Your Guide to the UK’s Leading Equity Release Providers

Find the Right Provider for You

Equity release can be a great way to access the value tied up in your home, but with so many providers and plans available, choosing the right one can feel overwhelming.

This guide will help you understand what different equity release companies offer, so you can make an informed decision with confidence.

What Do Equity Release Companies Offer?

More and more homeowners over 55 are choosing equity release to free up cash from their homes. As a result, the number of providers and plans has grown, giving you greater choice and flexibility.

To make things easier, we’ve put together guides on the UK’s top equity release providers.

These will give you a clear picture of their plans, eligibility criteria, and the pros and cons of each option.

How to Choose the Best Equity Release Provider

The right plan should match your financial goals, so it’s important to choose carefully. On average, equity release customers unlocked £125,000 tax-free from their homes in 2021—roughly six or seven years’ worth of a single pensioner’s typical net income. With that much money at stake, finding the right provider and getting the best deal is essential.

Here are some key things to consider when comparing providers:

• Their eligibility criteria
• The maximum amount you can release
• Interest rates on lifetime mortgages
• Arrangement fees and other costs
• Product features, such as enhanced terms or interest-only options
• Whether early repayment charges apply
• How easy it is to transfer your plan if you move home

If your priority is accessing the highest possible amount, some providers offer enhanced terms based on health conditions. This means if you have a condition like high blood pressure, diabetes, or a history of smoking, you may be able to release more money.

On the other hand, if protecting an inheritance for your loved ones is important to you, look for providers that offer inheritance protection guarantees.

Guides to Leading Equity Release Providers

Find out more about the UK’s top equity release companies, including their plans, eligibility criteria, and key features.

Aviva Equity Release

Aviva offers two types of lifetime mortgages:

• Lump Sum Max – A one-off lump sum (minimum £15,000).
• Lifestyle Flexible – An initial release of at least £10,000, with the option to withdraw further amounts of £5,000 or more over time.

Both plans allow voluntary repayments of up to 10% of the loan per year without early repayment charges. Enhanced versions may offer higher cash releases or lower interest rates if you have certain health conditions.

Aviva does not offer interest-only lifetime mortgages, where you can pay off interest each month to prevent the loan from growing. It also does not provide home reversion plans, where you sell part of your home in exchange for cash.

How Much Could You Release?

The amount available depends on:

• Your age – Older applicants can borrow more.
• Property value – Your home must be worth at least £75,000.
• Health and lifestyle – Certain medical conditions may qualify you for enhanced terms.

Most providers allow releases of 25% to 60% of your home’s value, and Aviva typically arranges a professional valuation before approving a loan.

Eligibility for Aviva Equity Release

To qualify, you must:

• Be 55 or older (both applicants if applying jointly).
• Own a UK property worth at least £75,000.
• Borrow a minimum of £15,000.
• Be mortgage-free or able to clear any existing mortgage with the released funds.

Can You Get Aviva Equity Release Directly?

Aviva refers customers to advisers who only offer Aviva’s products, meaning you won’t see offers from other providers. Their online calculator also only provides estimates based on Aviva’s own plans rather than a full market comparison.

Key Features of Aviva Lifetime Mortgages

• Flexible drawdown options – Access funds in stages rather than taking a lump sum.
• Inheritance protection – Safeguard a portion of your home’s value for your beneficiaries.
• Portability – Move to a new home and take your plan with you, subject to criteria.
• No early repayment charge in certain cases – If your new home doesn’t meet Aviva’s criteria, you may be able to repay without a fee.

Aviva is a well-established provider, having helped over 250,000 homeowners release more than £8 billion since 1998. However, other providers may offer different features or more competitive rates, depending on your needs.

Canada Life Equity Release

Canada Life offers three types of lifetime mortgages, allowing homeowners to unlock tax-free cash without having to move. These loans are designed to last for life, with repayment typically made through the sale of the home when the plan ends.

