Background
One Family was formed in 2015 through the merger of Family Investments and Engage Mutual. One Family manages more than £7.5 billion and is a trading name of Family Assurance Friendly Society which has more than two million members. This lender is best known for specialising in Guaranteed Over 50's Life Cover, but now includes lifetime mortgage lending to its portfolio.
The Interest Payment Standard Plan from OneFamily is a lifetime mortgage that allows the homeowner to receive a one-off lump sum payment as part of their equity release scheme. It also allows the homeowner to pay up to 100% of the monthly interest that accrues on the loan for a period of time that can be set by the homeowner.
This product maybe ideal for homeowners with mortgages at, or near retirement which are in need of repayment, but have no repayment strategy in place. The OneFamily Interest Payment Standard Plan will enable such mortgagors to switch away from the residential mortgage market by remortgaging onto this OneFamily interest-only lifetime mortgage.