The equity release products for 2024 with top ratings from Moneyfacts

Moneyfacts announce their 4 and 5 star rated products

Written in line with our editorial policy.

In the latest annual ratings from Moneyfacts, several equity release products have achieved prestigious 4 and 5-star ratings. These highlight some of the options open to homeowners looking for the best equity release plans.

Equity release allows homeowners aged 55 and over to unlock tax-free cash from their home’s value without needing to sell or move. There are no mandatory monthly payments, unlike a traditional loan or mortgage. Instead, the loan and accrued interest is repaid when the property is sold, either after you pass away or when you move into long-term care.

Meet the Moneyfacts star-rated providers

LV= stands out with impressive ratings, securing a 5-star rating for 43 of its lifetime mortgage products, demonstrating its vast array of offerings in the equity release market. A further 13 of its products were given a 4-star rating, largely for its lump sum lifetime mortgages.

Legal & General also won a high number of ratings, securing a 5-star approval for 21 of its lifetime mortgage products. A further 15 of its products were awarded a 4-star rating.

Canada Life also received recognition, securing a 5-star rating for 12 of its lifetime mortgage products. This includes several from its popular ‘Capital Select’ range. A further five of its product offerings were given a 4-star rating.

Similarly, Just has achieved 5-star ratings for ten of its ‘Drawdown Interest Payment’ products, with a huge 36 products achieving a 4-star rating, showcasing their commitment to high-quality financial solutions for over-55s looking to unlock the value in their homes.

Meanwhile, More2Life received a 5-star rating for nine of its equity release products including several from its ‘Capital Choice Super Lite Drawdown’ plans – and a 4-star rating for 19 others.

The provider Aviva achieved 5-star ratings for two of its equity release products, and Scottish Widows has been awarded a 4-star rating for nine of its products.

Understanding Moneyfacts star ratings

Moneyfacts’ star ratings serve as a benchmark for evaluating the quality of financial products. A 5-star rating indicates that a product is among the very best in its category, offering exceptional value and features. A 4-star rating also signifies a high-quality product, although it may not have the same level of excellence as those rated 5 stars.

These ratings are based on a thorough analysis of key features, flexibility, costs and terms, providing a clear indication of the product’s overall performance and value. 

However, it is important to note that the number of 5-star rated products a provider offers does not necessarily reflect their overall superiority. For example, some providers have especially large product ranges, with each product covering a unique set of features. On the other hand, some providers have fewer branded products, but they are customisable and offer the same options. 

So, remember the rating system assesses individual products on their merits. A higher number of rated products doesn’t always equate to a better overall provider.

How can you find the right equity release product for you? 

These ratings do offer valuable insights for consumers seeking equity release options. But we would always recommend finding a product that best meets your unique financial needs and goals, and not just opting for the latest award-winner.

If you are a homeowner aged 55+ and are looking into a way to release tax-free cash from your property, we are here to help. Contact our friendly team at 0808 178 3055 or request a call back for a time that suits you and we will arrange an initial telephone appointment with one of our selected advisers. 

They will be happy to check your eligibility, tell you how much money you could unlock. and look for the best equity release rates and products from leading providers.

Equity release may meet your financial needs, but it’s important to understand the long-term impact. For example, it typically reduces the value of your estate, which will affect the amount you can leave behind for heirs. It is therefore vital to seek professional advice including information about the pros and cons, and this is something our selected advisers will discuss with you.

About Clare Yates. With over a decade’s experience writing about later life financial planning, Clare offers a wealth of knowledge about equity release, pension annuities, wills, LPAs and more. When she isn’t writing, Clare likes to spend her time baking and going on walks with her husband, two children and their rescue dog. Follow Clare on LinkedIn