• Capital Select – Offers the flexibility to make voluntary repayments (up to 10% per year), access funds later via a cash reserve, and benefit from downsizing protection.
• Lifestyle Select – Allows repayments to reduce interest buildup, includes an inheritance guarantee, and offers fixed early repayment charges.
• Second Home Lifetime Mortgage – Designed for those looking to release equity from a second home, with voluntary repayment options and a free valuation.

All plans come with a no negative equity guarantee, meaning you’ll never owe more than your property’s value, and an inheritance guarantee, allowing you to protect a portion of your home’s value for beneficiaries.

How Much Can You Release?

The amount you can borrow depends on:

• Your age – Older applicants can release more equity.
• Property value – Homes must be worth at least £70,000.
• Health and lifestyle – Unlike some providers, Canada Life does not offer enhanced terms based on medical conditions.

While Canada Life does not specify exact borrowing limits, most providers offer between 25% and 60% of a property’s value. A free property valuation is included with certain plans.

Eligibility for Canada Life Equity Release

To qualify, you must:

• Be 55 or over.
• Own a UK property valued between £70,000 and £12 million.
• Be mortgage-free or able to clear your existing mortgage with the released funds.
• Have a standard construction property (some non-standard properties may be accepted, but ex-local authority flats, freehold flats outside Scotland, and Grade 1 listed buildings are not eligible).
• Hold a lease of at least 155 years minus the age of the youngest borrower if applying for a leasehold property.

Canada Life does not offer equity release in Northern Ireland, the Channel Islands, or the Isle of Man.

Key Features of Canada Life Lifetime Mortgages

• Inheritance guarantee – Protects a portion of your home’s value for beneficiaries.
• Early repayment waiver – No early repayment fees if the first borrower passes away (joint applications only).
• Voluntary repayments – Pay back up to a set amount each year without penalty.
• Portability – Move to a new home and transfer the plan, provided it meets Canada Life’s lending criteria.
• Downsizing protection – Sell your home after five years and repay the loan without an early exit fee.
• Cash reserve facility – Borrow additional funds in the future if needed.
• Fixed interest rates – Interest rates remain the same for the life of the loan.
• Second home equity release – Available for holiday homes (not buy-to-let properties).

Does Canada Life Offer Enhanced Lifetime Mortgages?

No, Canada Life does not provide enhanced lifetime mortgages, which some other providers offer to homeowners with medical conditions or lifestyle factors that may reduce life expectancy.

Does Canada Life Offer Home Reversion Plans?

No, Canada Life does not offer home reversion plans, where a homeowner sells part or all of their property in exchange for a lump sum while retaining the right to live there rent-free.

Just Equity Release

Just offers the Just For You Lifetime Mortgage, a flexible equity release plan where you can access tax-free cash while staying in your home. The loan is repaid when you pass away or move into long-term care.

Key features include:

• Lump sum or drawdown options – Take a one-off payment or withdraw money as needed, reducing interest costs.
• Voluntary interest payments – Pay some or all of the interest to prevent the loan from growing.
• Early repayment flexibility – Repay up to 10% of each withdrawal per year without penalty.
• Enhanced terms – If you have certain health conditions, you may qualify for a larger release or lower interest rate.
• Portability – Move home and transfer your plan if the new property meets lending criteria.
• No negative equity guarantee – You or your estate will never owe more than your home’s value.
• Green discount – Lower interest rates may be available for energy-efficient homes.

How Much Could You Release?

Your borrowing amount depends on:

• Age – Applicants must be 55 to 85; older borrowers can access more.
• Property value – Your home must be worth at least £70,000 (£100,000 for some properties).
• Health and lifestyle – Certain conditions may qualify you for better terms.

Just typically allows homeowners to release between 15% and 57% of their property’s value. The minimum release is £10,000, increasing to £20,000 if you choose an interest-paying plan.

Eligibility for Just Equity Release

To qualify, you must:

• Be 55 to 85 years old.
• Own a UK property worth at least £70,000 (£100,000 for some property types).
• Use the property as your main residence (not a holiday home).
• Have full ownership (shared ownership properties do not qualify).

