with their partners and family members. It is also essential to seek the knowledge and advice of an independent equity release specialist to ensure this process is a good decision.

An experienced advisor will be available to help the borrower decide if equity release is the best course of action to increase cash flow or if there are other, alternative options available.

4 Little Known Truths About Equity Release

Equity release is becoming an increasingly popular option for homeowners looking to unlock the value of their property. However, there are several aspects that are not widely known. Here are four little known truths about equity release:

  1. Equity release can provide a tax-free lump sum or regular income.
  2. It’s possible to remain in your home for life with specific schemes.
  3. Some plans allow you to guarantee an inheritance for your family.
  4. Equity release schemes are regulated by the Equity Release Council, ensuring consumer protection.

Equity Release Council

The Equity Release Council is the industry body that ensures all equity release plans adhere to strict guidelines to protect consumers. This includes a “no negative equity guarantee,” which means you will never owe more than the value of your home.

Equity Release Horror Stories

While equity release can be a beneficial financial tool, there have been instances where people have encountered problems. These equity release horror stories often stem from not fully understanding the terms of their agreement or not seeking independent advice.

Saga Equity Release

Saga Equity Release offers a range of options tailored to people over 55, allowing them to release money from their homes to enjoy a more comfortable retirement.

Legal and General Equity Release

Legal and General Equity Release is one of the leading providers in the market, offering competitive rates and flexible plans to suit different needs.

Santander Equity Release

Santander Equity Release provides options for those looking to unlock the value of their home, with a variety of plans that can be tailored to individual circumstances.

Equity Release Northern Ireland

In Northern Ireland, equity release options are also available, providing similar benefits and protections as those found in the rest of the UK.

Equity Release Supermarket

The Equity Release Supermarket offers a comparison service to help you find the best equity release deals from a wide range of providers, ensuring you get the best deal for your needs.

Explain Equity Release

To explain equity release, it is a way of accessing the equity tied up in your home. This can be done through a lump sum, a regular income, or a combination of both, without the need to move out.

More to Life Equity Release with no fees

More to Life Equity Release offers flexible plans that can adapt to changing needs and circumstances, providing peace of mind and financial stability.

Halifax Equity Release interest rates

Halifax Equity Release offers competitive rates and flexible terms, making it a popular choice for many homeowners who want to release equity from their property.

How Do Equity Release Schemes Work?

Understanding how equity release schemes work is crucial before making a decision. Generally, these schemes allow homeowners to access the value of their home without having to sell or move out, with the loan repaid upon death or moving into long-term care.

L&G Equity Release rates

L&G Equity Release provides various plans to help you access the funds you need, with options for lump sum and drawdown facilities.

Alternatives to Equity Release

Before committing to equity release, it’s important to consider alternatives to equity release such as downsizing, taking out a retirement interest-only mortgage, or exploring other financial products.

Equity Release Jobs

The equity release market is growing, and many equity release jobs, from advisors to customer service roles, are available for those interested in this financial sector.

Martin Lewis Equity Release Advice

Martin Lewis equity release advice can be invaluable. He often emphasizes the importance of understanding all the costs and implications before proceeding and recommends seeking independent financial advice.

Can I Sell My House if I Have Equity Release?

A common question is can I sell my house if I have equity release? The answer is yes, but you will need to repay the equity release loan from the sale proceeds.

Standard Life Equity Release

Standard Life Equity Release offers competitive products designed to help you access the equity in your home while ensuring that you retain full ownership of your property.

Equity Release London

For those living in the capital, there are specific equity release London plans tailored to the city’s higher property values, offering substantial equity release potential.

Aviva Equity Release Reviews

Checking Aviva equity release reviews can provide insight into customer satisfaction and the reliability of their products, helping you make an informed decision.

Do You Pay Tax on Equity Release?

A frequent question is do you pay tax on equity release? The answer is no, the money you release from your home is tax-free, though it may affect your eligibility for means-tested benefits.

Scottish Widows Equity Release

Scottish Widows Equity Release offers flexible plans that cater to various needs, ensuring you can access the funds you need without compromising your financial security.

Buy to Let Equity Release

If you own a rental property, buy-to-let equity release could be an option. This allows landlords to access equity tied up in their rental properties without selling.

Reader’s Digest Equity Release

Articles like Reader’s Digest equity release provide valuable information and real-life experiences from those who have used equity release, helping you understand the potential benefits and pitfalls.

Money Saving Expert Equity Release

Advice from Money Saving Expert equity release is highly regarded. They offer detailed guides and comparisons to help you navigate the options and choose the best product for your situation.

Is Equity Release Tax Free?

A key benefit of equity release is that it is generally tax-free. The funds you release are not subject to income tax, making it an attractive option for those looking to supplement their retirement income.

Halifax Equity Release Under 55

While most equity release products are aimed at those over 55, there are some options available for younger homeowners, including Halifax equity release under 55 schemes, which may offer different terms and conditions.

