Equity Release Latest News

Archive for July, 2011

Equity Release – Retiring Without Worrying About The Future

Thursday, July 21st, 2011

Halifax equity release is a good option for retired individuals who want to live a tension-free lifestyle after retirement. Unlike traditional mortgage plans, Halifax equity release is specially designed for individuals who are looking for home safety along with a better lending choice. This mortgage option can be used to raise equity from your property if you are over age 55 & are now in receipt of retirement income.

 

The money raised through the Halifax equity release mortgage can be spent the way you want. So, irrespective of whether you want to go on a holiday, exotic cruise or make home improvements, opting for equity release can be great at meeting your financial needs.

 

With inflation constantly on the rise & budgetary constraints we are all facing currently, retired individuals also are facing a lot of problems coping with their finances. However, there are certain requirements one needs to fulfil in order to qualify for Halifax equity release schemes. For instance, applicants must be above 55, retired and possess property of their own. The amount of equity one can release through this scheme depends on the age, pension income & the market valuation of their property.

 

So, if you are planning to go for Halifax equity release, it is always better to ensure that your property is well-maintained. Additionally, if you have a current mortgage on your property this will need to be repaid on competion of your new Halifax retirement mortgage. This will be paid for from the proceeds of the Halifax application & will be redeemed by the solicitor acting on your behalf. Therefore, whenever the interest only mortgage calculations are made the existing mortgage figure should always be taken into account.

 

The good news however, is that if you do have a current mortgage, no matter the size, & remortgaging to the Halifax Retirement Home Plan then there are some excellent deals available. As of July 2011, Halifax remortgages will provide a FREE valuation, FREE standard legal fees & on some products we can even obtain NO application fee.

 

As there are different Halifax equity schemes available today, you must carefully research your options. This way, you can go for one which suits your needs & receive advice from an independent equity release adviser who can provide you with best advice from the whole of the market.

 

If you wish to discuss the current Halifax Retirement Home Plan deals via Equity Release Supermarket contact the team on freephone 0800 678 5159 or email mark@equityreleasesupermarket.co.uk

 

Experienced Mortgage/Equity Release Adviser – S/E & London area Job Vacancy – Listed 20th July 2011

Wednesday, July 20th, 2011

Due to the increased volume in quality equity release/mortgage leads being generated, Equity Release Supermarket are now looking to expand its adviser roles to encompass a qualified & experienced equity release/mortgage adviser.

 

Job Overview

Equity Release Supermarket is looking for an experienced Equity Release/Mortgage Adviser to join our growing practice on a self employed basis.

Previous equity release experience is paramount to a successful application.

Excellent mortgage lead generation is provided via our innovative website.

The adviser will be available to deal with lead generation around the South East/London area.
Additional leads have been developed in a niche post retirement market which can be discussed further upon application.

Full admin and IT support will be provided. The role will allow candidate to work form home with suitable IT facilities.
Approached with the right attitude and self motivation, the position is highly rewarding with realistic targets and uncapped earnings.

 

Duties

Main duties include contacting clients from the leads provided, to arranging face-to-face or mainly telephone appointments.

Additionally, prospecting for self generated business from your own client bank or building professional relationships will be expected in due course.

 

Qualifications

The ideal candidate will have gained CF1, CF6 and ER1 or equivalent, will be a positive and enthusiastic industry professional with a proven track record in a regulated environment.

 

For further information, please contact Mark Gregory on 0800 678 5159 or email your CV to mark@equityreleasesupermarket.co.uk

 

 

Partnership Re-Launch With Their Enhanced Lifetime Mortgage Plan

Sunday, July 3rd, 2011

More great news for the increasingly buoyant equity release market as Partnership re-enter with their Enhanced Lifetime Mortgage plan.

 

Specialists in impaired life annuitys; Partnership are now bringing their underwriting expertise to equity release schemes. The logic behind their offering, provides a bespoke underwriting event for each client looking to achieve a maximum equity release status. Their experience from the enhanced annuitys market has led to a radical re-think in the equity release market where effectively the same principles can apply.

