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Equity Release
We've compared leading providers, including Legal & General, Aviva, Canada Life, and more, against Equity Release Council standards, so you can see which lifetime mortgage companies suit your circumstances before you speak to an advisor.
The best equity release companies in the UK are typically Equity Release Council members with strong customer service records, transparent early repayment charge structures, and flexible drawdown options. Providers most commonly considered by UK homeowners include:
There's no single "best" provider for everyone. The right company depends on your age, property type, health, and whether you want a lump sum or a drawdown facility. All Equity Release Council members offer a no negative equity guarantee, meaning you'll never owe more than your home is worth, even if the amount you owe grows over time. Speak to a Financial Conduct Authority-regulated advisor to compare providers against your specific circumstances before applying.
Before you compare the best equity release companies UK homeowners can choose from, it helps to understand what equity release actually is.
Equity release is a way for homeowners aged 55 and over to unlock some of the value tied up in their home as tax-free cash, without needing to move out. The most common form is a lifetime mortgage, a loan secured against your home that's usually repaid when you die or move into permanent long-term care.
Unlike a standard mortgage, most lifetime mortgages don't require monthly repayments. Interest is added to the loan instead, so the amount you owe grows over time unless you choose a plan with optional repayments. You can read more in our guide to lifetime mortgages explained.
Every plan offered by an Equity Release Council member comes with a no negative equity guarantee. This means that when your home is eventually sold, you or your estate will never have to pay back more than the property is worth, even if the amount owed has grown beyond the home's value. The Equity Release Council sets standards that member firms must follow, and it's one of the first things worth checking about any provider.
This page compares providers so you understand the landscape. For guidance on whether equity release suits your own circumstances, our equity release advice hub covers the full picture in more depth.
We compare a wide range of lenders, so our view of the equity release market comes from regularly submitting applications to these providers, not from marketing brochures. Here's what we look at when assessing each equity release provider.
Our criteria
These are the providers we most commonly see UK homeowners considering when comparing the best equity release companies. We've ranked them by breadth of applicability to different circumstances, not by any commercial relationship.
Legal & General is one of the largest names in the UK equity release market and an Equity Release Council member. Best for: flexible drawdown facilities.
Worth noting: as a larger provider, underwriting on non-standard properties can take longer than with some specialist lenders.
Aviva is a well-established insurer with a long track record in the later life lending market. Best for: customer service and larger lump sum releases.
Worth noting: drawdown options are more limited than some competitors focused specifically on flexibility.
Canada Life has built a reputation for accepting a wider range of property types than many mainstream lenders. Best for: higher loan-to-value ratios and non-standard properties.
Worth noting: non-standard property cases can still mean a longer valuation and underwriting process.
LV= is a mutual insurer offering lifetime mortgages with a strong focus on repayment flexibility. Best for: voluntary repayments without penalty, within limits.
Worth noting: if you go over the penalty-free allowance in a given year, a charge can still apply.
Pure Retirement is a specialist lifetime mortgage provider that has grown quickly in the intermediary market. Best for: competitive terms for older borrowers and flexible repayment options.
Worth noting: as a specialist lender, it's less well known to consumers than some of the insurance-backed brands, though this doesn't affect the protections in place.
More2Life specialises in enhanced lifetime mortgages, where certain health conditions and lifestyle factors can improve the terms available. Best for: applicants whose health may qualify them for enhanced terms.
Worth noting: enhanced terms depend on full medical underwriting, so the amount you're offered can vary significantly between applicants.
Just is widely regarded as a leader in medically underwritten lending. Best for: applicants with health conditions who may qualify for enhanced terms.
Worth noting: the medical underwriting process requires more detailed health disclosure than a standard application, which can extend the timeline.
Hodge is a smaller, specialist lender known for offering retirement interest-only mortgages alongside traditional lifetime mortgages. Best for: homeowners who want to compare a retirement interest-only mortgage against equity release before deciding.
Worth noting: as a smaller specialist lender, product availability can be more limited by region and property type.
When we submit applications on behalf of clients, the differences between providers show up most clearly around non-standard properties and health underwriting. Some lenders will approve flats above commercial premises or homes with annexes without a second thought, while others decline them outright. If you've got a health condition, it's always worth checking whether an enhanced lifetime mortgage could improve your terms before ruling out equity release altogether.
Not sure which provider fits?
Every provider has different criteria for age, property type, and health. An advisor can narrow down the shortlist based on your circumstances.
