Sunlife Equity Release & Lifetime Mortgages Review 2024

UK sunlife equity release review

Are you looking for a way to access the equity in your home without moving? Sunlife equity release plans offer homeowners over 55 a tax-free way to unlock cash from their property. With Sunlife’s equity release calculator, you can quickly and easily see how much money you could be eligible to receive.

Sunlife offers two types of equity release plans: home reversion plans and lifetime mortgages. Home reversion plans allow you to sell all or part of your home in exchange for a lump sum or regular payments, while lifetime mortgages are loans secured against your property that don’t need to be repaid until you pass away or move into long-term care.

With Sunlife’s equity release plans, you can enjoy a range of benefits such as no monthly repayments, flexible repayment options, tax-free cash and more. Plus, with Sunlife’s competitive rates and free valuation service, it’s never been easier to access the money tied up in your home.

Example Equity Release Plan Currently Available:

  • Sun Life equity release interest rates at 5.21%
  • Free valuations available upon request
  • No monthly payments unless you prefer an interest-only option
  • Continue to live in your home while retaining 100% ownership
  • You can still move from your property as this plan is transferable
  • Can be utilised to optimise tax planning purposes
  • Up to 70% loan to value on some plans
  • Help a family member purchase their own home with a small mortgage

Pre-Decision In Principle Application Form:

 equity release provider awards

If you are more than 55 years of age, you can bring greater security to your finances and those close to you.

Every year, many people access the equity stored up in their properties with the help of release schemes. This is a great way to unlock the hidden value of their homes.

The UK may still be experiencing economic difficulties, but there are approximately 300 equity release plans worth considering. You can still find competitive interest rates, high loan-to-value ratios, and numerous long-term guarantees that ensure your plan suits your needs later on in life.

Leave a generous inheritance behind with Sunlife Equity Release

If you’re worried about the implications equity release may have on your estate, you can ensure that a particular portion of your property’s future value is passed on to those you’ve left behind through inheritance protection. This will make sure that no matter how large the loan becomes over time, part of it stays safely within your estate as inheritance.

Don’t hesitate – fill out the short form above today and get a free quote without any obligations attached. Our online platform is fast, secure and takes just a few minutes of your time.

Let’s Get Started: Sunlife Equity Release Review

Sunlife has a long trading history in the UK finance sector, 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 provided 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 Sun Life Equity Release Interest Rates

Sunlife was 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 is a household name best known for its 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 successfully made Sunlife the dominant provider of over 50’s guaranteed life plans. In 2018, the same celebrity-endorsed Sunlife Equity Release Advert was launched with Carol Vorderman, talking viewers through how equity release works and demystifying the general perception of equity release products.

Sunlife was 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.

Is it wise to use the Sun Life equity release calculator?

The official website includes a Sunlife equity release guide covering all types of borrowing, including home reversion plans, and 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 details to contact you if you continue with your enquiry”.

The only requirement for eligibility is to be over 55 and 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 – will this be shown in the Sunlife review?

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

This financial intermediary fee costs 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. Age Partnership is paid upon completing your plan, sending 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.

Is the Sunlife equity release calculator helpful?

Yes, when you want to study sun life equity release interest rates, the sun life equity release calculator is beneficial to work out your loan to value and the interest rate that is offered.

Instead of taking on debt, you could buy a cheap house in a different area.

What do you get for the fee?

The advisory service from Age Partnership gives you access to an advisor specialising in equity release products. They’ll either consult with you over the telephone or, if you prefer, visit your home to discuss what’s involved in equity release plans.

This is where they will explain the risks and alternative borrowing options and make sure that equity release is suitable for you, and if so, which type of equity release would be best.

Age Partnership provides a brokerage service, comparing the whole-of-market equity release providers and assessing all plans available, then providing 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 six to eight weeks from the initial application to being released into your bank account, minus any fees due.

Before you sign up for Sun Life, you should look at Santander’s lifetime mortgage rates, as they have recently been cut.

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 market comparison. We review all of the equity release companies to find the best rates on the best terms with 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, please get in touch with a member of our team today.

The best equity release company – consult Sun Life reviews

Sun Life equity release has some excellent reviews. Check out sun life reviews on Trustpilot.

Sunlife Guaranteed Inheritance Plan Lookup Table

Your home’s open market value – Free property valuation
Your age£100,000£200,000£300,000£400,000£500,000
55 to 64£18,500£36,000£53,500£71,000£88,500
65 to 74£28,500£56,000£83,500£111,000£138,000
75 to 83£39,000£77,000£115,000£153,000£191,000
84 and over£48,000£95,000£142,000£189,000£236,000

SunLife Limited is an authorised introducer to the SunLife Equity Release Service, a trading name of Key Advice Solutions Limited, whose permitted business is advising and arranging equity release plans.

SunLife Limited – can be contacted for the Sunlife guaranteed inheritance plan:

Registered office: 1 Wythall Green Way Wythall Birmingham B47 6WG

Registered in England and Wales, number 05460862. SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (reference number 769427)

Key Advice Solutions Limited (reference number: 979290) is an appointed representative of Key Retirement Solutions Limited (reference number: 224987) authorised and regulated by the Financial Conduct Authority—registered office: Baines House, 4 Midgery Court, Fulwood, Preston, PR2 9ZH.

The SunLife Sunrise Equity Release Mortgage Product is manufactured and administered by Standard Life Home Finance, a trading name of more2life Limited, authorised and regulated by the Financial Conduct Authority. It is registered in England No 5390268. Registered Office: Baines House, 4 Midgery Court, Fulwood, Preston PR2 9ZH.

more2life Ltd uses the Standard Life brand under a licence from Standard Life Assets and Employee Services Limited. The Standard Life name and logo are registered trademarks of Standard Life Assets And Employee Services Limited.