The OneFamily Super LTV Lump Sum scheme is a roll-up lifetime mortgage plan that offers a fixed interest rate secured for the lifetime of the mortgage. This provides a future balance guarantee assuming no future additional borrowing requests. OneFamily’s Super LTV equity release plan provides a one-off tax-free capital amount which can be spent on anything the homeowner wishes.
For the first time in the equity release market, homeowners have the benefit of choosing between fixed or variable interest rates, depending on their preferences. The introduction of the OneFamily fixed interest rate equity release product provides greater security for the homeowner in knowing that whatever interest rates do elsewhere, the rate applicable to their plan will remain fixed for life, offering greater confidence to the consumer and their beneficiaries.
The OneFamily Super LTV Lump Sum plan differs from the rest of their product range by having much higher loan-to-value percentages from age 65. This results in higher maximum loan amounts to even the Standard range of plans, with higher interest rates as a consequence. The OneFamily Super LTV's maximum loan-to-value percentages start from age 65 at 40%, increasing to a maximum of 58% by age 83 and remain so upto age 100.
OneFamily are members of the Equity Release Council and subsequently all their plans come with the security of the No Negative Equity Guarantee, ensuring beneficiaries never end up owing more than the value of the property and subsequently they themselves owe nothing to the lender.
A beneficial fixture of the OneFamily Lump Sum Standard Plan is the inclusion of the Downsizing Protection feature. This allows anyone downsizing after a period of 5 years to be able to repay their OneFamily equity release plan in full, with NO early repayment charges. If downsizing occurs within the first 5 years, then the standard fixed early repayment penalties would apply.
Another strong feature of the Onefamily Super LTV Roll-Up Lifetime Mortgage are the fixed early repayment charges (ERC's). OneFamily only charge an early repayment charge for the first 8 years following commencement of this equity release loan. The ERC’s start at 6% for years 1-3, then reduce by 1% each year until the 8th year. Thereafter, there are NO early repayment charges upon full settlement of the loan.