OneFamily - Voluntary Payment Lite - Fixed
Roll up Lifetime Mortgage
Rate: 5.37%
APR: 5.60%
Exclusive Deal:
Features: FREE Valuation Offer* | Choice of either Fixed/Variable Rates | 10 Year Fixed Early Repayment Charges | Downsizing Protection Option | 10%pa Voluntary Payments with NO Penalty

OneFamily are 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 has now decided it’s future also lies in the retirement arena.

The Voluntary Payment Lite Lifetime Mortgage offered by OneFamily is an equity release scheme that provides the homeowner with a fixed lifetime interest rate and one-off cash lump sum payment. The plan also allows the homeowner to repay up to 10% of the initial loan amount every year without incurring any early repayment charges. This product is particularly flexible for homeowners as the payments are voluntary, no proof of income is necessary and it can be therefore be tailored to the homeowner’s needs.

The OneFamily Voluntary Payment Lite product offers loans starting from a minimum of 10,000 upto a maximum lifetime mortgage of £750,000.

To be eligible the homeowner must be between the ages of 55 and 100 at the time of completion. If borrowing jointly, the loan-to-value will be based on the age of the younger applicant.

In order for the property to be eligible for use with this OneFamily product, it must have a minimum valuation of £70,000. There is no maximum property value threshold, except any property with a valuation over £2 million must be accompanied by a referral to OneFamily’s property underwriters. The home must also be located in England, Scotland or Wales.

There are a number of unique features that come with this product. To start, the early repayment charges are fixed for the first ten years after completion of the loan advance. For years one to five, the charge is 6%. For year six to ten, the charge is 3%. No early repayment charges are levied by OneFamily after this period.

The product also comes with downsizing protection as a flexible & beneficial feature for those potentially moving home in the future. This means that if the homeowner repays their loan after five years because of selling their home to move to another property, there is no early repayment charge incurred.

The OneFamily Voluntary Payment Lite scheme is also portable which allows it to be transferred to another suitable property and comes standard with a no negative equity guarantee. This means that if the eventual sale of the home does not satisfy the outstanding loan balance, the beneficiaries of the estate are not held responsible for any remaining debt.

There is no drawdown or cash reserve facility available with this product as it provides a simple one-off capital lump sum.

Perhaps the most unique feature of this product are the voluntary payments that are allowed to be made by the homeowner. The homeowner is allowed to pay up to 10% of the initial loan amount every year without incurring any early repayment charges. The homeowner can make these payments right away following loan completion and any number of payments can be made throughout the year, provided the payments are at least the minimum amount allowed which is £25. Payments can be made via cheque, debit card, standing order, or bank transfer.

Additional borrowing is another feature available with this product. To be approved for additional borrowing by OneFamily, the homeowner must meet the lending criteria imposed at the time of that application. The minimum amount allowed for borrowing is £4,000 and voluntary payments are also allowed against any additional borrowing balance immediately following the completion of the borrowing.

This product is also available in a standard Voluntary Payment version, which differs mostly in loan-to-value’s and interest rates applicable. It also comes in a variable interest rate version as well.

This OneFamily Voluntary Payment Lite is the ideal product for the homeowner who is concerned about the impact of interest roll-up, but does not want to be tied into a fixed payment schedule like a standard mortgage would. Additionally, as NO income verification is needed, those with non-standard forms of income, and know affordability is not a concern, would find the Voluntary Payment Plan ideal for their requirements. With this product, the homeowner is able to make payments that suit their individual needs and budget.

*Free valuation offer available on properties valued upto £1m

Call the Compare Equity Release team on 0800 678 5169 for further details or to request a personalised quotation on the OneFamily Voluntary Payment Lite Lifetime Mortgage (Fixed).
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
  • Exclusive deals to save you money
  • Free 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 with the following equity release companies:

Aviva | Bridgewater | Hodge Lifetime | Just Retirement | LV= | more2life | One Family | Retirement Advantage | Pure Retirement