OneFamily to offer financial advice free of charge to customers

Posted in: Products

OneFamily’s lifetime mortgage advice service is being offered to existing customers free of charge.

Usually charged at £500, OneFamily Advice offers whole of market lifetime mortgage advice to over 55s, who wish to release some of the money held in their home as equity.

Typically, when using an independent financial adviser, advice for a lifetime mortgage is charged as a percentage of the loan amount, anything from 1.5% to 2.5% depending on the adviser. Based on the average loan taken out of £80,000, the advice would cost up to £2,000. By offering this service at £500 to non-customers and at no cost to customers, OneFamily Advice can help homeowners save thousands of pounds.

Matthew Ellis, Head of OneFamily Advice comments:

“We know that cost is one of the biggest barriers for those wanting to get financial advice and advice for equity release can often be very expensive.

“Our advice would normally cost £500 but existing OneFamily customers will receive the service at no cost to themselves, as a customer benefit. In addition, if the customer themselves has no need for the service, they can gift it to up to two family members or friends every year.

“As a customer-owned company we have no shareholders and can instead reinvest our profits for the benefit of our customers.

“Each OneFamily Advice customer receives a dedicated personal adviser and can complete the whole process from the comfort of their own home either online, via the phone, or through video conferencing technology.

“For homeowners in or approaching retirement, lifetime mortgages offer a way to supplement their income or take out a lump sum to treat themselves, give money to relatives, or pay for home improvements. They may also be a solution for people facing a repayment shortage at the end of an interest-only mortgage with a means of unlocking capital while staying in their home.”

Benefits of OneFamily Advice include:
• Advice offered via the phone, or video conferencing making it as convenient as possible for over 55s
• Customers have a dedicated adviser throughout to ensure that they receive a personalised service
• Through technology, family members or close friends can join the discussion if the customer would like them to. Up to three different callers can join the phone call or video conference, giving customers added confidence in their decision making, and family members the opportunity to ask questions
• Customers receive access to a portal, where they can receive and download secure documents.

To find out more visit OneFamily Advice

Note: The benefit is open to OneFamily customers who hold one of the following products. Child Trust Fund*, Junior ISA*, Lifetime ISA, OneFamily ISA (formerly PEP) and OneFamily ISA, Post Office Money ISA (accounts opened prior to 06/04/18) Child Savings Plan*, Junior Bond*, Unit Trust (on behalf of a child), Family Bond, Adult Savings Plans, Life Insurance Plans, Over 50s Life Cover, Lifetime Mortgage

*where the product is held by a child under the age of 18 and a registered contact or representative exists on the account, the registered contact or representative will be eligible to use the benefit themselves on behalf of the child and refer it to friends and relatives on the child’s behalf