Properties must be in good condition and located in England, Wales, Mainland Scotland, or Northern Ireland. Certain rural properties or those in the Scottish Islands, Isle of Man, or Channel Islands may not be eligible.

What Just Equity Release Does Not Offer

Just specialises in lifetime mortgages and does not offer home reversion plans, where you sell part of your home in exchange for a lump sum while remaining in the property rent-free.

Is Just Equity Release Right for You?

Just is a leading equity release provider, known for its flexibility and consumer protections under the Equity Release Council. Their plans offer a range of features, including enhanced rates, voluntary interest payments, and green discounts.

The company has won multiple awards, including Company of the Year at the Financial Adviser Service Awards and a five-star rating in the mortgage category. Many homeowners find their products worth considering, but comparing options across providers is always recommended.

Legal & General Equity Release

Legal & General offers two types of lifetime mortgages, allowing homeowners to access tax-free cash without monthly repayments:

• Flexible Lifetime Mortgage – Take a lump sum or use a drawdown facility to withdraw funds as needed.
• Optional Payment Lifetime Mortgage – Choose to make full or partial interest payments to reduce the overall loan balance.

Both options include a no negative equity guarantee, ensuring your loved ones won’t owe more than the home’s sale value. An inheritance protection option is also available, allowing you to safeguard part of your home’s value for your beneficiaries.

Unlike some providers, Legal & General does not offer enhanced lifetime mortgages, which provide higher cash releases or lower interest rates based on health conditions. The company also does not offer home reversion plans, where you sell part of your home for a lump sum while continuing to live there rent-free.

How Much Could You Release?

The amount available depends on:

• Your age – Older applicants can borrow more.
• Property value – Your home must be worth at least £70,000 (£100,000 for flats and ex-council properties).
• Health and lifestyle – Unlike some providers, L&G does not offer enhanced terms based on medical conditions.

With a Flexible Lifetime Mortgage, you can release between 11% and 55% of your property’s value, depending on individual circumstances. For flats and maisonettes, this is based on 85% of the property’s value rather than 100%.

The minimum release amount is £10,000, with a £2,000 minimum for additional drawdowns. The maximum loan amount is typically £750,000, though exceptions may be considered.

Eligibility for Legal & General Equity Release

To qualify, you must:

• Be 55 or older (both applicants if applying jointly, with a maximum age of 90).
• Own a UK property worth at least £70,000 (£100,000 for flats, ex-council, or ex-MoD properties).
• Borrow a minimum of £10,000.
• Have a freehold property or, if leasehold, a remaining lease of at least 175 years minus the youngest borrower’s age.
• Be mortgage-free or able to clear your existing mortgage with the released funds.

Key Features of Legal & General Lifetime Mortgages

• Drawdown flexibility – Take an initial lump sum and access additional funds later.
• Inheritance protection – Preserve a portion of your home’s value for your beneficiaries.
• Portability – Move your mortgage to a new home if it meets L&G’s criteria.
• Early repayment flexibility – No charge if you move after five years and your new home doesn’t meet L&G’s lending criteria.

Legal & General has been a trusted name in UK financial services since 1836, serving over 10 million customers. While its equity release plans offer flexibility, some homeowners may find better terms with providers that offer enhanced borrowing options based on health or lifestyle factors.

LV= Equity Release

LV= offers two types of lifetime mortgages, both designed to let homeowners unlock tax-free cash while retaining full ownership of their home.

• Lifetime Mortgage Lump Sum – A one-off cash release with no required monthly repayments. The loan and interest are repaid when the home is sold, usually when you pass away or move into long-term care.
• Lifetime Mortgage Drawdown – An initial cash release with the option to withdraw more as needed. Interest only accrues on the money you take, making it a more cost-effective way to access funds over time.

Both options include a no-negative equity guarantee, ensuring you’ll never owe more than your home’s value. LV= lifetime mortgages are also portable, meaning you can move home and take the plan with you, subject to lender approval.

