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Your guide to Just equity release

Find out if Just offers the equity release options you need and if you’re eligible

Introducing Just equity release

Equity release allows you to unlock your home’s value while continuing to live there. You have the option of a one-off cash release, or taking your cash in smaller sums over time. Either way, the cash is tax-free and you don’t have to leave your home.

One of the country’s leading equity release providers is Just, which you’ll sometimes see referred to as Just Retirement. A Just Retirement equity release mortgage is known as a lifetime mortgage: it’s the most popular type of equity release and is a loan secured on your property. 

In our guide below we look at Just Retirement equity release plans – and through our selected equity release advisers you can compare plans from leading providers across the UK. To find out how much you could borrow, check here or talk to one of our friendly consultants by calling 0808 178 3055 or request a call back.

Did you know?

Each year over 70,000 UK equity release plans are agreed, according to the Equity Release Council, with the majority being lifetime mortgages – the type of equity release offered by Just Retirement.

What types of Just equity release plan are available?

Just Retirement equity release is offered via a product called the ‘Just For You Lifetime Mortgage’. As with all lifetime mortgages, you don’t need to make monthly repayments. Instead, the loan is paid back through the sale of your home only when you pass away or move into long-term care. 

The Just For You plan is especially flexible, with a number of options: 

Lump sum or drawdown cash releases. Just For You plans allow you to take an initial lump sum cash release, with the option of additional cash in what’s known as a drawdown lifetime mortgage facility. This means you can release further cash from an amount held in reserve in the future, as and when you need it, subject to the Just equity release terms and conditions. Using drawdown can be a more tax efficient way of releasing equity as you’ll only pay interest on the cash you have released. 

Voluntary interest payments. The Just For You plan also has the feature of an interest-only lifetime mortgage where you can make partial or full interest payments to reduce or prevent the loan amount from building up. If you pay the full interest each month, the amount owed won’t increase over time. Many people choose this option as they wish to protect more of their loved ones’ inheritance: more of the property’s value is likely to be available after it is sold.

Early repayment charge waiver. If you choose not to make interest payments, you can instead repay up to 10% of each cash advance in every 12 month policy period without incurring an early repayment charge.

Enhanced rates for ill health. Just Retirement equity release mortgages also work as an enhanced lifetime mortgage, where they take into account certain medical conditions or lifestyle choices. This could see you secure higher cash releases or a preferential interest rate. In fact, when it comes to equity release, being in poor health could benefit you financially – so it’s always worth mentioning any health conditions to an adviser to find out if you qualify. 

The right to move home. You have the flexibility to move home and take your Just Retirement equity release mortgage with you, as long as the new property still meets the lending criteria.

No negative equity guarantee. As members of the Equity Release Council, all Just Retirement equity release mortgage products include a no-negative equity guarantee. This means you and your loved ones will never owe more than the value of your home. 

Green feature. If you choose to release a low proportion of your property value, you may be eligible for a lower interest rate if your property has a valid Energy Performance Certificate (EPC) rating of A or B.

How much cash can I release with Just equity release?

As with other providers, Just Retirement equity release loan amounts depend on the age of the youngest homeowner, and Just Retirement are like many other providers in that borrowers must be 55 or over. The maximum age is 85 and the older you are, the more you can borrow. The minimum release is £10,000, but this rises to £20,000 on plans where you will be making interest payments. 

The value of your property will also be relevant, because release amounts are based on a percentage of the property’s value. With Just Retirement equity release, the amount available to borrow ranges from 2% to 22.5% of the property’s value for a 55-year-old, to 29% to 49.75% for an 85-year-old, depending on the product chosen.

Your health and lifestyle can also be taken into account. With a Just Retirement equity release product, you may qualify for a higher release amount or preferential interest rate if you live with certain medical conditions or lifestyle factors. Six in 10 people could get a better interest rate to reduce borrowing costs with Just Retirement’s medical underwriting.

It’s possible that you may be able to borrow more with other providers, so to find out how much you could borrow without limiting yourself to a Just Retirement equity release plan, speak with one of our friendly consultants by calling 0808 178 3055 or request a call back.

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Am I eligible for Just equity release?

Each lender has their own criteria for a lifetime mortgage, but Just equity release terms and conditions state that you must be: 

  • Aged between 55 and 85.
  • The sole owner/s of the property from which you wish to release equity. 
  • Using the residence as a permanent address, not a holiday home. 
  • The owner of a property worth at least £70,000 (£100,000 for some types of properties such as ex-local authority houses). 

The property itself must be located in England, Wales, Mainland Scotland or Northern Ireland. Properties on the Scottish Islands, Isle of Man or the Channel Islands are not acceptable. Neither are many properties located in rural areas with limited amenities. 

Properties must be in a good state of repair, not needing essential works or significant renovation. Freehold properties are accepted. Leasehold on certain products are accepted, but only with a minimum remaining term of 120 years. The property must be fully owned by the applicant and used as a main residence. Shared ownership properties do not qualify.

These are some of the main criteria but there are many more. Please contact us on 0808 178 3055 and we can arrange an appointment with one of our selected advisers for advice on whether Just Retirement or equity release from another provider might best match your circumstances.

Check your eligibility

Call us on 0808 178 3055 and we’ll arrange a free, no-obligation appointment and equity release advice* from a specialist who will confirm whether you are eligible. If you’re unable to talk now, request a call back and we’ll call when it’s convenient to you.

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What’s missing from the Just equity release product range?

Just Retirement sells lifetime mortgages and does not offer home reversion. A home reversion plan is a much less common alternative to a lifetime mortgage where you sell all or part of your home in exchange for a tax-free cash lump sum or income. You can then remain in the property rent-free for the rest of your life or until you move into long-term care. 