 

Consideration for impaired life equity release schemes is certainly gaining momentum as rumour has it other equity release companies such as Aviva may also be looking into the possibility of developing their own impaired product. In fact any of the existing equity release providers who offer an annuity proposition could be in the market with potential launches under their wings?

 

So what is an impaired life equity release scheme?

Well firstly lets have a look at how an impaired life annuity works…

Primarily, an enhanced annuity provider will ask the annuitant a series of health questions which dependent upon their health conditions & severity, will determine the size of the annuity pension they will receive. In essence, the worse their health is the better, as they will potentially receive a more sizeable pension due to their life expectancy not being as long as a healthy person.

It may sound crude, however Partnership’s years of underwriting experience allows them to now offer the same principles in the equity release market by offering a bigger lump sum than standard equity release providers. The maximum release, dependent upon the health questionnaire is 55% of the property value.

 

What illesses will qualify?

The questionnaire itself is not as detailed as one would imagine. Likewise the number & severity of the qualifying conditions is lower than expectations, thus making the underwriting aspect of the equity release plan simplistic in assessment.

The health questions are as follows:-

  • Height & weight
  • Have you smoked 10 cigarettes per day for the last 10 years?
  • Have you been diagnosed with high blood pressure, requiring ongoing medication?
  • Have you suffered a heart attack requiring hospital admission?
  • Do you suffer from diabetes, requiring insulin or tablet treatment?
  • Have you suffered from a stroke (CVA), excluding mini-strokes (TIAs)?
  • Have you suffered from angina, requiring ongoing medication?
  • Have you been diagnosed with cancer requiring surgery, chemotherapy or radiotherapy?
  • Have you been diagnosed with Parkinson`s disease?
  • Have you been diagnosed with multiple sclerosis?
  • Have you taken early retirement on the grounds of ill health?
  • Are you currently taking any prescription medication?

 

Given this information, the online Partnership equity release calculator will then produce a maximum lending figure taking also into account age(s) & property valuation. A signature will then be required on a declaration form to confirm the medical questions have been correctly answered as only a sample number of applications will actually be looked into with the clients general practioners. This makes the application process quicker & smoother putting the onus on the applicant accurately qualifying their ailments.

 

Are their any other features in Partnership’s enhanced lifetime mortgage scheme?

The simple answer to that is yes.

Partnership have managed to squeeze in some important features that provide additional security & protection for applicants. Aside from being a member of SHIP & thus passing the protection features of the no negative equity guarantee, assured tenancy & ability to move home, there is also an Inheritance Protection facility.

The inheritance protection feature is included at no extra cost & provides the ability to protect a part of the final sale proceeds which can then be successfully passed onto the heirs & beneficiaries. Therefore, peace of mind reigns when the biggest objection to the use of equity release schemes is ‘how much will be left for the children when I die’.

 

What is their lending criteria?

The Partnership Enhanced Lifetime Mortgage is currently only available in England & Wales on property valuations over £70,000. Their approach to property types is standard amongst the industry, although they will permit borrowings on some concrete build constructions such as Laing Easy Form & Wimpey No Fines which down to the valuers comments would pass as acceptable.

 

The minimum age of the youngest applicant must be 60 & at least one suffering from one of the aforementioned illnesses/conditions. The minimum loan on application is £25,000 which is higher then most equity release providers, however the plan is pitched at the higher release end of the lifetime mortgage market.

The major factor setting themselves aside from the alternative impaired life equity release offering from more2life is the FREE cost to market for any applicant. Partnership have initially launched with a tempting proposal of a FREE valuation & NO application or completion fee payable on set up. In fact they even go one step further with a CASHBACK of £250 on completion which goes some way to offsetting any legal fees incurred.

 

Again, thanks to companies such as Partnership showing innovation, the equity release market has shown its durability over the past 12 months at a time of economic diffculties. Perhaps the old days when the two words – ‘equity release’ & ‘apprehension’ were associated, are now becoming more of a distant memory.