What’s Missing from LV= Equity Release?

While LV= offers solid lifetime mortgage options, some features available from other providers are not included:

• Lower Age Limit – LV= only accepts applicants aged 60+, while some providers offer plans from 55.
• Property Value Requirements – Your home must be worth at least £100,000, whereas some lenders accept properties valued from £70,000.
• Enhanced Lifetime Mortgages – Unlike some providers, LV= does not offer enhanced terms for those with certain medical conditions or lifestyle factors.
• Home Reversion Plans – LV= does not provide the option to sell part or all of your home in exchange for a lump sum or regular income.

How Much Equity Can You Release with LV=?

The amount you can release depends on your age and property value.

• At 60, you may access up to 27% of your home’s value.
• At 95, this can increase to 55%.
• Minimum release amount: £10,000.
• Maximum release amount: £1.5 million.
• For drawdown plans, additional withdrawals must be at least £1,500, with a maximum of £70,000 per release (limited to once per calendar month).

Eligibility for LV= Equity Release

To qualify, you must:

• Be aged 60 to 95.
• Own a UK property worth £100,000+ in England, Wales, mainland Scotland, the Isle of Wight, or Anglesey.
• Use the property as your main residence (second homes and buy-to-let properties are not eligible).
• Own a standard construction home.
• If leasehold, have a minimum remaining lease of 175 years minus the age of the youngest borrower.

Is LV= Equity Release Right for You?

LV= has been a trusted financial services provider since 1843 and is well regarded in the equity release market. The company holds a 4.7-star Trustpilot rating and earned a five-star rating in the Moneyfacts Equity Release Star Ratings 2024.

While LV= offers flexible lifetime mortgage options and strong consumer protections, other providers may offer different features or better rates, depending on your needs.

more2life Equity Release

more2life is one of the UK’s leading equity release providers, offering lifetime mortgages that allow homeowners to access tax-free cash without selling their home. Their range includes five plans: Flexi, Capital, Tailored, Maximum, and Prime, each with different features to suit individual needs.

Key options include:

• Lump sum or drawdown – Take all your money upfront or withdraw it in stages.
• Partial repayments – Pay back up to 10% of the loan each year (12% on the Maximum plan) without penalty to reduce interest buildup.
• Portability – Move home and take your plan with you, provided the new property meets lending criteria.
• Fixed early repayment charges – Know exactly how much it would cost to repay early.
• Joint application protection – If one applicant passes away or moves into long-term care, the surviving partner can repay the loan within three years without early repayment fees.
• Enhanced terms – If you have certain health conditions or lifestyle factors, you may qualify for a larger release or lower interest rates.

How Much Could You Release?

The amount you can borrow depends on:

• Your age – Older applicants can access a higher percentage of their home’s value.
• Property value – more2life plans typically allow releases between 5% and 60% of your home’s value.
• Health and lifestyle – Certain conditions may increase the amount you can unlock.

The minimum release starts at £10,000, and while more2life has competitive rates, other providers may offer more depending on your circumstances.

Eligibility for more2life Equity Release

To qualify, you must:

• Be 55 or older (age limits vary by plan, with some capping at 84 and others at 95).
• Own a UK property worth at least £70,000 (£100,000 for ex-local authority homes).
• Use the property as your main residence—second homes and buy-to-let properties are not eligible.
• Live in England, Wales, or mainland Scotland (properties in Northern Ireland, the Scottish Isles, Isle of Man, and Channel Islands are excluded).

What’s Missing from more2life’s Equity Release Range?

Unlike some providers, more2life does not offer interest-only lifetime mortgages, which allow borrowers to pay off interest monthly to stop the loan from growing. They also do not offer home reversion plans, where you sell part or all of your home in exchange for cash while continuing to live there rent-free.

Is more2life Equity Release Right for You?

more2life is a well-regarded lender, having won multiple awards, including:

• Best Equity Release Lender – Customer Service (Personal Finance Awards 2024)
• Later Life Lender of the Year (Scottish Mortgage Awards 2021)
• Best Provider of Lifetime Mortgages (Mortgage Solutions Equity Release Awards 2020)

They also have a 4.5-star rating on Trustpilot, reflecting positive customer feedback.