To look at your options beyond Just Retirement equity release, please get in touch. Our selected advisers can access the best deals from top equity release providers. To find out more, talk to one of our friendly consultants by calling 0808 178 3055 or request a call back.

Is Just equity release right for me?

As we have seen above, the Just For You Lifetime Mortgage is an especially flexible equity release product. With options for lump sum and drawdown, interest payments, enhanced rates and the green feature, most consumers are likely to find that Just Retirement is worth considering. 

What’s more, all Just Retirement equity release products adhere to the standards of excellence set out by the Equity Release Council – a governing body set up to protect your interests as a homeowner. 

As for the company itself, Just Retirement is one of the UK’s leading providers of financial solutions in retirement. They have many awards to their name and have achieved a two star ‘Outstanding’ accreditation from Best Companies.

Just Retirement were also named Company of the Year and earned a five star award in the mortgage category in the Financial Adviser Service Awards 2021, and were ‘Commended’ in the Best Equity Release Service and Innovation categories in the Investment Life & Pensions Moneyfacts Awards 2021.

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Already have a lifetime mortgage?
You could switch for a better deal

Now could be a good time to switch to a different lifetime mortgage. You may be able to release more tax-free cash due to being older than when you took out your existing plan. An increase in your property’s value or being in poorer health could also qualify you for further cash. Interest rate changes may also save thousands over the lifetime of your plan.

Why not arrange a free review* to find out if switching works for you?

Learn more

Can I get equity release directly from Just?

The Just For You plan isn’t available directly to the general public, so you can’t talk to a Just Retirement equity release adviser. You can however access the company’s products through Equity Release Wise. 

Our selected financial advisers have access to top UK equity release providers. This means you could benefit from the latest products, features, deals and interest rates from leading providers – and won’t be tied down to a Just Retirement equity release plan. To find out more, talk to one of our friendly consultants by calling 0808 178 3055 or request a call back.

Do I need equity release advice?

In order to decide which provider and plan is right for your equity release needs, we recommend that you speak with a specialist equity release adviser when considering Just Retirement solutions. Equity release is a complicated product and is not for everyone. There may be better ways you can meet your financial needs, so advice to understand all of your options is important. 

In fact, the Financial Conduct Authority (FCA) Handbook is very clear about the need for advice. We support the FCA’s stance: equity release is not for everyone, and our selected advisers will help make sure you are making a fully informed decision. Call us on 0808 178 3055 or request a call back and we can arrange an appointment for you.

Which other companies offer equity release?

Just Retirement is one of several UK companies offering equity release, so why not compare plans from leading UK providers to get the best deal? At Equity Release Wise, we can arrange information on Just Retirement equity release, reviews of products offered by other providers, and searches across plans from top providers to make sure you get the best deal for your personal circumstances. 

Here are just some of the leading equity release providers the search will cover. All of them are of course authorised and regulated by the Financial Conduct Authority and are members of the Equity Release Council.

aviva logo
Legal & General logo
canada life logo
just logo
pure retirement logo
crown equity release logo

Apply for your no-obligation equity release quote

Find out if you qualify for equity release and how much you could borrow. Just click ‘Get started’ or call us on 0808 178 3055 and one of our team will be delighted to help arrange a free consultation and quote*.

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Answering your questions

Still unsure of a few things? We’ve got you covered with answers to some of our most frequently asked questions.

  • Do I need to talk to a Just equity release adviser?

      You won’t be able to speak with a Just Retirement equity release adviser because the company instead requires you to take external advice. To find you the best product, features and deals for your own individual circumstances, Equity Release Wise can arrange an appointment with one of our selected advisers, who can compare plans from a number of the leading providers on your behalf.

  • Should I use a Just equity release calculator?

      Most providers will offer their own calculator. But instead of tying yourself down to one provider with a Just Retirement equity release calculator, why not instead compare multiple providers to ensure you get the best deal? Our selected advisers can search and compare plans from leading UK providers, so they’re in a great position to advise you on how much tax-free cash you could release.

  • How does interest work on a lifetime mortgage?

      The Just Retirement equity release interest rate for each cash release is fixed at the time the release is taken and will not change over the lifetime of the mortgage. Interest builds up on a compound basis, so interest is charged on the amount of your lifetime mortgage as well as the interest that has built up in previous months. 

      You can voluntarily repay some or all of the interest to reduce or prevent it building up. With a Just For You Lifetime Mortgage, there’s the option to pay from £25 per month to the full interest due each month. However, should you stop making monthly payments, you cannot start making them again. This means that once payments have stopped, your loan will switch to a full compound interest basis.

  • What are the potential risks of a lifetime mortgage?

      A lifetime mortgage has worked for thousands of over 55s in need of tax-free cash. But it’s important to understand lifetime mortgage pros and cons before deciding if it’s right for you. Here are some potential risks you need to be aware of: 

      • Interest is calculated daily and added to the amount you owe each month. The amount owed therefore increases and reduces any equity left in your home when the plan ends, unless you choose to make interest payments while the plan is running.
      • Taking equity out of your home will mean that the inheritance you leave to loved ones will be reduced.
      • If you give some of the money you release to family as a gift, they may be liable to pay inheritance tax in the future.
      • You may have to pay an early repayment charge if you choose to pay back some of the loan early.

      Borrowing money through a lifetime mortgage may affect your entitlement to means-tested state benefits. During your appointment with one of our selected equity release advisers, they will help you establish whether your benefits could be affected.

Still have questions?

We hope this information has been useful. To find out more or arrange a consultation with an adviser, please call or request a call back and we’ll be happy to help further.

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+ Client testimonials refer to the service provided by our selected equity release advisers. We have changed the clients’ names and certain identifying information to protect their privacy.

Please note that equity release will involve a home reversion or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. To fully understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long term care.