 

If you would wish to find out whether you would qualify for an enhanced lifetime mortgage with Partnership, please fill in this Partnership enquiry form or call freephone 0800 678 5159.

 

Equity Release Calculators – How They Can Help You

Friday, July 1st, 2011

An increasing number of senior citizens now opt for equity release schemes with the aim to release cash (equity) from their property. This can be a wise decision in order to generate extra income during their retirement years. While a lot of equity release providers are available, not many people are aware of how such equity release schemes work. At such times, it is prudent to consider taking advantage of professional help.

Financial institutions now offer the use of equity release calculators to their customers. Using this tool, one can determine the amount of equity that can be released from their property. Based on the outcome, the applicants can decide whether or not equity release is a viable option for them.

 

With the number of equity release schemes on the increase, such as the recent addditions of Stonehaven, more2life, New Life Mortgages & last week Partnership, it is more important than ever to seek the services of an FSA qualified independent financial adviser. They will have the equity release tools available they will have been trained with to establish which scheme will provide the correct amount to be released. Guarded with this information it can lend them to the next stages of the decision making process in ascertaining which lifetime mortgage scheme is most suitable for such circumstances.

 

Therefore, the equity release calculation can be guided towards establishing the following lifetime mortgage scenarios: –

  • What is the maximum I can borrow on an equity release plan?
  • What is the lowest interest rate on an equity release scheme?
  • What is the minimum amount I can borrow on a lifetime mortgage?
  • How much can I borrow on an equity release scheme if I am in poor health?
  • What are the costs in setting equity release schemes up?

 

Equity release calculators will help answer these types of questions & with the calculator tools of Assureweb, Trigold & The Exchange each equity release adviser with the CeRER & CeMap qualification, will have these methods of calculations available. However, currently there isn’t an operational Halifax Mortgage calculator available.

 

The workings of an equity release calculator

Various equity release calculator formats exists that can usually be found on the website of the mortgages & other financial organisations. The homeowner first needs to provide information related to their property. Based on this data, the equity release calculator will predict an approximate amount of equity that can be released from their property.

Advanced calculators are also available that offer in-depth information related to different possibilities. However, the availability of such a tool is subject to the equity release provider. Before deciding on a deal, homeowners are always advised to try two different calculators. To get the best deal with equity release schemes, obtaining professional help would be wise.

 

Practically, the size of the equity release is governed mainly by three factors which are: –

  • Age of the youngest applicant
  • The valuation of the property
  • Whether any existing mortgage or secured loan is present

 

Dependent upon the answers to these questions will determine the net equity release availability from the property. The data provided by the equity release calculation will be the maximum equity release posssible, however it will give an indication of the extent to which one can go & therefore you will have the knowledge as to whether equity release will be of assistance.

 

More detailed equity release calculators can advise beyond these basic measures. For instance, should a history of ill heath be present, then a larger than normal lump sum can be achieved with an impaired life equity release scheme. This will not be present or have the ability to be calculated upon by the more basic equity release calculators. Additionally, the majority of calculators will only refer to roll-up lifetime mortgages & not home reversion plans, thus they do not answer the whole question & should only be used for guidance, not literally.

Again, it is therefore of upmost importance to seek the services of a qualified independent equity release advisor who has the accurate research & calculation tools at his disposal; whom with your input & personal information, can guide you to the right equity release plan.

 

The Equity Release Supermarket calculator can provide an overview & the statistics involved with the maximum amount that can be borrowed on each equity release scheme. Experience our equity release calculator today as see how much you can release. Alternatively, speak to one of the Equity Release Supermarket specialists who can be found in your area by using the ‘find an adviser‘ interactive UK map.

 

Equity Release Supermarket are established & award winning lifetime mortgage & Halifax Retirement Home Plan specialists.

Call freephone 0800 678 5159 for all your post retirement mortgage questions.

 

 
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