Their plans offer flexibility with partial repayments, inheritance protection, and fixed early repayment charges, but if you need an interest-only option or want to explore the highest possible release amount, comparing with other providers may be beneficial.

Pure Retirement Equity Release

Pure Retirement specialises in lifetime mortgages, the most common type of equity release. These loans are secured against your home and repaid when the property is sold, typically when you pass away or move into long-term care.

In the meantime, you retain full ownership of your home and can use the tax-free cash however you choose.

There are five lifetime mortgage plans in Pure Retirement’s range: Heritage Freedom, Heritage, Sovereign, Classic, and Emerald. Depending on the plan, key features include:

• Lump sum or drawdown options – Choose a single one-off payment or access funds in stages. Drawdown plans can be more cost-effective, as interest only applies when you withdraw funds.
• Partial repayments – Some plans allow you to repay 10% to 40% of the loan annually, reducing the final balance and helping preserve inheritance.
• Home-moving flexibility – You can move home and take your plan with you, subject to lender approval.
• Free property valuation – Available for initial advances up to £2 million.
• Cashback options – Some plans offer up to 5.5% cashback.

How Much Equity Can You Release?

The amount you can unlock depends on your age, property value, and the specific plan you choose.

• Release between 24.7% and 57.5% of your home’s value.
• Older applicants can typically access a higher percentage. For joint applications, the younger applicant’s age is used.
• Minimum release amount of £10,000 and a maximum of £2 million, depending on the plan.

Some other providers may offer higher borrowing limits, so it’s worth comparing options.

Eligibility for Pure Retirement Equity Release

To qualify, you must:

• Be aged 55 to 95 at the start of the plan.
• Own a UK property worth at least £70,000.
• Borrow at least £10,000.

Most freehold houses, bungalows, and standard-construction flats are eligible. Leasehold properties may be accepted, depending on the remaining lease term.

Some property types may not qualify, including:

• Flats above commercial premises.
• Ex-council or ex-local authority flats and maisonettes.
• Properties in Northern Ireland, the Isle of Man, the Scilly Isles, or the Channel Islands (though properties on the Isle of Wight and some Scottish Isles may be accepted).

What’s Missing from Pure Retirement’s Range?

Unlike some providers, Pure Retirement does not offer:

• Enhanced lifetime mortgages – These can allow borrowers with health conditions to unlock more cash or access lower interest rates.
• Interest-only lifetime mortgages – Some lenders allow voluntary monthly interest payments to prevent the loan from growing over time, helping to preserve inheritance.
• Home reversion plans – These involve selling part or all of your home in exchange for a lump sum or income while remaining in the property rent-free.

Is Pure Retirement Right for You?

Pure Retirement is an award-winning provider, recognised for its product range and service, including:

• Best Provider for Products – Equity Release Awards 2022.
• Innovation Award – Investment Life & Pensions Moneyfacts Awards 2021.

The company has a 4.3-star rating on Trustpilot, with positive feedback on its customer service and flexible products.

Their plans offer drawdown flexibility, home-moving options, and repayment allowances of up to 40% annually. However, they lack enhanced plans and interest-only options, which may be available elsewhere. Comparing providers ensures you find the best fit for your needs.

Frequently Asked Questions

Do I Need to Speak Directly to an Equity Release Provider?

No, most providers don’t deal directly with customers. Instead, an equity release adviser can search the market for you, comparing different providers to find the best plan for your needs.

What Are the Costs of Setting Up an Equity Release Plan?

There are several costs involved in setting up an equity release plan. These may include:

• The provider’s valuation and arrangement fees
• A completion fee for a lifetime mortgage (payable upfront or added to the loan)
• Legal and solicitor fees
• Early repayment charges, if applicable

A good equity release adviser will explain all fees upfront, so you know exactly what to expect before committing to a plan.