Compare Just Equity Release Quotes Against The Market

For homeowners in later life, unlocking the capital tied up in their property can provide significant financial freedom. Just, a specialist in the UK retirement market, is a prominent provider of equity release products. This article provides an in-depth review of Just's equity release offerings, helping you to assess if they align with your financial goals.

If you want independent advice about whether Just is the right equity release provider for you, get in touch below and one of our equity release experts will help you decide.

Who is Just?

Just is a UK-based financial services company exclusively focused on the retirement income market. A constituent of the FTSE 250 index, Just has established a strong reputation for its innovative approach to retirement solutions, including its lifetime mortgages. The company is regulated by the Financial Conduct Authority (FCA) and is a member of the Equity Release Council, adhering to its strict standards of consumer protection.

What is Just Equity Release?

Just offers lifetime mortgages, the most popular form of equity release. This allows homeowners to access a tax-free lump sum from the value of their home while retaining full ownership. The loan, plus the accrued interest, is typically repaid from the sale of the property when the last borrower passes away or moves into permanent long-term care.

A key feature of Just's offering is its medically underwritten approach. This means they take into account your health and lifestyle factors, which can potentially allow you to borrow more or secure a more favourable interest rate. They offer a "Just For You" lifetime mortgage, which can be tailored to individual circumstances.

Key Features of Just Equity Release

Just's equity release products come with several distinctive features:

• No Negative Equity Guarantee: As a member of the Equity Release Council, Just guarantees that you will never owe more than the value of your home.

• Inheritance Protection: You have the option to safeguard a percentage of your property's future value to leave as a guaranteed inheritance for your beneficiaries.

• Flexible Repayments: You can make voluntary partial repayments, typically up to 10% of the initial loan amount each year, without incurring an early repayment charge.

• Drawdown Facility: You can take an initial lump sum and then draw down further funds as and when you need them, with interest only being charged on the money you have released.

• Green Feature: Just offers a lower interest rate for properties with an Energy Performance Certificate (EPC) rating of B or above.

• Enhanced Terms: Due to their medical underwriting, applicants with certain health conditions may be offered enhanced terms, such as a larger loan amount.

Just Equity Release Interest Rates

The interest rates offered by Just are competitive and are fixed for life, providing certainty for the borrower. The specific rate you are offered will depend on various factors, including your age, property value, the loan-to-value ratio, and your health and lifestyle.It is crucial to obtain a personalised illustration from a financial adviser for an accurate and current rate.

Eligibility Criteria

To be eligible for a Just lifetime mortgage, you will generally need to meet the following criteria:

• You must be a UK homeowner aged 55 or over.

• Your property must be your main residence and located in England, Wales, or Scotland.

• The property must have a minimum value, typically £70,000.

• The minimum loan amount is usually £10,000.

• The property must be of standard construction.

Just Equity Release Reviews

Reviews for Just equity release are generally positive, with many customers highlighting the professionalism of the service and the clarity of the information provided. The medically underwritten approach is often praised for offering more favourable terms to those with health conditions. Some feedback mentions that the application process can be slow. As with any major financial decision, it is recommended to read a variety of independent reviews.

Pros and Cons of Just Equity Release

Pros:

• Access to Tax-Free Cash: Provides funds to supplement retirement income, for home improvements, or to help family.

• Retain Homeownership: You continue to live in and own your home.

• Medically Underwritten: Potentially allows for a larger loan or a better interest rate based on your health.

• Flexible Features: Options for voluntary repayments and drawdown facilities offer greater control.

• Reputable Provider: A well-established and regulated company specialising in the retirement market.

Cons:

• Compounding Interest: The loan balance can grow significantly over time as interest is charged on the loan and the accumulated interest.

• Reduced Inheritance: The amount of inheritance you can leave to your beneficiaries will be diminished.

• Impact on Benefits: Taking out equity release could affect your eligibility for means-tested state benefits.

• Early Repayment Charges: Significant charges can apply if you decide to repay the loan in full ahead of schedule.

How to Apply for Just Equity Release

You can only apply for a Just equity release plan through a qualified and independent financial adviser. The adviser will conduct a thorough assessment of your financial situation, discuss your needs and objectives, and explain the advantages and disadvantages of equity release. They will then guide you through the application process, which will involve a property valuation and independent legal advice.

Get started here to begin a free, no-obligation chat with an equity release adviser who specialises in Just’s product range and can help you access their deals.