

Key Takeaways
- Which? provides independent consumer advice, like research on financial products, including equity release.
- Which? highlights equity release benefits like tax-free cash and staying in your home but warns of costs, compounding interest, and potential impacts on inheritance.
- The publication notes that equity release fees can range from £1,500 to £3,500, covering legal, valuation, and adviser costs.
- Which? suggests considering RIO mortgages, downsizing, remortgaging, and personal loans before opting for equity release.
- While Which? doesn’t offer an equity release calculator, it provides mortgage calculators and extensive guidance on financial decisions.
When trying to decide which equity release product may suit your needs, or indeed whether this kind of product would be the best solution for your needs, turning to consumer champion Which? may be a good idea.
In this article, we’ll introduce Which?, explain why their service is valuable when it comes to equity release decisions, and provide a quick summary of their offering.
This article explores the following topics, drawing on our expertise in the field:
COMMENT: TimeBank.org.uk is an independent third-party data provider, and the information shared here reflects their views alone, not necessarily those of Which?. This article is for informational purposes only and should not be considered financial advice or a recommendation to engage with any products offered by Which?.
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- Who offers the LOWEST rates available on the market.
- Who offers the HIGHEST release amount.
- If you qualify for equity release.

Who Are Which?
Which? is a well-known non-profit consumer champion in the UK.

The organisation maintains a popular website that provides insights into consumer affairs, advice on purchasing products such as cars and home goods, and comparisons of banks and other financial providers.
Which? conducts rigorous research and analysis to offer detailed reviews and comparisons that help consumers make informed decisions.
Does Which? Provide Equity Release Information?
Yes, Which? provides equity release information.
They have published articles on how equity release works, how it might help retirees, how to switch providers, how to decide if an equity release plan may suit you, and what the latest equity release rates are.1
What Does Which? Say About Equity Release?
Which? has quite a lot to say about equity release.
Let’s take a look at the highlights.
According to Which?, What Are the Benefits of Equity Release?
According to Which?, the benefits of equity release include that it can be a useful option if much of your wealth is tied up in your property, but you are concerned about having enough to live on in retirement or covering care costs.2
They also mention:
- You can spend the tax-free cash however you choose, like on home improvements or support for family members.
- You can remain in your home for life or until you move into care, avoiding the inconvenience of having to relocate.
- There is no requirement to make repayments, although some plans provide the option to do so.
- The No Negative Equity guarantee ensures you will never owe more than the property eventually sells for.
- It can help reduce inheritance tax by allowing you to gift money to family (though tax may still apply if you pass away within seven years of making the gift).
- For some lifetime mortgages, interest rates are either fixed or capped.
According to Which?, What Are the Drawbacks of Equity Release?
According to Which?, the drawbacks of equity release include the fact that not making any repayments will cause the interest to compound over time, meaning you could end up owing significantly more than you initially borrowed.3
They also mention:
- Changing your mind can be expensive, as repaying the loan early may incur substantial early repayment charges.
- Equity release typically reduces the value of your estate, as the lender is repaid before any remaining assets are passed on to your beneficiaries.
- It may also affect your entitlement to means-tested benefits, such as Pension Credit or reduced Council Tax, particularly if you take a lump sum.
- If you decide to move, your provider may not allow you to transfer your mortgage if your new home does not meet its criteria, such as sheltered housing.
- Once an equity release plan is in place, you will no longer be able to use your home as security for additional borrowing.
- With home reversion schemes, the provider will usually pay significantly less than the full market value for its share of your property, and you will no longer be the sole owner.
What Does Which? Say About Equity Release Costs?
Which? notes that entering into an equity release agreement typically involves various fees in addition to the interest charged.
According to the publication, these costs can range from £1,500 to £3,500, depending on the plan.4
They mention the following potential charges:
- Application fees: Not all providers charge these, but they can be up to £700. (Some lenders allow you to add this to the loan amount.)
- Legal/solicitor fees: Usually between £800 and £1,000, covering the solicitor’s work in handling the legal aspects of the agreement.
- Valuation fees: These vary depending on your property’s value but are generally a few hundred pounds. Many lenders offer free valuations.
- Advisor fees: You must seek financial advice before proceeding with equity release. This can cost between £700 and £1,900, although some advisers are paid commission by lenders instead of charging customers directly.
Does Which? Discuss Equity Release Alternatives?
Yes, Which? does discuss equity release alternatives.5
Which? notes that equity release isn’t the only way for older homeowners to access funds:
- Many lenders now offer retirement interest-only (RIO) mortgages, which allow you to pay off the interest each month while the capital remains unchanged.
- You might also consider downsizing, though it’s important to account for moving costs, such as estate agent fees, removal expenses, and potentially stamp duty.
- Remortgaging is another option if you’ve built up significant equity in your home. This allows you to retain ownership and switch to a mortgage that may better suit your financial needs.
- For smaller amounts, an unsecured personal loan or credit card could be a more cost-effective alternative to equity release.
- If you have a spare room, the government’s ‘Rent a Room’ scheme lets you earn up to £7,500 a year free from tax.
Speak to your advisor to discuss these options.
Does Which? Have an Equity Release Calculator?
No, Which? does not have an equity release calculator.
The publication does, however, provide a number of mortgage calculators.6
If you’d like to find out how much you could borrow through a lifetime mortgage, try our free equity release calculator.
Why Should You Consider Using Which? for Equity Release Advice?
You may consider using Which? for equity release advice to benefit from the organisation’s unbiased and comprehensive summaries and reviews.
Contact Which?
You can contact Which? in different ways.
These include:
- by subscribing online
- by phoning 029 2267 0000
- by emailing them through the online form
- by writing to Which?, 3 Capital Quarter, Tyndall Street, Cardiff CF10 4BZ
Common Questions
How can I access Which? advice on equity release?
Can Which? help me calculate how much equity I can release from my home?
Does Which? offer personalised equity release advice tailored to my circumstances?
Can I rely solely on Which? to make a decision about equity release?
Final Thoughts on Which?
Which? serves as an invaluable resource for those considering equity release, providing independent summaries of the available products and their pros and cons.
For homeowners exploring the possibility of releasing equity from their property, Which? offers clarity on the potential consequences and available alternatives.
Before committing to any equity release plan, potential borrowers should consider using the resources available through Which? to understand their options.
WAIT! Before You Go…
How Much Equity Can You Release?