Moneyfacts has announced today 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
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:
Equity release
| Flexibility Minimum and maximum agesMinimum and maximum LTVsMinimum and maximum advancesLump sum optionsDrawdown optionsRegular income facilityInterest roll-up optionsPortabilityAbility to service debtPartial payments | FeaturesRate typeInterest charging frequencyEquity Release Council membershipNegative equity guaranteesEarly repayment chargesValuation/survey feesCashbackLegal feesDownsizing protection |
