Freephone 0800 678 5955
Freephone 0800 678 5955

OneFamily Super LTV Rates & Details

Your summary includes any incentives, special offers and product details. Click 'get a quote' to request your personalised illustration!

Super LTV

  • Type Fixed
  • Rate 6.19%
  • APR 6.40%
Incentives:
  • Free Valuation
Offers:
  • 8-Year Fixed Early Repayment Charges
  • Downsizing Protection
  • Voluntary Payments upto 10%pa

Background

OneFamily was formed in 2015 by the merger of Engage Mutual and Family Investments which combined has created one of the largest Mutual organisations in the UK.

OneFamily is a trading name of Family Assurance Friendly Society with over two million members and managing in excess of £7.5 billion of family money. OneFamily see Lifetime Mortgage lending as its natural progression into the retirement arena where it currently specialises in Guaranteed Over 50s Life Cover.

OneFamily launched their inaugural plans with a plethora of features and options. They took a leap forward for the equity release industry in further building consumer confidence and competitive products. OneFamily were the first equity release lender to offer a variable interest rate product, linked to the Consumer Price Index (CPI) with addition of a fixed rate option too. Choice is important and with this comes a range of flexible features for the homeowner to be able to discuss with their equity release adviser. This is a new bold step for the Equity Release marketplace and effectively brings equity release rates in line with conventional mortgage interest rates.

Eligibility

The OneFamily Super LTV Lifetime Mortgage plan offers homeowners a simple one-off lump sum cash payment to spend as they wish. This product is maybe geared towards homeowners looking for the maximum equity release lump sum possible & happy to see the interest roll-up.

This product maybe ideal for those with mortgages, at or near retirement, which are in need of repayment, but have no exit strategy in place. Additionally, we can see the product being used as part of IHT mitigation exercises.

OneFamily Equity Release will accept applications on property values with a minimum of £70,000 and no maximum valuation. However, please contact us directly on properties valued over £2 million as cases maybe individually underwritten, with bespoke quotes via Equity Release Supermarket – Freephone 0800 678 5955.

The property concerned must be the main residence and needs to be located within England or Wales. It needs to be either freehold or leasehold status which has an unexpired term of at least 155 years minus the age of the youngest applicant, or 75 years whichever is the greater.

This OneFamily Super LTV Equity Release plan is available on both a single & joint life basis. The minimum age of the youngest applicant must be 65, with a maximum age at entry of 100 years by completion.

The minimum loan amount OneFamily will accept is higher than most at £20,000 with a maximum release currently of £1 million. Please call Freephone 0800 678 5955 for your personalised OneFamily Super LTV Key Facts Illustration.

Features

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.

Options

The OneFamily Super LTV equity release plan has the ability to be able to control the future balance of the scheme by using the Voluntary Payment Option. This allows repayment of upto 10% of the original amount borrowed each year with NO early repayment charge. These payments are unlimited in any year and subject to a minimum amount of £25. Onefamily will permit payments by bank transfer, debit card, standing order and cheque.

Therefore, for those using the Super LTV for interest-only mortgage purposes, homeowners can continue repaying the interest monthly, therefore maintaining a level mortgage balance into retirement. More so, by paying more than the interest charged by OneFamily, the actual loan balance can be reduced over time, thus being managed as a form of repayment mortgage.

OneFamily permit additional borrowing in the future should further equity be required to be withdrawn for personal use. This is available after 6 months from inception of the initial advance and will be subject to underwriting guidelines at that time. The minimum additional borrowing allowed is £4,000 and subject to lender criteria at the time.

*Free valuation offer on property valuations upto £1m - pro-rata thereafter

To obtain further information or to request a quotation on the OneFamily Super LTV Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 678 5955 today.

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