Royal London Equity Release at a Glance

Royal London offers lifetime mortgages. A lifetime mortgage is a loan secured against your home, where:

• You remain the full legal owner.
• You usually don't make monthly repayments.
• The loan plus interest is repaid when you die or move into long-term care.

Key features include:

• Available from age 55+.
• Free property valuation.
• No arrangement fees.
• Variable interest rates based on age, property and borrowing amount.
• Option for drawdown (take money in stages, i.e. only pay interest on the amounts you drawdown from a total pot).
• Early Repayment Charge (ERC) period reduced from 10 to 7 years in August 2025.
• All plans include the No Negative Equity Guarantee.

How Royal London Equity Release Works

1. How a lifetime mortgage works (simple explanation)

You borrow money secured against your home. You keep ownership and can stay in your home for life.

You can:

• Take a lump sum
• Take smaller amounts over time (drawdown)
• Make optional repayments
• Or make no repayments and allow roll-up (compound) interest to accumulate

The loan is repaid from the sale of your home when you die or enter care.

2. Advice is mandatory

By law, equity release can only be taken out after speaking to a qualified adviser.

Royal London Equity Release Advisers provide advice and compare plans from across the market. Some customers also compare with Age Partnership, a well-known whole-of-market specialist that can recommend plans from a wide panel of lenders.

(This is simply information to give the broader context — not a recommendation.)

3. Interest rates explained

Royal London's rates are customised for each customer. They vary depending on:

• Age
• Property value
• How much you want to borrow (loan-to-value)
• Lump sum vs drawdown

Some other lenders may offer lower interest rates or higher borrowing levels, depending on your circumstances.

4. Product improvements (August 2025)

Royal London enhanced its equity release range in August 2025, including:

• Adding drawdown to the Principal plan
• Reducing the ERC period from 10 to 7 years, making early repayment more flexible

Royal London's Equity Release Plans - At a Glance

Royal London Plans in detail

1. Core Standard Lifetime Mortgage

• Ages 55-84
• Properties £125,000-£2,000,000
• Borrow from £10,000
• Drawdown available
• ERC applies for 15 years
• Significant life event waiver (no ERC if your partner dies or enters long-term care)

2. Core Premier Lifetime Mortgage

• For homes valued above £2 million
• Minimum loan £100,000
• Potentially lower interest rates for larger loans
• Drawdown available

3. Principal Lifetime Mortgage

• Ages 55-89
• Properties £125,000-£2,000,000
• Borrow from £30,000
• Newly added drawdown facility
• 7-year ERC period
• Most flexible underwriting (helpful for unusual property types)

Features and Benefits

1. Free valuation

No cost for the property assessment.

2. No arrangement fees

Keeps upfront costs low.

3. Drawdown

Take smaller amounts over time and pay interest only on what you actually release.

4. Up to 10% voluntary repayments per year

Allows customers to reduce the impact of compound interest.

5. Downsize protection

After five years, you can repay early without penalty if moving to a smaller home that doesn't meet lending criteria.

6. Significant life event waiver

No ERC if your partner dies or moves into care.

7. Brand reassurance

Royal London is a long-established mutual insurer with strong consumer trust.

Customer Experience

Royal London has an excellent overall Trustpilot rating of 4.9 out of 5, based on more than 2,400 customer reviews. Please note that these reviews cover Royal London's entire range of financial products, not just equity release, but they still offer meaningful insight into how the company supports its customers.

Across the reviews, clear themes emerge:

1. Friendly, helpful staff

Customers consistently describe Royal London employees as:

• friendly
• patient
• polite
• easy to talk to
• knowledgeable

Many reviewers praise staff who "explained things clearly", "took time to reassure me", and "knew the process instinctively."

2. Clear and simple communication

A large number of reviews highlight:

• clear explanations
• step-by-step guidance
• support with documents and forms
• understandable information

This is particularly relevant for equity release, where clarity and reassurance matter.

3. Quick responses

Customers appreciate:

• phones answered promptly
• fast document turnaround
• efficient follow-up

Common phrases include "quick and easy process" and "very responsive."

4. Support during stressful situations

Several reviews describe Royal London staff as "compassionate", "understanding", and "calm" when helping customers who were anxious about financial decisions.

5. Constructive feedback

A small number of reviews mention:

• wishing for a more modern online portal
• occasional delays on more complex cases

These are minor themes but worth acknowledging for balance.

Summary of customer experience

Overall, Royal London's overwhelmingly positive reviews suggest a high level of customer care, with friendly staff, clear communication and efficient service. While these reviews are not specific to equity release, they provide a strong indication of Royal London's general service quality.

Who Royal London Equity Release Suits

Royal London may be a strong match if you:

• Are 55+.
• Want a familiar, trusted brand.
• Prefer clear protections (no negative equity, ERC waivers).
• Want drawdown flexibility.
• Have a higher-value home (Premier plan).
• Have a property needing flexible underwriting.

Who Royal London May Not Suit

Royal London may be less suitable if you:

• Want the lowest possible interest rate.
• Want the highest loan-to-value.
• Have a high flood-risk property.
• Have poor credit.
• Run a business from home.
• Want enhanced rates based on health conditions.

Some customers compare Royal London with Age Partnership, a whole-of-market equity release specialist with access to a wider panel of lenders, which may identify different rates or plan features.

(This is information given for context, not a recommendation.)

Alternatives to Royal London Equity Release:

• Lifetime mortgages from other lenders.
• Enhanced plans (based on health or lifestyle).
• Retirement interest-only mortgages.
• Traditional remortgaging.
• Downsizing, i.e. selling your home and moving.
• Whole-of-market advisory services such as Age Partnership.

Summary

Royal London offers modernised, flexible equity release options with strong protections, free valuations, no arrangement fees and recent upgrades that make the plans more competitive. Its excellent customer reviews suggest a supportive and friendly service culture.

However, Royal London may not always provide the highest loan amounts or lowest interest rates, and some property types may not qualify.

For customers comparing options across the market — especially those who want a wider view of available lenders — some turn to whole-of-market specialists such as Age Partnership.