Just Equity Release Reviews
- Award winning Equity Release Lender: formerly known as Just Retirement
- 3 types of equity release scheme to choose from
- Flexibility to borrow larger sums based on health and lifestyle
Once you have read the Just Review, you could compare equity release schemes from other providers and as a starting point use the equity release calculator to see how much cash you could release from your home.
Try the Equity Release Calculator
This Equity Release review focuses on Just, formally known as Just Retirement.
Created in 2016 from the merger of Just Retirement and Partnership Assurance, Just essentially provide retirement provides retirement products that include, savings and investments, annuities, insurance, credit and mortgages, pensions, care funding plans, income drawdown and of course equity release.
In addition to Just Retirement Limited and Partnership Assurance, The Just Group also includes ‘Just Retirement Money Limited’ which was established in 2016 to take on all lifetime mortgage lending under the Just Retirement brand and ‘Hub Financial Solutions Ltd’.
Hub was established in 2006 and provides advice on equity release, pensions and funding for long term care.
Just Retirement Limited has been providing equity release since 2005 and has been awarded 5 stars in the ‘Life and Pensions’ Category by the Financial Adviser Service Awards for the last 12 years, as well as 5 stars for the last 9 years for the ‘Mortgages’ Category.
Just are of course regulated by the Financial Conduct Authority and they are members of the Equity Release council, which means they have voluntarily agreed to abide by the principles of their membership.
Just lifetime mortgage options
There are three types of lifetime mortgages that we will focus on in the Just Equity Release Review; the Just Drawdown Lifetime Mortgage; their Lump Sum Lite Lifetime Mortgage and finally the Just Lump Sum Plus Lifetime Mortgage.
Subject to the terms and conditions, all of the lifetime mortgage options will allow you to remain in your home until you (and your partner if choosing a joint lifetime mortgage plan) die or move into long-term care.
In addition with all of the Just equity release schemes you won’t have to make repayments as the money is repaid from the sale of the house when the loan ends and the money released is tax free (it may still affect your tax situation and any benefit you may receive).
This type of Just Lifetime Mortgage is available to customers aged 60 or over and allows you to release money as and when it is required. Depending on your age and the value of your property, you can borrow between £10,000 to £600,000 if you live in England or up to £250,000 if you live in Wales, Scotland or Northern Ireland.
You can choose to take the money in one lump sum or borrow a smaller initial amount, releasing further amounts as required. This means that you will only pay interest on the actual amount you borrow which will be based on the rates at the time of each withdrawal.
The cash withdrawal facility available to you will be limited to the lower amount of either three times the initial loan or the maximum amount you can borrow based on your age and the value of your property.
Lump Sum Lite
The Just Lite Lifetime Mortgage is designed for those who want to take a single lump sum payment without the need of withdrawing additional sums in the future. The amount you can borrow with this lifetime mortgage is higher than with the Drawdown Lifetime option however the interest rates tend to be higher too.
Further lending options may be available to you after six months of receiving your cash sum however this will depend on your elgibility.
You need to be 60 or older to apply and your property should be worth at least £70,000 and located in England, Scotland or Wales.
The amount you can borrow will as always depend on your age and the value of the property but there is a minimum amount of £10,000 and a maximum of £600,000 in England and £250,000 in Scotland and Wales.
Lump Sum Plus
This type of lifetime mortgage gives customers the option to maximise the lending potential against their home. The standard loan to value is usually higher than with the Drawdown Lifetime mortgage but it will have a higher interest rate. In addition, the Just underwriting team can also take into account your health and lifestyle giving you the potential to borrow a greater amount.
It is worth noting that a higher interest rate may apply to mortgages with an enhanced loan to value term.
Again you must be 60 or over to apply and have property worth at least £70,000 in England, Scotland or Wales. The minimum and maximum borrowing rates are the same as with the Lump Sum Lite Lifetime Mortgage plan.
Are you eligible for Just Equity Release?
Once you have read your equity release reviews, before you decide on an equity release scheme with any provider it is important that you fully understand the implications of a lifetime mortgage; look at all the options available to you and discuss everything with the family.
Just do not sell their equity release plans direct, so you must get the advice from a financial adviser who will first look at your situation to understand whether an equity release scheme is suitable. You could also speak to Hub Financial Solutions who are part of Just but they only advise on a specific number of providers.
To qualify for a Just equity release plan the following must apply:
- You must be 60 years old or more
- You are mortgage free or have a small mortgage which will need to be paid off from the money you release
- Your home is worth £70,000, your main residence and located in either England, Scotland or Wales. The Drawdown Lifetime Mortgage is also available for customers living in Northern Ireland.
- Your property is of standard construction
- You want to borrow a minimum of £10,000
All Just Lifetime Mortgages come with the ‘Negative Equity Guarantee’ which ensures you will never owe more than the value of your property.
In addition it is worth noting that the interest is added on an annual basis and not monthly as with a number of equity release providers.
Further borrowing may be allowed on the Lump sum Lite and Lump sum plus depending on your circumstances but only after 6 months of your initial loan being paid
You will still own your property and can continue to live there until you die or move into a care home.
You can repay up to 10% of each loan in a 12 month period without incurring repayment charges but the minimum amount you owe can not drop below £10,000.
If you take out a joint lifetime mortgage, you have the option to fully repay the mortgage within 3 years of one of you dying or moving into care without having to pay early repayment charges.
If you wish to move the Just equity release plan can move with you depending on the terms and conditions
Just Equity Release Calculator
Just offer an equity release calculator on their website which gives you the chance to see how much you could borrow based on your age and the value of your property. You just need to add the age of the youngest applicant, estimated property value and property location and the equity release calculator will provide an estimate for you however this is only a guide and not a guarantee.
For example if you are a 65 year old living in a house worth £250,000 in England, the Just equity release calculator shows that you could release up to £87,000 (the equity release calculator also shows the same for properties in Scotland and Wales).
What should I do now?
Now you have read our Just Equity Release Review it is worthwhile knowing how their lifetime mortgage compares to other equity release schemes.
It is worth keeping in mind 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 one of the reasons we have teamed up with leading specialist Age Partnership, as they compare schemes across the whole market with companies like Aviva, Legal & General, LV, Pure, Canada Life, One Family, Scottish Widows, Hodge Lifetime and Just Retirement.
Continue your research here on how to calculate equity release on your property.
Alternatively you can read more equity release reviews here.