Age UK Equity Release Review

Equity release plans available from select panel of providers

You must be 55 or over and own your own home worth at least £70,000

The Age UK equity release service is provided by retirement specialists HUB Financial Solutions

Once you have read the review you can compare equity release plans from other providers or use the equity release calculator to see how much cash you could release from your home.

About Age UK now trading as Age Co

Formed by the merger of Age Concern and Help the Aged, Age UK is the country’s largest charity dedicated to later life.

With shops, volunteers and a network spanning the UK, Age UK provide information, advice, health care and support for our aging population.

In addition to their charity work, Age UK also work with a number partners, providing a range of products aimed to assist later life; a number of which now come under the newly created Age Co banner. Age Co is the name currently used for some of these products which include insurance, funeral plans, legal services and equity release but over time, more of the Age UK products will move across to the new brand.

So Age UK equity release schemes sit within the Age Co brand and are provided by their partner Hub Financial Solutions who in turn a part of retirement specialist ‘Just’.

The Age UK Equity Release options

Age Co do not offer a specific equity release plans as such; instead they advertise the services of their recommended partner ‘Hub Financial Solutions’.

As part of the Just group, Hub has selected a number of providers to work with, namely:

  • Aviva
  • Bridgewater
  • Just
  • Legal & General
  • One Family

So when you contact Age Co about one of their equity release plans, they will refer you to Hub who will talk through your requirements and compare schemes available with the above providers. Whilst it’s good that Hub Financial Solutions compare a range of companies, they do not compare the whole of the market so you are only getting an understanding of what is available through a limited number of loan providers.                                                                                                              

Try the Calculator

Are you eligible for the Age Co Equity Release Scheme?

Whether you are eligible for an equity release scheme will depend on the provider you choose however there are certain conditions that are fairly typical. These are as follows:

  • The youngest applicant must be 55 and own their own property
  • The property must be in the UK and worth at least £70,000
  • Your home must be built of standard construction

The amount of equity you can release will depend on your age, the value of your property and the loan provider however Hub will talk through your options and eligibility and advise you on the best scheme available within their panel of preferred lifetime mortgage companies.

Review of additional information on Age Co Equity Release schemes

As scheme information varies from company to company, additional information on Age UK equity release is limited. In general terms though, the following should apply:

  • You and your partner (if the plan is in joint names) can continue to live in the property until the last person dies or moves into permanent care.
  • If you have an existing mortgage you may still be eligible for Age Uk equity release; you will just need to pay off the outstanding debt with the money you release.
  • You have the flexibility to move home as long as the new property meets the approved criteria of the equity loan provider.
  • Hub only use companies that are members of the Equity Release Council. This means that any Age UK scheme you choose includes the all important ‘no negative equity’ guarantee which means you will never owe more than the value of your home.
  • In addition, equity release schemes are also regulated by the Financial Conduct Authority (FCA)

Age UK Equity Release Calculator

Although the amount you can borrow will depend on whether you choose a scheme with Aviva, Bridgewater, Just, Legal & General or One Family, Age UK do provide an equity release calculator on their website that gives you an indication of how much this could be.

For example if you are a 65 year old living in a property that is worth £250,000, the Age UK Calculator estimates that you could release £87,750. You would of course need to speak to a Hub advisor for any further information.

Compare Plans

Now you have read our Age UK Equity Release Review it is worthwhile comparing all equity release schemes on offer. Please keep in mind however that not all advisers compare the whole of the equity release market; some focus on particular companies which may not offer you the most appropriate equity release scheme.  

This is why we have teamed up with Age Partnership, a leading independent specialist that reviews and compares equity release schemes with the whole of the market, including Aviva, Canada Life, Legal & General, LV, Pure, One Family, Retirement Advantage, Hodge Lifetime, Just Retirement and Bridgewater Equity Release.

For more information or to try their Equity Release Calculator, please click here.

Alternatively you can read more equity release reviews here.

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