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Archive for June, 2012

New Equity Release Sales Role Opportunities – Listed 27th June 2012

Wednesday, June 27th, 2012

Due to the demand for our services, Equity Release Supermarket are now looking to expand further by adding to our existing complement of equity release advisers and wish to recruit two further experienced industry professionals.

 

Equity Release Supermarket has established itself as one of the leading independent equity release brokerages in the UK and now has positions available for further equity release sales roles.

Through steady growth & great team ethics, we have built a reputation within the equity release industry for quality advice & excellent rapport with equity release providers.

 

We are self-sufficient in lead generation, having the benefit of providing quality equity release leads from our market leading www.equityreleasesupermarket.co.uk website, and further lead generation facilitators at our disposal.

 

Job Overview

We are looking for two experienced Equity Release Advisers to join our practice on a self employed basis. Excellent lead generation is provided via our innovative website; however an element of self-generated business is to be expected.

These prospective advisers will need to cover leads generated along the south-east & south-west coast of England.

Therefore, location is important and also the ability & willingness to travel.

Full administrative and IT support will be provided from the head office location in Cheshire, by our two experienced administrators.

Approached with the right attitude and self motivation, the position is highly rewarding with realistic targets and uncapped earnings.

 

Main Duties and Responsibilities

The main duties will include contacting clients from website leads provided – to arranging face-to-face or telephone based appointments.

Additionally, prospecting for self generated business from your own client bank or via professional connections will be expected and supported.

Qualifications / Skills / Experience is Required

The ideal candidate will have gained CF1, CF6 and ER1 or equivalent, must having been selling equity release schemes  for a number of years, with experience of lifetime mortgage and home reversion plans a necessity.

An adviser showing a positive and enthusiastic attitude with a proven track record in a regulated environment would be very successful.

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

 

Do Enhanced Equity Release Plans Provide the Maximum Lump Sum?

Saturday, June 9th, 2012

Equity release mortgages have evolved over time. Compared to a few years ago, a much wider range of equity release products are available today. Mortgages have also become more flexible in general, making them suitable for a wider variety of customers.

If you’re interested in borrowing more than a conventional equity release will allow, then there is a type of equity release called the ‘enhanced equity release plan’ that may be of interest. Similar in principle to the enhanced annuity market, the ‘impaired’ or more commonly known enhanced lifetime mortgage can now provide an even greater maximum lump sum than even selling 100% of your property under a home reversion plan.

 

Why would you consider an enhanced scheme?

There are many reasons people are looking to release the maximum lump sum. It could be that one is looking to switch to a new equity release plan from an existing one in order to release extra tax free cash. For completely new applicants, it may be the case that the reason they qualify for an enhanced lifetime mortgage in the first place is down to the fact that health is poor & longevity maybe a concern. You may also want to borrow more, but your existing lifetime mortgage company may not grant further borrowing, or top up interest rates from the existing lender could be very high. An enhanced equity release plan is a lifetime mortgage that aims to maximise borrowing, and keep interest rates relatively low.

New enhanced plans from companies such as more2life will now provide the maximum drawdown lifetime mortgage facility. Therefore, should a retiree require only a small initial lump sum, but require as much as possible over the longer term, then products such as the more2life enhanced plan could be the solution. The underlying decision to go for a maximum equity release maybe to enjoy oneself before health deteriorates further. Once it does, holidays, new cars etc may not be on the list of priorities for the future.

 

Enhanced lifetime mortgage criteria

Enhanced equity release schemes are designed for individuals over the age of 55 years. As people live for longer, it is important to tailor equity release schemes to meet changing demands. As such, an enhanced equity release plan is designed for those who have certain lifestyle requirements due to long standing health conditions – from relatively minor conditions such as excessive smoking, early retirement due to ill health to serious illnesses like cancer & heart attack.

 

Lenders take several factors into consideration while working out the size of the loan. Underwriters calculate the amount that the lender can afford to lend, depending on the individual case and the answers to the health & lifestyle questionnaire. By taking into account the health condition or impairment, how this affects the client’s life expectancy, the lender can increase the amount loaned compared to a regular annuity or equity release scheme. An enhanced equity release plan could allow customers to borrow as much as 15% more than a regular home equity release loan. This can be a significant increase for many people who require the additional income or capital to cope with their day to day needs.

 

Who provides enhanced equity release schemes?

