12 min read

OneFamily launches innovative lifetime mortgages advice service

Posted in: Products

OneFamily is launching an innovative advice service for over 55s. 

  • OneFamily leads the market in launching lifetime mortgage advice service through online and video-link channels
  • Enables over-55s to access advice at a time and place that suits them
  • Advice is across whole of lifetime mortgage market
  • Simple, extremely cost effective flat-fee of £500

OneFamily is launching an innovative advice service for over 55s. OneFamily Advice will offer financial advice for homeowners wishing to release equity from their home with a lifetime mortgage, a market that is rapidly growing in popularity.

Unique in the lifetime mortgage market, the service can be accessed online, and via the phone or video conferencing, meaning no home visits are necessary, and it is totally flexible, as customers can move as quickly or slowly as they wish in making a decision and not feel under pressure.

OneFamily Advice, is run separately from the wider OneFamily business, and offers advice on lifetime mortgages from across the market, ensuring that customers get the very best product for their individual needs. The service is provided by fully qualified specialist financial advisers.

Benefits include:

  • Innovative way of accessing advice for over 55s, which has been developed to be as convenient as possible for their lifestyle
  • Customers pay an extremely cost-effective and simple flat fee of just £500 for the service; £250 of which is paid at the point the mortgage application goes in, and £250 when the mortgage is finalised. In OneFamily research 61% of customers said they would prefer a fixed fee over a fee which varies with the size of the loan, which is how the majority of advisers charge
  • Customers have a dedicated adviser throughout, to ensure that they receive a personalised service
  • Through unique technology OneFamily has developed, family members or close friends can join the discussion if the customer would like them to. Up to five different callers can phone or video conference in, giving customers added confidence in their decision making, and family members the opportunity to ask questions
  • Customers receive access to a dedicated portal, where they can download secure documents provided by the adviser and access the video conference facility

Simon Markey, CEO at OneFamily commented:

“The lifetime mortgage market is growing quickly with many of the older generation asset rich and cash poor. At OneFamily we want to help even more homeowners access the capital in their property to enjoy their retirement whilst remaining in their home.

“OneFamily Advice uses market-leading online and video conferencing technology to enable homeowners to quickly and easily access advice on the whole lifetime mortgage market. We know that the over 55s are the fastest growing audience online[i] and increasingly want the convenience of doing business digitally. At OneFamily we offer products and services that are built around our customers changing needs and we expect this new service to prove very popular.

“We know from research amongst our customers, that the decision to take out a lifetime mortgage is a subject that over 80% of them want to make jointly with family members so our technology enables up to five different people to take part in the discussions with the adviser.

“The service is extremely cost effective when compared to the more traditional way to access advice with costs often based on a percentage of the mortgage, which can run into thousands.

“For homeowners in or approaching retirement, lifetime mortgages offer a way to supplement their pension or take out a lump sum to treat themselves to a once in a lifetime holiday, give money to family, or pay for home improvements. They are also 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.”

For more information www.onefamily.com/equity-release/

[i] Greenlight Digital marketing