Sunlife Equity Release & Lifetime Mortgages Review 2022

Release Equity From Your House As A Cash Sum Or Regular Payments

Do any of the following apply to you?

  • ​Do you have a mortgage you need to pay off?
  • Do you require money for repairs or home improvements? Like a new kitchen or bathroom.
  • ​Would you like to help ​a family member purchase their first home?
  • Would you like to pay off all your credit cards and loans and have zero monthly payments?
  • Would you like a better lifestyle, change your car or have a well-deserved holiday?
Pre-Decision In Principle Application Form:

Equity Release, Lifetime Mortgages, Joint Lifetime Mortgages.

The brokers we work with can compare plans from many providers

equity release providers

The broker will compare options from the following brands only: Aviva, Hodge Lifetime, Just (Just Retirement), Legal & General (L&G), LV (Liverpool Victoria), More2Life, OneFamily, Pure Retirement, Retirement Advantage. Please note that the Sunlife logo is a trademark of Sunlife Limited, to which we have no direct affiliation. The equity release firms we work with provide quotes from many providers.

Let’s Get Started: Sunlife Equity Release Review

Sunlife have a long trading history in the UK finance sector with roots dating back to 1810 when the company focused on insurance products. Since 1979, Sunlife has narrowed its product range, choosing to focus entirely on the over 50’s finance sector.

Since then, they’ve gone on to provide thousands of guaranteed over 50’s life plans with no medical, which is what the company is best known for. The face of the brand for years was Michael Parkinson, but that is now changing to a more modern look with Carol Vorderman being the front woman appearing on the Sunlife Equity Release advert, launched in 2018.

About Sunlife Equity Release

Sunlife were formerly called Sun Life Direct until 2014 when they relaunched the brand under the simplified name of Sunlife and began expanding their product offerings and modernising their marketing campaigns to appeal to a broader audience. Sunlife are a household name best known for their ad campaigns that see them frequently listed on Neilsen’s top 100 ad spenders, investing between £20M and £50M in advertising annually.

The mass cross-platform marketing approach using celebrity endorsements has been successful in making Sunlife the dominant provider of over 50’s guaranteed life plans. In 2018, the same celebrity endorsed Sunlife Equity Release Advert launched with Carol Vorderman talking viewers through how equity release works and demystifying the general perception of equity release products.

Sunlife were a part of the Axa insurance group until 2016 when the Phoenix Finance Group acquired Axa in a deal worth £3.75M. It was only in 2018 that Sunlife entered the Equity Release market by partnering with Age Partnership. As all products provided by Sunlife cater exclusively to the over 50’s market, and equity release products are for those aged 55+, it makes sense for Sunlife to include an equity release service that could prove very beneficial to their existing customers.

It’s also worth noting that Sunlife Equity Release and Standard Life Equity Release are the same, as the Phoenix Group owns both companies and both are partnered with Age Partnership.

The official website includes a Sunlife equity release guide covering all types of borrowing, including home reversion plans, FAQs and takes customers step by step through the processes involved in arranging equity release. As you go through the guide, there’s no explicit mention of Age Partnership.

It’s not until you click through to enter details for either the eligibility checker tool or the Sunlife Equity Release Calculator that Age Partnership is mentioned. It’s in the small print telling users that either “Sunlife, or our partner Age Partnership, will use your personal details to contact you if you continue with your enquiry”. The only requirement for eligibility is to be over 55 and to be a homeowner with a property valuation worth a minimum £70,000. If you meet those requirements, you’ll be eligible to apply for a Sunlife Equity Release, which is a broker service administered by Age Partnership.

How Much Does It Cost?

The initial advice is free to Sunlife Customers; however, if you do proceed with an equity release plan arranged by Age Partnership, there is a fee payable that’s deducted from the total amount you’ll receive.

This is a financial intermediary fee costing either £1,495 or 1.95% of the total loan amount approved, whichever is higher. Fees are only paid when your funds are approved and released. Upon successful completion of your plan, Age Partnership is paid who then send a referral fee to Sunlife. There will also be legal fees to pay as you need a solicitor for the legalities of equity release products.

What do you get for the fee?

The advisory service from Age Partnership gives you access to an advisor who specialises in equity release products. They’ll either consult with you over the telephone, or if you prefer, they’ll visit your home to discuss what’s involved in equity release plans. This where they will explain the risks, alternative borrowing options and generally make sure that equity release is right for you, and if so, which type of equity release would be best.

Age Partnership provide a brokerage service, comparing the whole-of-market equity release providers and assessing all plans available then providing you with a written quotation of the one provider and plan your advisor feels is the best fit for you. The decision will be yours as to whether you accept the plan and proceed to the application stage for equity release or turn it down if you feel it isn’t what you’re looking for.

There’s no obligation to proceed. If you do, funds generally take between six and eight weeks from the initial application to being released into your bank account, minus any fees due.

How 1st UK Can Help You Release Money Tied Up in Your Home

1st UK are experienced in retirement planning and knowledgeable of the equity release market. We operate independently, which means we’re well positioned to provide our customers with a whole of market comparison, review all of the equity release companies to find the best rates, on the best terms with the guarantees for you and your family’s financial protection.

To find out exactly how we can be of service to you and if we can unlock cash tied up in your home to help you fund your retirement years, get in contact with a member of our team today.