Just Equity Release review
This Just equity release review forms part of a series of equity release reviews looking at the main providers in the market. We’ve created these quick and simple summaries to help you compare the types of plan on offer and decide whether equity release might be right for you.
The Just Group (formerly Just Retirement) is one of the UK’s leading providers of retirement products, including savings, pensions, annuities and investments. Having launched equity release in 2005, Just now has over 100,000 customers who between them have released more than £4 billion of equity. In 2019, Just received 5 stars in the ‘Mortgages’ category at the Financial Adviser Service Awards for the 12th year running.
Just is regulated by the Financial Conduct Authority and is also a member of the Equity Release Council, so its customers are protected by the rules and guiding principles of both these organisations.
Just’s equity release advice service – in summary
Just lifetime mortgages are only available through professional advisers, rather than directly. Just recommend speaking to an independent financial adviser or to HUB Financial Solutions, which is part of the Just Group. Hub is an equity release advice service that compares and advises on schemes from a select group of companies including Aviva, L&G and One Family as well as Just’s own lifetime mortgages.
Just lifetime mortgage – in summary
The Just For You Lifetime Mortgage allows you to either release an initial lump sum and extra cash as and when you need it or a one off lump sum. You will also have the option to pay some or all of the monthly interest to help reduce the overall cost of the loan.
Main features of the Just For You lifetime mortgage range:
- How much you can borrow will be based on your age and the value of your property.
- You can continue to live in your home and won’t have to make any repayments until you die or move into long term care on a permanent basis.
- If you’d like to make monthly payments, you can choose to do so when you apply. Most Just For You Lifetime Mortgages allow you to pay between £25 and 100% of the monthly interest.
- The minimum you can release if you don’t make monthly payments is £10,000, rising to £20,000 if you do .
- The maximum cash facility is £800,000 for customers in England, Wales and Scotland, and £250,000 for Northern Ireland
- The ‘no-negative-equity’ guarantee ensures you will never owe more than you release and won’t pass on debt to your estate.
- If you want to move home you may be able to transfer your lifetime mortgage if Just find your new property acceptable.
- If you are making monthly payments and want to pay off your mortgage early, you can make partial repayments, however you may incur an early repayment charge.
- If you are not making monthly repayments, you can pay off some of your mortgage without having to pay an early repayment charge.
- Taking out a lifetime mortgage may affect your entitlement to means-tested benefits or pension credit
Your eligibility for a Just For You lifetime mortgage will ultimately depend on the options you choose, but as a minimum, you will need to meet the following criteria:
- Aged 55 or over. In the case of a joint mortgage the youngest applicant must be at least 55 years old.
- Own a property in the UK that is your main home.
- This property must be worth over £70,000 and meet certain conditions. Your financial adviser can check these for you.
- Be mortgage-free or only have a small amount left to pay. The remaining mortgage will have to be fully paid off from the money you release.