Top 10 Equity Release Companies in the UK

Equity release has become an increasingly popular way for UK homeowners over 55 to unlock the value in their property without selling or moving out.

Whether used to fund home improvements, support family members, or enjoy a more comfortable retirement, it offers flexible options tailored to later-life needs.

In this guide, we’ll explore what equity release is, how it works, the protections available, and review the top 10 equity release companies in the UK to help you make an informed choice.

What Is Equity Release?

Equity release is a financial product that allows homeowners to unlock some of the value in their property without the need to sell or move out.

In the UK, it’s mainly used by people aged 55 and over who want to access tax-free cash from their home to supplement their retirement income, fund home improvements, or provide financial help to family members.

Lifetime Mortgage vs Home Reversion Plan

The two main types of equity release are:

• Lifetime Mortgage: This is the most popular option, where you take out a loan secured against your home. You keep ownership of the property, and the loan, plus interest, is repaid when you die or move into long-term care.
• Home Reversion Plan: Here, you sell part or all of your home to a provider in exchange for a lump sum or regular income. You can stay in the property rent-free, but you no longer own the portion sold.

Eligibility

Most equity release products require you to:

• Be at least 55 years old (some products have a higher age limit)
• Own your home outright or have a small mortgage that can be paid off with the released funds
• Live in a property of a minimum value (often £70,000+)

Is Equity Release the Right Option for Your Retirement?

Releasing equity after the age of 55 can be a valuable way to access additional funds without selling your home. Many retirees use it to enhance their lifestyle, make their home more comfortable, or help younger family members onto the property ladder.

Benefits

• Access to tax-free cash
• Flexibility to receive funds as a lump sum or in smaller drawdowns
• The right to remain in your home for life under most plans

Risks

• Reduces the value of your estate, which can affect inheritance
• May impact eligibility for means-tested benefits
• Interest can compound over time, increasing the amount owed

How Do Equity Release Interest Rates Compare in the UK?

Interest rates for equity release vary depending on the Bank of England base rate, the lender’s pricing strategy, and the borrower’s circumstances (such as age, property value, and health). Rates have generally risen in recent years alongside broader market trends.

Fixed vs Variable Rates

• Fixed Rates: Most lifetime mortgages offer fixed interest for life, giving certainty over how the debt will grow.
• Variable Rates: Less common, but some providers offer capped variable rates that can go up or down within set limits.

How Roll-Up Interest Works?

With a roll-up plan, interest is added to the loan balance rather than paid monthly. This means you pay interest on the original loan and the interest that has been added, which compounds over time.

For example, a £50,000 loan at 6% interest would grow to around £67,000 after 5 years if no repayments are made.

What Protections Do Equity Release Council Members Offer?

The Equity Release Council (ERC) sets rules to protect consumers and ensure safe, fair products. Choosing a provider that’s an ERC member gives you several guarantees.

• No Negative Equity Guarantee: You will never owe more than the sale value of your home, even if house prices fall. This protects your family from being left with debt after the property is sold.
• Right to Remain: You have the legal right to live in your home for life or until you move into long-term care, as long as you follow the plan’s terms (e.g., maintaining the property).

Portability: If you want to move, most plans allow you to transfer your equity release to a new property, provided it meets the lender’s criteria.

Top 10 Equity Release Companies in the UK

1. Aviva

Aviva is one of the most recognised names in UK financial services, with a history spanning more than 325 years. The company has assisted over 282,000 customers in unlocking more than £11 billion in property equity.

Known for its balance of flexible borrowing and security, Aviva offers products that cater to both immediate cash needs and long-term financial stability.

Customers benefit from a straightforward application process, supported by experienced advisers. Aviva’s reputation for honouring commitments is reinforced by industry awards and consistently high customer ratings.

Services:

• Lifetime mortgages with lump sum or drawdown options
• Fixed interest rates for life
• No Negative Equity Guarantee

2. More2Life

More2Life has grown rapidly to become one of the UK’s most innovative lifetime mortgage providers. The company stands out for its adviser-focused technology, making the equity release journey quicker and more efficient.

Customers can choose from a broad range of plans tailored to different financial needs, whether maximising borrowing potential or reducing early repayment charges.

Its transparency around interest growth and protections has built trust with both customers and advisers. More2Life’s award-winning platforms make it a go-to choice for modern later-life lending.

Services:

• Flexi, Tailored, Capital, and Maxi lifetime mortgage products
• Fastpath application system
• Max LTV calculator for accurate estimates

3. Legal & General

Legal & General is a household name in the UK, respected for its comprehensive financial services and strong customer support. Its equity release range offers three distinct lifetime mortgage products, each designed for specific repayment preferences.

Customers can access an online calculator for indicative figures, with the final recommendation provided through a qualified adviser.

