The best equity release companies in the UK are not just financial service providers; they are gateways to unlocking new financial possibilities in your golden years.

But with more than 250 products on the market, how can you ensure you choose the best company for your unique needs?¹

FundWeb has researched various providers to simplify the complex subject of equity release and this guide aims to assist homeowners who are considering this financial option for retirement, including learning more about equity release in the UK.

Let us get started.

What Are Equity Release Loans?

Equity release loans in the UK are a financial arrangement that allows homeowners, typically aged 55 and over, to access the value tied up in their property.

It provides either a lump sum or regular income, while allowing them to continue living in their home.

Read More: How Does Releasing Equity Work?

Who Are the Best Equity Release Companies in the United Kingdom?

The top Equity release companies in the United Kingdom are Legal & General, More2Life, and Canada Life.

Legal & General offers competitive interest rates and flexible plans, More2Life is known for its tailor-made solutions, and Canada Life provides an impressive range of products for diverse needs.

These companies have a solid reputation in the market due to their high-quality services and customer satisfaction levels.

Aviva, Hodge Lifetime, and Just are other noteworthy players in the equity release sector.

Aviva is celebrated for its flexible repayment options, Hodge Lifetime has innovative products, and Just is recognised for its variety of plans that cater to different customer needs.

Each of these companies has been able to carve out a niche in the UK market thanks to their unique offerings and their commitment to customer service.

Read More: Hodge Bank Reviews

12 Leading Equity Release Companies in the UK

The UK market has a variety of companies offering different equity release plans and services.

Understanding the industry's key players can provide valuable insights into the available options that suit your needs.

Let us take a look at them.

Age Partnership

Age Partnership is a known provider of equity release services in the UK. 

The company offers tailored advice to meet homeowner needs, but some clients seek a more efficient digital platform. 

The company has added educational materials to its services for those interested in equity release.

Read More: Age Partnership Reviews

Aviva

Aviva offers a variety of equity release products in the UK.. 

While the company has a strong financial foundation, some users find the application process lengthy. 

The company also provides online resources for homeowners interested in equity release.

Read More: Aviva Equity Release Reviews

Canada Life Equity Release

Canada Life offers a range of plans and competitive interest rates.

However, some users have noted customer support response was a bit slow.. 

The company provides online resources and has updated its services over time.

Read More: Canada Life Equity Release Review

Key Later Life Finance

Key Later Life Finance provides features such as downsizing protection and partial capital repayment.

The company offers an equity release calculator and educational resources.

Some clients wish for a quicker initial consultation.

Read More: Key Equity Release Review

Just.

Just offers various services in the equity release market.

The website provides calculators and information about their financial products, and a quarterly newsletter provides retirement news and tips.

Some clients would like to see a more detailed online FAQs page.

Read More: Just Equity Release Review

Legal & General

Legal & General specialises in lifetime mortgages and offers 2 main products.

While the company has an easy-to-use online portal, it only advises on its own products, and not whole-of-market, so further research is needed for a bigger picture.

Read More: Legal & General Equity Release Review

LV=

LV= (Liverpool Victoria) is a UK financial firm established in 1843 and operates as a mutual society, accountable to policyholders rather than shareholders. 

The company's website is straightforward, and it has received positive customer feedback.

In addition to equity release, LV= offers a range of insurance products, including home and pet insurance.

Read More: LV= Equity Release Review

More2life

More2Life focuses on later-life lending and provides multiple lifetime mortgage options.

The company’s Fastpath online portal automates the process to save time, and they provide various online calculators for loan-to-value and inheritance protection. 

Complaints are generally focused on slow communication.

Read More: More2Life Equity Release Review

OneFamily

OneFamily is a member-owned organisation that focuses on reinvesting profits to enhance its range of financial products, including equity release advice and various savings plans. 

The company stopped offering new lifetime mortgages as of October 19, 2022, due to market instability, but still offer whole-of-market equity release advice.² 

Existing customers with active plans are still being serviced.

Read More: OneFamily Review

Pure Retirement

Pure Retirement relies on advisers to inform customers about its plans, aiming for well-informed clientele while reducing advertising costs. 

The only upfront fee is an arrangement fee, with no property valuation fee required. 

Perhaps for the reasons above, the company's website does not offer any calculators for potential customers.

Read More: Pure Retirement Equity Release Review

Responsible Lending

An equity release specialist, Responsible Life has a range of lifetime mortgages available to meet a wide range of needs in later life.

The Royal London Mutual Insurance Society Ltd made a deal in 2021, which resulted in a 30% stake of the Responsible Group being sold to them. 

Its lifetime mortgages are only available via the services of an independent financial adviser.

Saga

Saga Group, which has catered to those over 50 since 1951, also operates a subsidiary known as Saga Equity Release.

They only offer one of these products, the Saga Lifetime Mortgage, in association with Just and Hub Financial Solutions (which acts as the adviser).

One notable feature is the Money Back Guarantee, which enables you to repay your mortgage within 6 months of the completion date without penalty.³ 

This is, of course, subject to certain terms and conditions.

Read More: Saga Equity Release Review

How Did We Rate and Determine the UK’s Leading Equity Release Companies?

We rated and determined the UK’s leading equity release companies using a set of universal metrics.

These are:

• Regulatory standing: Financial Conduct Authority (FCA) registration and Equity Release Council (ERC) membership are non-negotiable.
• Client feedback: We had a look at what customers had to say on various reputable independent review sites.
• Product portfolio: The breadth and flexibility of each company's equity release options, or innovative offerings were taken into consideration.
• Interest rates and fee transparency: We analysed interest rates across the board and checked for any hidden costs.
• Expert advisory services: The companies were also assessed based on the quality, objectivity, and availability of their advisory teams.
• Digital experience and innovation: We tested platforms, apps, and digital resources, ensuring a seamless experience for users.
• Educational outreach: We looked at the resources availability on websites, such as webinars, articles, and calculators.
• Company heritage and reputation: We gave points to companies with a solid history in the sector and a reputation built over years of trust.
• Industry recognition: Awards were a crucial metric, indicating how the market acknowledged the company.

Interest Rates and Fees Comparison

View the current equity release interest rates here.

Additional Equity Release Companies Worth Noting:

• Barclays Equity Release
• Equity Release Supermarket
• Halifax Equity Release
• HSBC Equity Release
• Leeds Building Society Equity Release
• Martin Lewis Equity Release
• Nationwide Equity Release
• Natwest Equity Release
• RBS Equity Release
• Santander Equity Release
• Standard Life Equity Release

Common Questions

Conclusion

When considering the Best Equity Release Companies in the UK, it is essential to explore the offerings of various companies to find the best fit for your individual needs and financial goals. 

While this article has provided an overview of some prominent companies, conducting further research is crucial, comparing interest rates, terms, and conditions, and assessing any additional fees associated with the products.

Additionally, consider seeking advice from accredited advisors who can help navigate the complexities of these products and make well-informed decisions.

By doing so, you can confidently review the best equity release companies to ensure a secure and comfortable retirement in the UK.

Read More: Top Lifetime Mortgage Providers