I have been recommending Just Lifetime Mortgages for years; they are one of the longest-standing equity release lenders in the market. But are their plans any good, and how do they compare to the competition?
Just offers the most popular type of equity release, a lifetime mortgage. All Just lifetime mortgages meet the Equity Release Council standards and afford you their protections. Just is one of the most established equity release lenders in the market.
Let's review:
What interest rates does Just offer? And how do they stack up against the competition?
| Range |
Product |
Monthly equivalent rate (MER) |
Loan Amount (Maximum available at this rate) |
| Just For You Lifetime Mortgage | J3 | 6.64% * | Show Me |
| Just For You Lifetime Mortgage | J4 | 7.40% * | Show Me |
| Just For You Lifetime Mortgage | J6 | 7.99% * | Show Me |
| Just For You Lifetime Mortgage | J3 Medically Enhanced | 7.94% * | Show Me |
| Just For You Lifetime Mortgage | J6 Medically Enhanced | 8.39% * | Show Me |
* Just offers discounts of 0.10% on the interest rate if your property has a valid Energy Performance Certificate (EPC) rating of A, B or C.
Just also offers discounts of up to 1.00% on the interest rate on certain plans if you agree to make monthly interest payments.
** Some other lenders offer variable live pricing. Please request your personalised illustration for your best rate.
How much money can Just provide on their lifetime mortgages? Use our calculator to find out, plus see how they stack up to the wider market.
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Just offers the most popular type of equity release plan, the lifetime mortgage. Let's explore some criteria and features in greater detail:
| Just For You Lifetime Mortgage |
| Fixed-for-life interest rates from 6.64% MER * |
| Discounts to the interest rate on selected plans if you agree to service part/all of the interest |
| Discounts to the interest rate if your property has a valid Energy Performance Certificate (EPC) rating of A, B or C |
| Can apply if aged 55-85 |
| Minimum property value £70,000; £100,000 for ex-local authority houses |
| Minimum loan £10,000; £20,000 with monthly payment option |
| Add a cash reserve to access money later |
| Selected plans also available in Northern Ireland |
| Optional payments of up to 10% each year (if not servicing the interest) |
| Significant life event waiver |
| Free valuation on initial advance |
Free valuations: All Just For You Lifetime Mortgages offer free valuations on initial borrowing, regardless of the property's value.
I love this feature because it takes all the risk away from you. If there are any unforeseen issues with the survey, you will not have to pay anything upfront, and you will not be liable for paying a penny should you decide not to proceed.
Self-funded: Most of the money that Just lend comes from other parts of their group. This allows them to be more flexible than some other lenders who source their money from other funders.
Longstanding: Just is one of the longest-standing equity release providers.
This can provide you with great peace of mind when taking a plan that could last the rest of your life!
Medically underwritten plans: Just will consider your medical history accross the Just For You Lifetime Mortgage range, allowing you access to lower interest rates and higher release amounts.
With the medically underwritten Just For You Lifetime Mortgage, Just estimate six in 10 people could borrow more, or reduce their borrowing costs.
Useful features offered by Just
Significant life event waiver: For joint applications, if you repay the lifetime mortgage following the first borrower passing away or moving into long-term care, an Early Repayment Charge (ERC) is not applied.
Partial repayments: You can repay up to 10% of the loan amount each year without penalty. There is a minimum payment amount of £500 and you cannot make more than 6 payments in each 12 month period. Your annual allowance is renewed on the anniversary of the date the borrowing completes. Any unused balance does not roll over into the following year.
Interest servicing discount: Receive a discount of between 0.20% and 1.00% on the interest rate if you agree to service 25.01% or more of the monthly interest by Direct Debit on selected Just For You Lifetime Mortgages. The minimum payment is £25, and you can service up to 100% of the monthly interest amount.
There are no affordability assessments, and you can choose to stop servicing the interest at any time. If you stop, you will lose the discount to future interest charges.
This feature works great for clients who are looking to repay their existing mortgage and are happy to keep making interest payments.
Green discount: You could get a lower interest rate on your Just For You Lifetime Mortgage if your property has a valid Energy Performance Certificate (EPC) rating of A, B or C. This reduces the standard interest rate by 0.10% for the duration of the loan. If you don't have a valid EPC, or it is D or lower, you can request a free EPC rating as part of your application.
Cashback: Get up to 5% extra cashback on top of your loan.
Just equity release underwriting
Just lends on most standard-built properties. However, there are some parts of their underwriting which are particularly strong compared to most equity release lenders:
Northern Ireland: Just is one of only two equity release lenders that offer plans in Northern Ireland.