Homeowners Can Manage Their Finances by Leveraging Home Equity Through Various Financial Products

Homeowners can use various financial products to manage their finances effectively. Remortgaging can offer better interest rates and terms, helping to consolidate existing financial obligations into a single manageable payment. Explore detailed options in the Remortgages for Consolidation section. Similarly, secured loans allow homeowners to use their property as collateral, providing access to larger loan amounts with lower interest rates. Visit the Secured Loans page for more information.

Equity Release Schemes: Unlocking Home Equity for Financial Freedom

Equity release schemes are popular among older homeowners who wish to unlock the value of their homes without having to sell them. These schemes provide a lump sum or regular payments that can be used to cover living expenses or other financial needs. Detailed information is available in the Equity Release Schemes section. For those under 55, there are also tailored equity release options, which you can read about on the Equity Release for Under 55s page.

Bridging Finance: Short-Term Loans to Cover Financial Gaps

Bridging finance provides short-term loans to help cover financial gaps, such as the period between buying a new property and selling the old one. This can be especially useful for homeowners looking to manage immediate expenses or transitions. Learn about the different bridging loan options from Nationwide, HSBC, and Santander on the Nationwide Bridging Loan, HSBC Bridging Loans, and Santander Bridging Loans pages.

Retirement Mortgages: Financial Solutions for Senior Homeowners

Retirement mortgages are designed to help senior homeowners access the equity in their homes to fund their retirement. These products ensure that seniors can maintain their lifestyle and meet their financial obligations. More information can be found on the Retirement Mortgages page. Additionally, pensioner mortgages offer similar benefits, tailored to those over 65. Visit the Mortgages for Over 65s page for more details.

RIO Mortgages: Flexible Financial Products for Retirees – Like the Best Equity Release Companies?

Retirement Interest-only (RIO) mortgages allow retirees to access the equity in their homes while only paying the interest on the loan, providing financial flexibility and control. For detailed information, visit the Best Retirement Interest Only Mortgage Rates page.

Halifax Equity Release: Unlocking Home Equity for Financial Needs

Halifax offers equity release solutions that help homeowners unlock the value in their homes to meet various financial needs, whether for consolidation, home improvements, or other expenses. Detailed information is available on the Halifax Equity Release Rates page.

Secured Loans for Homeowners with Bad Credit

For homeowners with poor credit, secured loans can still be an option to manage and consolidate financial obligations by using their property as collateral. This approach can help improve financial stability despite a bad credit history. More details are available on the Secured Loans for Bad Credit page.

Paying Off Credit Card Balances with Home Equity

Homeowners can use the equity in their homes to pay off high-interest credit card balances, consolidating them into a lower-interest mortgage or secured loan. This can significantly reduce monthly payments and overall interest costs. Visit the Paying Off Credit Card Balances section for more advice.

Debt Consolidation Loans: Evaluating Their Benefits and Impact

Debt consolidation loans combine multiple balances into a single loan with a lower interest rate, helping you manage your finances more efficiently. For more insights, visit the Benefits of Debt Consolidation page. Additionally, understand how to get out of debt quicker with a consolidation loan by checking the Debt Consolidation Loan page.

Finding the Right Cosigner for Your Consolidation Loan

Having a cosigner with good credit can improve your chances of securing a debt consolidation loan with favourable terms. This strategy can be particularly helpful for those with bad credit. More information is available on the Finding the Right Cosigner page.

Managing Significant Financial Obligations: £10,000, £25,000, or £50,000

Homeowners with significant financial obligations, whether it’s £10,000, £25,000, or £50,000, can consider various options to leverage their home equity for financial relief, including remortgaging, secured loans, and equity release schemes.

Equity Release Schemes: Evaluating Their Safety and Suitability

Before opting for an equity release scheme, it’s essential to understand the potential risks and benefits. Detailed analysis can be found on the Are Equity Release Schemes Safe? page.

Drawdown Lifetime Mortgages: Flexible Options for Accessing Home Equity

Drawdown lifetime mortgages allow homeowners to withdraw funds as needed rather than in a lump sum, providing flexibility and control over their finances. Learn about this option in the Drawdown Lifetime Mortgages section.

Examples of How Equity Release Schemes Can Help Homeowners Manage Finances

Real-life examples illustrate how equity release schemes can be tailored to meet homeowners’ specific needs, providing financial relief and stability. Detailed case studies are available on the Equity Release Schemes Examples page.

Equity Release Schemes for Bad Credit: Accessing Funds Despite Financial Challenges

For homeowners with bad credit, equity release schemes can offer a way to access funds despite financial challenges. Detailed information is provided on the Equity Release Schemes for Bad Credit page.

Bridging Finance for Homeowners with Bad Credit

Even homeowners with bad credit can access bridging finance to cover short-term financial gaps. This can be an essential tool for managing immediate expenses or financial transitions. Learn more about this on the Bridging Finance for Bad Credit page.

Interest-Only Lifetime Mortgages: A Financial Solution for Seniors

Interest-only lifetime mortgages allow senior homeowners to borrow against their home’s value while only paying the interest, keeping monthly payments lower. For more details, visit the Interest-Only Lifetime Mortgages page.