Best equity release companies

Choosing the right equity release provider

Specifically crowning a single provider as the ‘best equity release company’ would be both unfair and unrealistic. Each of the 13 main equity release providers who are members of the Equity Release Council has their strengths and naturally, their weaknesses.

Thankfully, the rise in popularity of equity release over the last few years has provided us with a lot of customer feedback regarding their experiences.

Along with other signals such as industry awards, competitive pricing, and even how much lenders charge you for an application fee, we now have a much clearer picture of the providers you can trust, the equity release companies to avoid, and those that really stand out for customer service.

What is an equity release provider?

You might think is a silly question, but do you know the answer? To avoid any confusion (because equity release can be confusing enough) we refer to the 13 companies listed as members of the equity release council who provide the money for your equity release as ‘providers’. That makes sense, right?

The following companies are Equity Release Council, provider members:

• Aviva
• Canada Life
• Hodge
• Just Retirement
• Legal & General
• LV=
• more2life
• Nationwide Building Society
• OneFamily
• Responsible Lending
• Retirement Bridge
• Scottish Widows
• Standard Life

It is important to note that even though Hodge and Nationwide Building Society are members of the Equity Release council, neither are accepting new lifetime mortgage applications (details correct as of 4th March 2023)

You can read more about it here:

https://www.nationwide.co.uk/mortgages/over-55s-mortgages-rates/

https://hodgebank.co.uk/mortgages/equity-release/

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So, what is an equity release broker then?

An equity release broker is a company, that can legally advise you on equity release products, that facilitates the process by working directly with an equity release provider. They can, and should be, members of the Equity Release Council too. We will cover the best equity release brokers in a separate guide. An equity release broker will usually receive a commission from the provider for your business.

The following brokers are well-known Equity Release Council, adviser members:

• Key Advice
• Age Partnership
• Equity Release Supermarket

There are many more equity release brokers you can choose to use but these are the most identifiable.

OK, so if that’s the case then why are there so many other companies offering to compare equity release quotes and deals for me?

That is a good question, some businesses can act as ‘introducers’ or ‘lead generators’ for the brokers. This is perfectly normal in most financial markets, including regular residential mortgages, life insurance, and other personal finance products – especially since the popular comparison website craze started.

These businesses will perform outreach on behalf of brokers (often working with just one) to find people, like you, who are interested in equity release. They usually try to get you to fill out a form to collect your details to pass on to the brokers, who will then call you. In return, the business will receive a commission for the lead from the broker out of the commission the provider gives them for the plan. This does not mean it will cost you more, these costs come out of the charges the equity release provider charges.

Most of these businesses are safe to deal with and will normally be bound by the brokers’ own set of rules on what they can and cannot say. Although, because there is no requirement for these businesses to be members of the equity release council, there is potential for you to get outdated or even incorrect information from them.

We do not collect your personal information or pass you on to any brokers. We are an independent source of information to help you.

Tips on staying safe when dealing with these businesses:

• • • Check their contact information.
    • Search for them online and see if any warnings come up.
    • Have a look at their privacy policy and terms & conditions pages for any mention of the brokers they work with.
    • Check for their details on the Companies House & database.
    • If they make any mention of the FCA – check their database & too.
    • Is their website professional and well-designed? This might sound far-fetched but if you land on a site with blurred images, loads very slowly, or is hard to read and just has a form for you to fill out then what do you think the quality of the information will be like?

If you feel pressured in any way into providing your contact details – stop! A legitimate business will never force you into something you are unsure about.