Telegraph poles: Just accept properties with telegraph poles within its boundary.
Housing association/Council: More flexible for properties which are privately owned but predominantly surrounded by housing association/council homes.
Flat roofs: Just will accept properties with up to 100% flat roofs, subject to survey.
Flats above commercial: Just will consider flats above commercial properties, provided that the location does not impact the flat's saleability.
The underwriting criteria on the J6 lifetime mortgage (maximum release) is weaker than the rest of the range. This means that other lenders may provide you with more money.
Just is also less flexible than other lenders regarding properties with non-standard construction, in high flood-risk areas, applicants with poor credit, or where you run a business from home.
As part of our equity release advice service, we will consider plans from Just and compare them to those of other equity release lenders.
Please speak with one of our equity release advisors for your personalised illustration.
Just build their plans to meet your needs. Benefits of their plans include:
- Green discounts
- Medical underwriting
- Reserve facilities, and
- discounts on certain plans while servicing the interest.
However, you may be able to achieve larger loans and lower interest rates from other equity release lenders.
When you are ready, you can book an appointment with one of our equity release advisors, who can show you how Just compares to other lenders for your specific needs.
If you have an existing equity release plan with Just, we can help you assess the best way to borrow additional funds.
Where you have a reserve facility in place (from a drawdown plan), you can contact Just directly on 01737 233297 to request additional funds.
However, I always suggest that you compare additional borrowing with Just to the cost of moving to a different lender.
We will require your authority to discuss your existing plan with Just. Please complete the form below so that we can send you a Letter of Authority to complete, sign, and return so that we may speak with Just.
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What a typical client looks like
As covered above, the Just For You Lifetime Mortgage is flexible and is designed to fit the masses. However, there are certain types of clients who, from my experience, I am more likely to recommend Just. Let's run through some examples of prime Just clients:
Example 1
John lives in his one bedroom bungalow in England and was medically retired at 50. However, he wants to pay for a new kitchen and bathroom and purchase, what will likely be, his last car.
He has looked at unsecured finance options but does not meet affordability requirements as his income is from state pension and PIP.
John is recommended a medically underwritten lifetime mortgage with Just. It requires no monthly payments and there are no affordability requirements. Plus, with his existing medical conditions, he is able to achieve a lower interest rate than other options in the equity release market.
Example 2
Jane lives in Northern Ireland and has previously been told that she cannot get equity release. She lives in a standard-built house and wants to raise money to help support her in retirement.
Just is only one of two lenders available in Northern Ireland. Based on her needs, a Just For You Lifetime Mortgage is recommended. It provides a small initial release to cover Jane's immediate needs and a larger reserve for her to access throughout retirement.
Example 3
John and Jane are both 75 years old and their interest-only mortgage is due to be repaid. They live in their family home and had always planned to downsize to repay the loan.
However, their grandchildren often stay with them and they do not feel ready to downsize. They have spoken with their bank and other mortgage lenders but found that they do not meet affordability criteria for another residential mortgage.
With a Just For You Lifetime Mortgage they can repay their existing mortgage with a maximum release and get an additional 5% cashback. They also plan to service the interest while affordable, therefore they receive a 1% discount to the monthly interest rate.
Why don't I just go to Just directly?
Of course, you can go to Just directly to request their lifetime mortgages. However, you still require financial advice before taking one of their plans, and they do not currently have any directly employed advisors. Instead Just will put you in touch with a financial advisor who will only advise on Just equity release plans.
If you choose to work with an advisor who works with other lenders, you could be able to access a more suitable lifetime mortgage from another provider.
But won't I get a better deal by going direct?
The interest rates charged, and the amounts of money you can release will be the same regardless of if you go direct, or through another advice firm.
In closing
I hope that I have provided you with an understanding of Just's equity release product offering. And hopefully, you have an idea whether you could be an Just equity release client. If you have further questions surrounding Just's equity release plans or would like to see if Just is the plan I would recommend for you, contact us on 0207 158 0881.
Remember we compare plans from other equity release lenders too, so we can save you time shopping around, and find the most suitable plans for you. You can also use our equity release calculator to compare the lowest rate plans.
If you have further questions, why not speak with one of our qualified advisors?
Call us on 0207 158 0881 or use our online form to book your FREE consultation.
While a qualified equity release advisor has written this guide, it is not intended to be used as financial nor legal advice and should not be relied upon.
To understand the full features and risks of an Equity Release plan, ask for a personalised illustration.
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