Legal & General’s transparent fee structure and flexible features, such as optional repayments, make it attractive for homeowners who value control.

Services:

• Interest Roll-Up, Optional Payment, and Payment Term Lifetime Mortgages
• Online equity release calculator
• FCA-regulated advice network

4. Age Partnership

Age Partnership is a multi-award-winning broker that connects customers with the most suitable equity release products from a wide panel of lenders.

Their adviser-led approach ensures customers understand all available options before committing. They often have access to exclusive deals that are not available directly from providers.

With a focus on education and transparency, Age Partnership simplifies the process for retirees who want to explore different ways to release property equity.

Services:

• Free initial advice and recommendations
• Equity release comparison across multiple lenders
• Instant online calculator

5. LV=

LV= is one of the UK’s leading mutual societies, offering both lifetime mortgages and home reversion plans. Their products include options for one-off lump sums or flexible drawdowns, allowing customers to control how and when they access funds.

As a member of the Equity Release Council, LV= guarantees all standard protections, including the right to live in your home for life. Their customer-first approach is backed by strong member benefits and additional financial services.

Services:

• Lifetime mortgages (Drawdown+, Lump Sum+, Lifestyle variations)
• Home reversion plans
• Cashback on selected plans

6. Canada Life

Canada Life brings decades of experience to the UK equity release market, combining global stability with tailored British solutions.

They cater to homeowners with complex needs, including those with second homes or rental properties.

Transparent fees and clear eligibility criteria make them an appealing option for those seeking clarity before committing. Their combination of specialist products and a strong reputation makes Canada Life a trusted provider for diverse customer profiles.

Services:

• Lifetime mortgages for main residences, second homes, and buy-to-let
• Online calculator for borrowing potential
• Flexible repayment structures

7. Just Retirement

Just Retirement specialises in personalised equity release through its Just For You Lifetime Mortgage. By assessing an applicant’s health and lifestyle, the company can sometimes offer larger borrowing amounts or lower interest rates.

This makes it an excellent choice for those with specific medical conditions. Just Retirement’s flexible lending options support a range of retirement goals, from estate planning to helping family members financially.

Services:

• Medically underwritten lifetime mortgage
• Flexible borrowing and repayment features
• Equity Release Council membership

8. Pure Retirement

Founded in 2013, Pure Retirement focuses exclusively on lifetime mortgages for over-55s. Their adviser-first model ensures that every customer receives independent, FCA-regulated advice before applying.

Known for its award-winning service and innovation, the company provides a market-first online account management platform called MyPure. This enables customers to manage certain aspects of their loan without needing to contact the provider directly.

Services:

• Flexible drawdown and repayment plans
• MyPure online account system
• Adviser-only applications

9. OneFamily

OneFamily has a long history of innovation in later-life lending, most notably introducing a CPI-linked variable rate lifetime mortgage. Although it no longer offers equity release products, its influence on modern market flexibility is significant.

Today, OneFamily focuses on savings, investments, and insurance products aimed at helping families plan for the future.

Services:

• Lifetime ISA and Junior ISA
• Over 50s Life Cover
• Investment solutions

10. Nationwide Building Society

Nationwide is one of the UK’s largest mutual financial institutions and continues to support customers with existing equity release products.

While they no longer offer new plans, existing members can still make changes, borrow more, or switch deals. Nationwide also offers Retirement Interest Only (RIO) mortgages for members seeking ongoing monthly payment options into later life.

Services:

• RIO mortgages
• Additional borrowing for existing customers
• Fixed and tracker rate choices

Conclusion

Choosing the right equity release company is a major financial decision that can shape your retirement lifestyle.

By comparing providers, understanding interest rate structures, and knowing your protections under the Equity Release Council, you can release funds with confidence.

Whether you prefer a direct lender or a broker, ensure you seek independent FCA-regulated advice before committing. The top 10 equity release companies we’ve covered provide a range of products, rates, and features to suit different retirement goals.

FAQs

What is the minimum age for equity release in the UK?

Most providers require you to be at least 55, though some products set a higher limit.

Can I pay back equity release early?

Yes, but some plans have early repayment charges. Certain providers offer partial repayment options without penalties.

Will equity release affect my benefits?

It can reduce or eliminate eligibility for means-tested benefits depending on how much you release.

Is equity release safe?

Yes, if you choose an FCA-regulated provider and an Equity Release Council member, you get legal protections.

How much can I borrow with equity release?

It depends on your age, property value, and product type. Older applicants can usually borrow more.

Can I move house after taking equity release?

Yes, most plans are portable, allowing you to transfer the loan to another eligible property.

What’s the difference between a lifetime mortgage and a home reversion plan?

A lifetime mortgage is a loan secured against your home; a home reversion plan involves selling part of your home to a provider.

Do I need a solicitor for equity release?

Yes, independent legal advice is required to complete any equity release transaction.