OneFamily - Interest Payment Lite - Fixed
Roll up Lifetime Mortgage
Rate: 4.89%
APR: 5.20%
Incentive Deal:
Features: FREE Valuation* | Lifetime Fixed Interest Rate | 10 Year Fixed Early Repayment Charges | Downsizing Protection Option | Interest Only Lifetime Mortgage | Select Repayment Amount

OneFamily is the product of a merger between Engage Mutual and Family Investments in 2015, creating one of the largest Mutual organisations in the UK. OneFamily is a trading name of Family Assurance Friendly Society and manages over £7.5 billion and over two million members. OneFamily currently specialises in Guaranteed over-50's Life Cover, but is progressively moving into the retirement arena.

The Lump Sum Interest Payment Lite plan offered by One Family is a fixed interest rate lifetime mortgage that provides the homeowner with a one-time lump sum payment while also allowing the homeowner to pay up to 100% of the monthly interest on their loan. The homeowner is able to choose the interest repayment term, so they can decide how long they would like to make interest payments against their loan balance.

The loan amounts available with this product range from £10,000 upto a maximum equity release loan amount of £750,000.

In order to be eligible for the OneFamily Lump Sum Interest Payment Lite, the youngest homeowner must be between the ages of 55 and 100 upon loan completion. The product is available on both a single life and joint life basis. If borrowing jointly the youngest borrower must have an age that falls between 55 and 100.

In order for the property to be eligible, it must have a minimum valuation of £70,000. There is no formal maximum property value but any home valued above £2,000,000 must be accompanied by a referral. The property must also be located in England, Scotland or Wales.

There are a number of flexible product features that come with the Interest Payment Lite Lifetime Mortgage plan. To start, the Early Repayment Charges are fixed for the first ten years. For years one to five, the early repayment charge is just 5%. For years six to ten, the charge is 3%. No early repayment charges exist thereafter.

The loan is portable which means it can be transferred to another suitable property. It also comes with both downsizing protection and no-negative equity guarantee.

The downsizing protection means that if after five years, the homeowner wants to sell the property and move to another, they are able to do so without incurring any early repayment charges. The no negative equity guarantee means that if the eventual sale of the property does not satisfy the outstanding loan debt, the beneficiaries are not left with any debt.

There is no drawdown or cash reserve facility available with this product as it simply provides a cash lump sum at outset.

Perhaps the most attractive feature of the OneFamily Interest Payment Lite product is the ability to make payments against the interest on the loan. The interest payment amount is fixed at outset and can range from £25 to 100% of the monthly interest. The payment term can be anywhere from one year up to the lifetime of the loan. However, the amount and duration of the payments cannot be changed once they have been determined. If the homeowner misses four payments, then they will be switched to our Lump Sum Interest Roll-up, or Voluntary Payment Lifetime Mortgage product. The missed payments do not have to be sequential.

Additional borrowing is available with this product. The minimum amount available is £4,000 and approval for the additional borrowing is subject to the criteria at the time of application.

The Interest Payment Lite Fixed product is also available in a standard version, the primary difference being the LTV’s. The product has another option of a variable interest rate to suit those with experience of fluctuating interest rates.

The Interest Payment Lite Fixed is the ideal product for any homeowner who isn’t looking to borrow the absolute maximum loan and wants to avoid the impact of interest roll-up as much as possible by looking to pay regular monthly payments.

*Free valuation offer available on properties valued upto £1 million.

Call the Compare Equity Release team on 0800 678 5169 for further details or to request a quote on the One Family Interest Payment Lite Fixed Lifetime Mortgage.
These are lifetime mortgages and home reversion plans. To understand their features and risks, ask for a personalised illustration.

 

  • All schemes are authorised and regulated by the FCA
  • Continued ownership of 100% of your home
  • Interest rates sourced from the whole of the market
  • Continued benefit from future house price increases
  • Special deals with incentives to save you money
  • Free initial advice with no commitment or credit checks

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These are lifetime mortgage & home reversion plans. To understand the risk & features of these plans, request a personalised Key Facts Illustration.

CompareEquityRelease.com helps you to compare and arrange equity release schemes from the whole of the equity release market:

Aviva | Bridgewater | Hodge Lifetime | Just Retirement | LV= | more2life | One Family | Retirement Advantage | Pure Retirement L&G Crown