The three main providers of this type of equity release mortgages are currently Aviva, More2life and Partnership. If you are looking to maximise borrowing and suffer from health impairment, however minor, you could benefit from an enhanced equity release plan. A wide range of health conditions are considered for this type of equity release, to see if you qualify consult a financial adviser who can work out whether this is a viable option for you.

 

 

Independent equity release experts such as Equity Release Supermarket can study your case in detail and give objective advice. Using the enhanced equity release calculator  on the website will advise how much you can potentially release.

To receive further information or advice on enhanced lifetime mortgage schemes, call Equity Release Supermarket on 0800 678 5159 or email mark@equityreleasesupermarket.co.uk

 

Are there Advantages in Swapping Your Equity Release Lender?

Thursday, June 7th, 2012

There are many ways to obtain financial security in retirement. Most people depend on pension plans and any savings for income during retirement. People are also increasingly looking at equity release to improve income during retirement. Equity release plans allow you to unlock some of the value built into your property without the need to sell or vacate the house. There are a number of attractive equity release plans available, and even if you already have an existing equity release mortgage, you could swap your this for an alternative one.

 

Reasons for switching plans

There are many reasons to shop around for alternative equity release scheme and lenders are more than willing to accept such prize business. This is because interest rates have recently been changing, for the better. If you have an existing equity release UK scheme that is locked into old interest rates, you could get a much better deal by switching to a new plan with lower rates.

As with any financial advice, you must always explore your options before jumping at the opportunity. All maybe not as it seems in swapping interest rates around 8%, down to current rates which are currently lower than 6%. The overriding factor in whether one should swap schemes is usually whether early repayment charges exist. If so, the size of these penalties, if in existence could determine if swapping equity release schemes would be worthwhile.

Before considering switching equity release plans the reason need to be established as to why this course of action is being considered. Is it for additional funds, or to save the estate compounded interest be achieving a better interest rate, thus benefitting the inheritance one’s heirs would receive?

 

Consider your options first

If additional funds are required then first of all, as with any mortgage, it would be worthwhile to see what your existing equity release mortgage can offer. This would save considerably on set up costs & if early repayment charges are applicable then it would avoid these being levied. A qualifies equity release mortgage adviser would look into this first for you.

However, the tendency of equity release providers is to offer a less than competitive interest rates on the further advances taken. This is evidenced by the main lenders such as Aviva which is the largest equity release lender by far. Nevertheless, an overall analysis should be undertaken to establish whether staying or swapping lenders is best.

 

Potential savings of remortgaging

By comparing different lifetime mortgage plans can help you work out potential savings over the long term. For instance, a new Aviva drawdown flexi plan has a current rate of 5.92%, as opposed to say an older Northern Rock lifetime mortgage scheme of 7.9%. With current incentives offered by Aviva to new customers of a £500 cashback & free valuation, it has been calculated that over a 15 year period this kind of differential in interest rates can save over £13,000.

Another reason why you may consider swapping equity release is because equity release loans have become much more flexible today than just a few years back. For instance, until 6 years ago, the only equity release schemes available were lump sum plans. These were not particularly viable for those who did not want to borrow too much initially, but instead, wanted to borrow in instalments or regular smaller amounts. Hence, today we have the option of drawdown lifetime mortgages that are more suitable & offer more cost savings than previous.

If you have exhausted your current mortgage facility and your lender will not advance any further funds then you could swap your equity release plan for an alternative scheme that offers ‘enhanced’ borrowing levels. There are now equity release schemes that consider the applicant’s health and lifestyle before lending. This would be suitable should people have grave health & therefore wish to take the maximum now before their term expires.

 

How enhanced equity release schemes can help

For instance, if you have a history of ill health, an ‘enhanced’ or ‘impaired equity release mortgage’ may be available to you which based on a series of health questions can distinguish whether you qualify for a greater lump sum than normal. Some enhanced equity release providers such as more2life, Partnership and Aviva can offer up to 15% higher than regular equity release schemes.

Swapping an existing equity release plan for an alternative one is a matter of careful consideration by an independent equity release expert. There are professional equity release advisers who can help you shop around for new and better products and based on your existing circumstances, including your current plan, the current value of the house, your age and state of health etc and advise you on the best possible alternative to swap your equity release plan.

 

If you wish to benefit from an equity release remortgage analysis, please call the Equity Release Supermarket team on 0800 678 5159 or email mark@equityreleasesupermarket.co.uk

 

 
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