Equity release interest rates depend on your age, health, the plan type, and the lender's current pricing, which can change from week to week. Because of this, we don't publish fixed rate figures here; a personalised illustration from a provider is the only reliable way to see the rate that applies to you.
What matters more when comparing providers is how the rate is applied. Most lifetime mortgages use a fixed rate for the life of the loan, which means the rate won't change even though the amount owed grows as interest is added. Interest compounds, meaning each year's interest is calculated on the previous year's total, not just the original amount released. Over 10, 15, or 20 years without any repayments, this compounding effect can significantly increase the total amount owed. Choosing a drawdown plan, or making voluntary repayments where the plan allows it, can slow this growth considerably.
Most equity release plans don't require monthly repayments, but if you choose a plan that includes optional or voluntary repayments, your home may be repossessed if you do not keep up repayments on it. This is why it's worth discussing repayment features carefully with an advisor before choosing a plan.
An early repayment charge (ERC) is a fee some lenders apply if you repay your equity release plan in full earlier than expected, for example if you sell your home and move, or if you want to switch to a different provider.
ERC structures vary between providers, and this is one of the areas we check closely when comparing lenders, because it can make a real difference if your circumstances change.
If you think you might want to move house, downsize, or repay some of the loan early, ask specifically about a provider's ERC structure and voluntary repayment allowance before applying. This is one of the criteria we weigh most heavily when matching clients to a provider.
We compare a wide range of Equity Release Council members to match you with the right provider.
Money released through equity release counts as capital, and this can affect entitlement to means-tested benefits such as Pension Credit, Council Tax Support, and Universal Credit. As a general rule, capital above £10,000 can start to reduce entitlement, and capital above £16,000 removes eligibility for most means-tested benefits entirely.
This applies whether you spend the money or keep it in a savings account, so it's worth checking your position carefully before releasing a lump sum. If you're not sure how equity release could affect your benefits, MoneyHelper (moneyhelper.org.uk, 0800 138 7777) offers free and impartial guidance, and a benefits advisor can look at your specific entitlements before you proceed.
Because interest compounds over time, equity release will reduce the value of your estate, which is an important consideration if leaving an inheritance matters to you. Some providers offer an inheritance protection guarantee, which lets you ring-fence a percentage of your home's value to pass on. Choosing this option typically reduces the maximum amount you can release upfront, so it's a trade-off worth discussing with your family and an advisor together.
Alternatives
Equity release suits some homeowners far more than others. Here's a general starting point, though your own circumstances should always be discussed with an advisor.
Equity release may be worth considering if:
It may not be right for you if:
It's also worth comparing equity release against other ways of accessing money from your home. A remortgage to release equity keeps your loan on a standard repayment basis rather than a lifetime mortgage, though it depends on affordability and income in retirement. A secured loans as an alternative can release a smaller amount without disturbing your existing mortgage, and some homeowners consider debt consolidation through equity to bring existing debts together, though both options require you to keep up monthly repayments and your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
This page is for general guidance only and doesn't constitute regulated financial advice. Speak to an advisor for independent financial advice before taking out an equity release product.
Common questions
There's no single equity release company that has the best rates for everyone. Rates depend on your age, health, property, and the plan type you choose, and they change frequently between providers. Enhanced lifetime mortgages from lenders like Just or More2Life may offer better terms if you have certain health conditions, while other providers may suit you better on flexibility or property type. The best way to find the most competitive rate for your circumstances is to compare a wide range of lenders through an advisor and request a personalised illustration.
Yes. Legitimate equity release providers must be authorised and regulated by the Financial Conduct Authority to offer lifetime mortgages or home reversion plans. You can check a provider's authorisation status on the Financial Conduct Authority Register. Most reputable providers are also members of the Equity Release Council, which sets additional standards on top of Financial Conduct Authority regulation, including the no negative equity guarantee.
The Equity Release Council is the industry body for the UK equity release sector. Member firms must meet standards that go beyond the legal minimum, including offering a no negative equity guarantee, the right to move home without financial penalty in most cases, and clear presentation of all fees and charges. Choosing a provider that's a council member gives you extra protection on top of standard Financial Conduct Authority regulation.
In some cases, yes. Switching, sometimes called remortgaging your equity release plan, can make sense if a new deal offers better terms or features than your current one. However, you'll usually need to repay your existing plan in full to switch, which may trigger an early repayment charge depending on your provider's ERC structure. It's worth speaking to an advisor to weigh up whether the potential benefits of switching outweigh any charge involved.
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Equity Release
Our equity release specialists can help you understand your options and find the right plan for your needs.
