Compare Royal London Equity Release Quotes Against The Market

As the UK’s largest mutual life, pensions, and investment company, Royal London is a household name with a heritage stretching back to 1861. While they are a relatively new entrant to the lending side of the equity release market - officially launching their own products in 2023 - they have quickly become a major player by combining their trusted brand with highly flexible, modern features.

In late 2023, Royal London strengthened its position by acquiring the Responsible Group (Responsible Life and Responsible Lending), allowing them to offer both specialist advice and their own range of "self-funded" lifetime mortgages.

If you are wondering whether Royal London is the right equity release provider for you or have an existing equity release deal with them and want to know what your options are, get in touch below to book a free, no-obligation chat with an adviser who can help.

What is Royal London Equity Release?

Royal London offers a range of lifetime mortgages designed for homeowners aged 55 and over. These plans allow you to unlock tax-free cash while remaining the full legal owner of your home.

As of early 2026, their range is divided into three distinct categories:

• Core Standard: Designed for property values between £125,000 and £2,000,000. It offers a balanced approach with competitive rates and a drawdown facility.

• Core Premier: Tailored for high-value properties (typically over £2 million), often providing more bespoke terms for larger loan amounts.

• Principal: This is their most flexible product. It recently underwent significant enhancements (August 2025), including a shortened early repayment charge period and the addition of a drawdown facility. It is often the preferred choice for those with more complex needs or non-standard property types.

Key Features of Royal London Plans

Royal London has entered the market with "standard-setting" features, many of which are included at no extra cost:

• No Arrangement Fees: Unlike many high-street banks, Royal London frequently offers its plans with £0 application fees, significantly lowering the cost of setting up the plan.

• Free Valuation: They provide a free initial property valuation on all their lifetime mortgages.

• 7-Year Fixed ERCs (on Principal): In a market where 10–15 year penalties are common, Royal London’s Principal plan now features a fixed 7-year Early Repayment Charge period. This makes it one of the most flexible options for those who might want to pay off the loan sooner.

• Voluntary Repayments: You can pay back up to 10% of the initial loan amount each year, penalty-free, from day one. This helps control the compounding interest.

• Significant Life Event Waiver: If one person on a joint plan passes away or moves into long-term care, the survivor can repay the entire loan in full with no penalty for up to three years.

• Downsizing Protection: If you decide to move home after five years and the new property doesn't meet their lending criteria, you can repay the loan in full without an Early Repayment Charge.

Royal London Interest Rates

Royal London is known for offering "market-leading" or highly competitive rates. Because they are a mutual (owned by members, not shareholders), they often aim to provide long-term value. Get in touch with one of our advisers for a complete breakdown of their latest rates and how they compare to the rest of the equity release market.

Eligibility Criteria

To qualify for a Royal London lifetime mortgage, you generally need to meet the following:

• Age: The youngest borrower must be between 55 and 89.

• Property Value: Minimum property value is typically £125,000 (£150,000 for ex-council properties).

• Location: Properties must be in England, Scotland, or Wales.

• Property Type: They consider a wide range of properties, though the Principal plan is specifically designed to be more flexible with "non-standard" homes.

Royal London Equity Release Reviews

Despite being a newer lender, Royal London benefits from its massive existing reputation in pensions and life insurance. They hold a 5-star Defaqto rating for their equity release products. Customer feedback via their advice arm, Royal London Equity Release Advisers, is overwhelmingly positive, with high scores on Trustpilot (often cited as 4.8/5 or higher) for their clear, compassionate, and no-pressure approach.

Pros and Cons of Royal London Equity Release

Pros:

• Trusted Mutual Status: You are dealing with a company that has no shareholders to satisfy, focusing instead on customer outcomes.

• Low Setup Costs: The combination of no arrangement fees and free valuations makes it very accessible.

• High Flexibility: The 7-year ERC period on the Principal plan is among the shortest in the industry.

• Excellent Protections: Full membership in the Equity Release Council with all associated guarantees.

Cons:

• No Medically Enhanced Plans: They do not currently offer "impaired life" plans that allow those with health issues to borrow more.

• Minimum Property Value: At £125,000, their entry point is higher than some competitors who start at £70,000.

• Age Cap: Unlike some lenders who have no upper age limit, Royal London generally caps new applications at age 89.

How to Apply

You cannot apply for a Royal London equity release plan directly. You must receive professional advice. The best way to go about this is to speak to an independent equity release adviser with access to the whole market, like the ones on our team.

Get started here to book a free, no-obligation chat and find out what your options are with Royal London and how they compare to the deals available elsewhere.