One Family equity release is strictly for homeowners over the age of 55 years old. They allow their clients to borrow a one-off lump sum but then offer some flexibility regarding repayments. You can make monthly interest repayments, so only the capital is remaining.
You have the option to make a one-off voluntary payment, or you can take the traditional route and make no payments during the lifetime of the mortgage. Which means, during your lifetime. Your family can even be responsible for monthly interest repayments to secure some of the equity in your home for inheritance purposes. The flexibility is one of the more attractive features of One Family.
For a lot of people in Scotland, life is hard, especially financially. We all know that pensions don’t stretch as far as they should, but complaining about it is going to change it. However you look at it, more and more people nearing retirement age see the advantages of releasing the equity in their home.
After all, they’ve earned it by working hard most of their adult life. You get to live in your home for the rest of your life and have the cash you need to make living more comfortable. And possibly, still have some equity left for your family to inherit.
What really matters to us at Equity Release Scotland is that the homeowner remains the owner of their home for the entirety of the mortgage. The whole principle of equity release is to offer security in a turbulent world. You should be able to access some of the equity in your home, that you’ve worked hard for, and not be at risk of losing your home at any point.
That’s exactly what One Family deliver. You are at no risk of losing your home at any time. It’s even your estate’s responsibility to sell the home, upon your passing, to ensure full market value is achieved, so any remaining equity is passed to your loved ones as inheritance.
With such difficult economic times, some people are moving into their retirement years still with their interest-only mortgage hanging over their heads. They use equity release to pay off the existing mortgage to have less financial stress in their lives. Some of One Family’s clients also use equity release to top up their pensions to have a better quality of life.
Owning a home is an expensive business. Some clients decide to take advantage of the equity in their home so they can make some necessary repairs and improvements to their homes, such as roof repairs and serious infrastructure repairs that means they’re unlikely to be an issue as you enjoy your retirement.
One of the advantages of accessing the equity in your home is that you can help out loved ones. It’s often to help them buy their own homes, help with school fees or to support them in an emergency.
Although One Family is a relatively new name in the equity release world, having started out in 2015, it has roots spanning back 35 years. Engage Mutual Assurance, founded back in 1980 and with 500,000 members, all part of the mutual (no shareholders) decided to merge with Family Investment, another UK financial institution, to create One Family. They put their expertise together to create a mutual with over 2 million members.
Being a mutual is important. It means they are run by its members and not by shareholders. They make decisions that benefit the 2 million people with mortgages or savings bonds, not some greedy fat cats.
They have recently introduced The One Foundation, a project that allows them to support communities and make a real difference rather than pay out dividends. You get to access the equity in your home and help out people and communities who need it at the same time.
The rules for qualification are kept simple and transparent. You need to be over the age of 55 years old, and you need to have a property worth a minimum of £70,000.
One Family offer one very important guarantee called a negative equity guarantee. It ensures that neither you or your estate (upon your passing) will ever be in a situation where they need to pay back more than the value of the property, once it’s sold.
At Equity Release Scotland we like to be as specific as possible, but with interest rates, it’s a little difficult to be precise because each mortgage and client is different. As a guide, Monthly Interest rate ranges from 3.99% and 4.19% with Annual Interest Rates between 4.06% and 4.27%.
To get more advice and information, please fill out the form and we will be call you back.
You have the Right to Remain in your Home for as long as you choose
You will NEVER owe more than the value of your home due to the "no negative equity" guarantee.
You have the freedom to move to another property without financial penalty (subject to provider criteria)