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A stellar year for Moneyfacts Equity Release Star Ratings

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
14/02/2024

A stellar year for Moneyfacts Equity Release Star Ratings 2024

Moneyfacts is pleased to announce the Moneyfacts Annual Star Ratings 2024 for the Equity Release arena.

  • A total of 108 products were rated Five-Star. The number of Four-Star products awarded was 107.
  • Over 40 fields were available for assessment for each product, evaluating both their features and flexibility.

The products awarded Five or Four-Star Ratings offer the most comprehensive range of standout features and competitive limits, which set them apart from the rest of the market.

Moneyfacts has been analysing data for more than 35 years, with the instantly recognisable Moneyfacts badge of quality helping inform consumers when comparing Equity Release products.

Nine out of 10 people agree that a Star Rating from an independent and impartial company could influence their decision in considering taking out a Financial Services product.* (*Source: Moneyfacts Group Plc, Star Ratings survey 11/2022-1/2023).

A stellar year for Moneyfacts Equity Release Star Ratings 2024

Moneyfacts is pleased to announce the Moneyfacts Annual Star Ratings 2024 for the Equity Release arena.

  • A total of 108 products were rated Five-Star. The number of Four-Star products awarded was 107.
  • Over 40 fields were available for assessment for each product, evaluating both their features and flexibility.

The products awarded Five or Four-Star Ratings offer the most comprehensive range of standout features and competitive limits, which set them apart from the rest of the market.

Moneyfacts has been analysing data for more than 35 years, with the instantly recognisable Moneyfacts badge of quality helping inform consumers when comparing Equity Release products.

Nine out of 10 people agree that a Star Rating from an independent and impartial company could influence their decision in considering taking out a Financial Services product.* (*Source: Moneyfacts Group Plc, Star Ratings survey 11/2022-1/2023).

FOR THE FULL LIST OF 2024 AWARDED PRODUCTS – PLEASE CLICK HERE

 

FOR THE FULL LIST OF 2024 AWARDED PRODUCTS – PLEASE CLICK HERE

 

Lee Tillcock, Editor of Investment Life & Pensions Moneyfacts, said:

“According to the Equity Release Council, 2023 saw total lending within the equity release sector return to levels last seen between 2016 and 2017. While total customer numbers were understandably below 2022 figures, the past 12 months have still seen providers meet changing consumer needs. Product flexibility and innovation continue to provide older homeowners looking to unlock cash from their homes with a growing choice of equity release products and options to choose from.

“The annual Moneyfacts Equity Release Star Ratings provide consumers with a valuable insight into the quality of the equity release features on offer, outside of the products’ key features.”

Lee Tillcock, Editor of Investment Life & Pensions Moneyfacts, said:

“According to the Equity Release Council, 2023 saw total lending within the equity release sector return to levels last seen between 2016 and 2017. While total customer numbers were understandably below 2022 figures, the past 12 months have still seen providers meet changing consumer needs. Product flexibility and innovation continue to provide older homeowners looking to unlock cash from their homes with a growing choice of equity release products and options to choose from.

“The annual Moneyfacts Equity Release Star Ratings provide consumers with a valuable insight into the quality of the equity release features on offer, outside of the products’ key features.”

Numerous features are considered when assessing the ratings, and some of these include:

Numerous features are considered when assessing the ratings, and some of these include:

Equity Release

Equity Release

Flexibility

  • Minimum and maximum ages
  • Minimum and maximum LTVs
  • Minimum and maximum advances
  • Lump sum options
  • Drawdown options
  • Regular income facility
  • Interest roll-up options
  • Portability
  • Ability to service debt
  • Partial payments

 

Flexibility

  • Minimum and maximum ages
  • Minimum and maximum LTVs
  • Minimum and maximum advances
  • Lump sum options
  • Drawdown options
  • Regular income facility
  • Interest roll-up options
  • Portability
  • Ability to service debt
  • Partial payments

 

Features

  • Rate type
  • Interest charging frequency
  • Equity Release Council membership
  • Negative equity guarantees
  • Early repayment charges
  • Valuation/survey fees
  • Cashback
  • Legal fees
  • Downsizing protection

 

Features

  • Rate type
  • Interest charging frequency
  • Equity Release Council membership
  • Negative equity guarantees
  • Early repayment charges
  • Valuation/survey fees
  • Cashback
  • Legal fees
  • Downsizing protection

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts’ Star Ratings highlight the best quality financial products available based on an assessment of all their features and criteria. Moneyfacts Star Ratings logos act as an independent and impartial badge of approval and help customers easily spot which are the better deals to help them make important decisions with confidence.

The growing range of products currently assessed includes:

  • Personal Current Accounts
  • Personal Credit Cards
  • Business Current Accounts
  • Business Credit Cards
  • SIPP and SSAS
  • Equity Release
  • Home Insurance
  • Home Emergency Cover
  • Car Insurance
  • Travel Insurance
  • Pet Insurance
  • Private Medical Insurance
  • Unsecured Personal Loans
  • Landlord Home Insurance
  • Commercial Mortgage.

For more information about us please see our key facts.

To link to our website please use moneyfactsgroup.co.uk.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts’ Star Ratings highlight the best quality financial products available based on an assessment of all their features and criteria. Moneyfacts Star Ratings logos act as an independent and impartial badge of approval and help customers easily spot which are the better deals to help them make important decisions with confidence.

The growing range of products currently assessed includes:

  • Personal Current Accounts
  • Personal Credit Cards
  • Business Current Accounts
  • Business Credit Cards
  • SIPP and SSAS
  • Equity Release
  • Home Insurance
  • Home Emergency Cover
  • Car Insurance
  • Travel Insurance
  • Pet Insurance
  • Private Medical Insurance
  • Unsecured Personal Loans
  • Landlord Home Insurance
  • Commercial Mortgage.

For more information about us please see our key facts.

To link to our website please use moneyfactsgroup.co.uk.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

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James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant