Archive for the ‘Interest Rate News’ Category
Sunday, January 25th, 2015
Having been advising on Equity Release since the halcyon days of Norwich Union, I have seen a continual, albeit gradual decrease in the level of equity release interest rates. The latest news has it that Aviva will be aggressively reducing their interest rates today – Monday 26th January 2015 to an unprecedented lowest rate ever, starting from just 5.13%!
So what are the factors behind this interest rate drop, given the rest of the equity release companies trail so far behind Aviva in competitiveness?
History of Equity Release Interest Rates
Equity release interest rates historically don’t tend to move that regularly, or by very much. It tends to be market forces that dictate how competitively they wish to be & where they wish to be positioned in the market. Going back the early days of equity release schemes, particularly plans from Northern Rock (now Papilio) and Norwich Union (now Aviva), their early interest rates were in excess of 8%. However, comparatively mainstream mortgage rates were also higher at that time and therefore equity release plans were not considered as expensive as they look today.
Time to Consider Interest Rate Diversification?
However, the difference between mainstream mortgage rates and equity release interest rates is the fact that equity release schemes historically have a fixed interest rate for life. Residential mortgages don’t & therefore can be re-appraised frequently which enables the best interest rate to be achieved each time.
Perhaps it’s time that equity release providers took time to consider this fixed lifetime interest rate offering? Afterall, the reason that traditional equity release schemes have a fixed rate is to act as a safety net due to the compounding effect of interest as no payments are normally necessary, or permitted. This also aides the protection of their insurance policy, which is the ‘no negative equity guarantee’.
How Can Equity Release Lenders Reduce Interest Rates Further?
New Voluntary Repayment Plans from the likes of Aviva, Stonehaven & Hodge Lifetime accept repayments of upto 10%pa with NO penalty and therefore if managed correctly cancel out the potential compounding effect of interest. Therefore, would it not make sense for these lifetime mortgage lenders to offer a reviewable interest rate every so many years? A reviewable interest rate could have a bearing on the nature of early repayment charges where so many equity release companies use the unpredictable nature of government gilts as their barometer. Retirees are looking for greater flexibility these days and a change in structure could certainly assist.
Catering to the New Silver Surfer Generation
More retirees are becoming financially savvy, particularly those arriving at retirement still owning interest only mortgages. This crop of mortgagors have experienced the variances in interest rates & the different types of rates available during their mortgage years. For instance, is it not time for a standard variable equity release interest rate, or a tracker equity release interest rate? Why not, if the interest or upto 10% of the original capital is to be repaid each year, then why is it necessary to have a lifetime fixed interest rate?
If the equity release market is set to expand it needs further innovation & development of its equity release schemes. Therefore, should the forecast for future interest rates be historically low, then it would make sense to consider the options of tracker, discounted or variable interest rates. Perhaps the future of the no negative equity guarantee can be questionable given this has an effect of increasing the interest rate by upto 0.5%?
Why not have the option of choosing whether to include the no negative equity guarantee, or not. With that would come the choice of two representative interest rates; one including the guarantee & a lower interest rate without it. These options could all help to reduce the future interest rates of equity release plans & help the market move forward & expand.
A strong case in question for the optional inclusion of the no negative equity guarantee would be where retirees are committed to making repayments & managing the future balance of their lifetime mortgage scheme. Clearly advice of the consequences of not including this guarantee should always be provided, but we shouldn’t be treating the majority of equity release consumers with kid gloves. Equity releasers can themselves make informed decisions based on the facts & advice provided. As long as the adviser is giving quality impartial equity release advice then why can’t the industry open up & start becoming more diverse in its thought process & product innovation!
New Aviva Flexible Lifetime Mortgage Interest Rate
As stated earlier Aviva are to significantly reduce their minimum interest rate on their Flexible Lifetime Mortgage Plan. Equity Release Supermarket is able to obtain a lower interest rate than mainstream equity release advisers. This is set to continue from 26th January 2015 with the reduction in the minimum interest rate as calculated by the Aviva flex tool calculation. The lowest equity release interest rate with Aviva is determined by personal criteria, such as age, property value & also health.
Consider the following equity release scenario: –
Mr & Mrs Chambers are aged 67 & 64 respectively & own a property valued at £250,000 which is unencumbered. Unfortunately, Mrs Chambers had cancer last year and they now realised how important it is for them to enjoy their retirement. They wish to go on a cruise, carry out home improvements and release approximately £30,000 with access to a future cash reserve facility.
After conducting research with Equity Release Supermarket they were recommended the Aviva Flexi Plan with an interest rate of just 5.13%pa (5.33% representative APR). This recommendation was borrowing £30,000 & having a further cash reserve facility of £33,000 for possible future use.
Aviva’s Lowest Ever Equity Release Interest Rate To-Date
This 5.13% enhanced lifetime mortgage rate is the lowest ever equity release interest rate that any home equity release company has made available in the history of equity release & presents many opportunities for retirees to consider their future finances: –
- Those people with interest only mortgages – where lenders are demanding repayment as the end term has been reached & they are not prepared to extend can benefit from these interest rate reductions. By switching onto the Aviva Flexi Lifetime Mortgage Plan they could consolidate onto a mortgage for life, at a low fixed interest rate, thus enabling them to budget accordingly knowing the interest to be charged in the future.
- Existing equity release customers – who are on interest rates that are over 6%pa should consider whether to remain with their existing lender or switch equity release plans. By taking a lower interest rate would mean less interest charged & hence either a lower future balance, or less interest payments to maintain control over the balance. There are factors to consider such as potential early repayment charges & set up costs, however this is a calculation your Equity Release Supermarket adviser can arrange & analyse for you.
- Anyone over the age of 55 – who has been contemplating taking a release of equity, but maybe waiting for the optimum interest rate or occasion to apply for it. With the various lifetime mortgage schemes available now including interest only, drawdown & voluntary repayment schemes, the equity release market has never been so competitive.
So why have Aviva aggressively reduced their interest rates?
Word has it there are new lenders set to enter the equity release marketplace. With new names entering the market such as L&G and Santander, plus More2life have new funding available, Aviva are sure to find new competitors in their space. Perhaps they are trying to gather as much momentum & market share as possible now before they come under pressure?
We have already seen unprecedented movements in equity release interest rates so early in 2015. More2life’s Enhanced Lifetime Mortgage & Interest Choice plans have seen rate reductions, followed by Stonehaven’s Interest Select range in response to keep their market position above More2life. Whatever equity release 2015 has to hold its going to be exciting time and one for any future lifetime mortgage customer can benefit from with the lowest equity release interest rates ever seen.
Should you wish to request an Aviva Flexible Lifetime Mortgage quote & find out how low your equity release interest rate could go, please contact Mark Gregory on Freephone 0800 783 9652 or email me at email@example.com
Further information on equity release –
Compare Equity Release Deals | Equity Release Calculator | Ask Mark A Question
Thursday, July 11th, 2013
The most common research feature that customers consider with regards to equity release schemes is the interest rate.
Over the past 12-18 months with increasing competitiveness in the equity release market, interest rates have reduced significantly & are now lower than 6%.
However, today Equity Release Supermarket have secured funds with one of the leading equity release companies to secure a fixed rate deal for its customers that is just 5.48% (5.6% APR).
The equity release provider is Just Retirement.
This is the first deal of its kind below 5.5%, whereby an equity release company can offer a single priced product for anyone between the ages of 60-75. This limited tranche of funds is available on a drawdown basis, with a minimum initial withdrawal of £20,000.
Just Retirement have been in the equity release market for 7 years now & provide a drawdown lifetime mortgage plan which enables an overall cash reserve facility from which you can take withdrawals as & when they are required. This flexibility means that you are only charged on the monies actually withdrawn, not on any funds left in the reserve facility.
The minimum withdrawal from the cash reserve is just £2000 & once the equity release plan has been set up, there are NO further charges for withdrawals. Properties situated in England, Wales & Scotland are eligible with a minimum property value of £70,000.
Additional perks of this limited offer is a FREE valuation & £500 cashback payable on completion. Therefore, there are no upfront fees to submit this Just Retirement application through Equity Release Supermarket.
To request a Just Retirement quote on the new 5.48% interest rate please click here or call one of the Equity Release Supermarket team on Freephone 0800 678 5159.
As stated these are limited available funds at this rate so please do not hesitate in contacting us.
Monday, June 3rd, 2013
Equity release interest rates have never shown as much flux as we are seeing today. There are probably two major reasons for this which is greater competitiveness between the lifetime mortgage lenders and lower long term interest rates.
Both factors combined have resulted in equity release interest rates seeing their lowest levels in their history. So, could this be the best time to latch on to one of these deals thereby consolidating a sub 6% interest rate for the rest of your life? Maybe.
There are two very good reasons for securing equity release interest rates at today’s levels. Firstly you will be charged less interest (which remember does compound), thus leaving more equity to use later on in life if required. The second reason would be your beneficiaries will benefit as they will potentially have a smaller equity release loan to repay at the end, when the house is eventually sold.
So the good news is that everyone is a winner at present. With equity release lending increasing as highlighted by the latest Equity Release Council statistics showing that Q1 of 2013 had a 17% increase in advances than Q1 for 2012.
There are many factors fuelling the new tide of interest in equity release schemes. We have seen that there are serious issues highlighted by the FCA report on interest only mortgages and people’s inability or shortfalls in repaying them. Many people are therefore looking at their options & those not wishing to downsize to resolve their shortfall are turning to equity release to settle the bills.
This could be in the form of the roll-up equity release where no monthly payments are required. However, if income is not an issue, then a retirement mortgage could be a better solution such as the range of interest only lifetime mortgage schemes we have available now from the likes of Stonehaven, more2life and Hodge Lifetime.
This is where expert equity release advice can help save you £1000’s in future potential interest charges. By selecting a company such as Equity Release Supermarket, you are accessing a range of interest rates & deals that are more competitive than standard deals on the market. It is wise therefore to always shop around to negotiate the best equity release deal possible.
Selection of the lowest equity release interest rates – June 2013
|EQUITY RELEASE LENDER
||Lifestyle Flexi Plan
||Flexible Repayment Plan
||Lump Sum Lifetime Mortgage
||Roll-up Lifetime Mortgage
||Flexible Lifetime Mortgage
||Interest Select Lite (interest only)
*Aviva equity release interest rates start from 5.42% & dependent on personal criteria.
The majority of these deals come with free valuations and cashback offers.
For a full list of equity rates & to compare deals click here.
For further information and associated offers with the above lifetime mortgage plans please contact the Equity Release Supermarket team on 0800 678 5159 or email firstname.lastname@example.org
These are lifetime mortgage plans. To understand the features and risks, ask for a personalised illustration.
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 email@example.com
Sunday, April 22nd, 2012
Equity release schemes have now been in existence for over 15 years in their current format. Here we answer some common questions such as – ‘Can I get a better interest rate?’ & ‘Can I borrow additional funds? ’.
Equity release schemes allow you to free up some or all of the equity tied up in your property and use the tax free cash for lifestyle reasons. This can be a particularly useful option for those who do not have enough cash flow and own a property, but do not wish to sell it.
If you already have an equity release scheme but for some reason you’re thinking, ‘should I remortgage my equity release?’ it may be worth your while to compare equity release rates & deals to find a more suitable product.
The equity release market is constantly changing, with interest rates rising and falling, and new innovative equity release schemes becoming available all the time. For instance, interest rates at the moment are much lower than they were just a few years back. So if you decide to remortgage your equity release just now, the fall in interest rates could result in significant savings for you over the long term, even when you take into account the setting up costs, which include solicitors fees, application fees etc. Not only that but you may have released all the money from your original plan & now find you require a ‘top-up’ to continue enjoying your retirement.
Why should I review my existing equity release plan?
With equity release schemes becoming increasingly popular, equity release providers are developing new products and schemes all the time. Something that was not an option a few years ago may now have become entirely possible. Therefore, a more suitable and pragmatic product may now be available. This means that by reviewing your existing equity release UK plan and shopping around for new options is a good idea, especially at this point in time.
What should I look out for?
Equity release schemes are defined as a lifetime mortgage. As such all plans have some form of in-build early repayment charge which is differentiated by the company offering the equity release plan. These penalties can exist for a set number of years on a fixed basis, or alternatively they can be linked to an investment such as government gilts or Bank of England base rate.
Particularly government gilts seem to be a favourable barometer used in today’s equity release marketplace. The two largest lifetime mortgage companies – AVIVA & Just Retirement have decided to use them, so you need to be aware of potential back end penalties if the equity release mortgage is paid off early. Other potential suitors such as LV= (Liverpool Victoria) & New Life Mortgages will only charge a fixed percentage penalty over either 5 or 10 years, with no penalty thereafter.
What is the next step?
If you are considering remortgaging your existing equity release scheme you must seek the professional services of an equity release adviser who has the experience of remortgage work. The adviser should be independent, so as to have the whole range of equity release schemes at their disposal. This is important as to remortgage again will incur a new round of equity release set up costs which need to be minimised as much as possible to ensure the new equity release deal is viable.
Before you decide to proceed with an equity release remortgage, it is important to consider several factors.
Remortgaging an existing equity release plan is not just a matter of switching to a new policy.
The following areas all need to be assessed & equity release comparisons made: –
Current value of the property – this may have changed since the original valuation, particularly in light of recent market conditions
Age of the youngest applicant – since the original equity release plan was taken out, you will be older, thus the loan-to-value ratio’s will have increased also meaning you can borrow a higher percentage of the house value
Balance of the existing equity release scheme – this can be based on your last annual statement or by requesting a redemption statement from your lender
Whether any early repayment charges would apply? – this can be ascertained from the redemption statement that should be ordered from your existing lifetime mortgage provider. This figure can be the difference between staying & switching plans dependent & the size & duration thereof.
Upon collating this data your equity release adviser can make an informed decision as to whether to stay put, or it’s in your best interests to switch plans. This is where the adviser’s independence becomes important. With any new equity release application comes a new set of set up costs. However, if your adviser can obtain a free valuation, cashback or any other incentive current available, then this will mitigate some of the new charges & make the whole process more worthwhile.
Professional financial advisers from Equity Release Supermarket will have all these tools at their disposal. With years of practical experience & many advisers having worked at the likes of AVIVA & Prudential, we know how these plans can be remortgaged & transacted quickly & cost effectively. With our current crop of best equity release deals we ever had, now is definitely a good time as any to consider saving yourselves, & your beneficiaries £1000’s by switching your existing equity release plan.
For a FREE no obligation equity release remortgage analysis, please contact the Equity Release Supermarket team on 0800 678 5159.
Alternatively, please complete the ‘find an adviser’ contact form to book an appointment with your local equity release adviser.
Equity Release Supermarket is one of the leading independent, over 55’s equity release specialists who have won awards for quality & impartial advice.
They can be contacted at firstname.lastname@example.org where your enquiry will be treated with strictest confidence.
Tuesday, February 7th, 2012
Aviva today announce an exclusive 5.92%pa interest rate to Equity Release Supermarket on its Lifestyle Flexi plan.
News had it that 2012 was going to be a breakthrough year for the Equity Release Market. Today this statement was confirmed.
The first sub 6% annual interest rate for over 5 years will have a major impact on the equity release market & confidence in general.
Ironically enough, this followed news earlier in the day from Just Retirement that it had just reduced its own rate in reaction to Aviva’s a week earlier. The new Just Retirement rate of 6.15% pa was considered extremely competitive until Aviva gatecrashed their party later on in the day.
Today’s groundbreaking news on the Aviva Lifestyle Flexi plan has come hot on the heals of my previous news items of 27th January & 30th January in announcing earlier Aviva and LV= rate reductions.
So why is there such an equity release interest rate war currently?
We need to look at the market as whole, the recent economic factors & how these companies are funded.
Both Aviva & Just Retirement are big annuity providers & companies with the backing of annuities have been able to ride the storm, ever since the credit crunch began a few years ago. You may be aware that most equity release companies with bank funding such as Saffron, Coventry Building Society & Hodge Lifetime to some degree, have dropped out of the market. Longer term funding has been an issue for them.
However, this doesn’t answer the whole story, so lets look a bit deeper…
We have mentioned the credit crunch. It is evident first hand from our Equity Release Supermarket data that a significant element of equity release loans are for financial, rather than lifestyle factors. This means there is a greater emphasis on ‘need’ rather than ‘wants’.
Retirees in general are finding retirement a financial struggle in trying to make ends meet. Overall attitude towards retirement & their legacies has also changed over the years with a more ‘live for today’ motto. With drawdown equity release plans becoming increasingly popular, this lends true to our analysis.
People are taking just enough for today to clear debts, help the kids & have a small amount behind them to provide that ‘cushion’ that provides them with a feel good factor.
The Aviva Lifestyle Flexi Deal in Finer Detail
Market leading fixed interest rate of 5.92%
£500 cashback on completion
FREE valuation upto £1 million
Drawdown equity release scheme
Earliest age for application of 55 years
Minimum £10,000 initial loan
Minimum property valuation of £75,000
In addition to the great news on their lowest interest rate for years, now is as good time as any to take out an Aviva Equity Release Plan. With both a £500 cashback & free valuation offer, the net set up costs for an equity release application are now minimal. With Equity Release Supermarket’s advice fee being lower than its major competitors, then now is the time to seriously considering taking out an equity release plan with Equity Release Supermarket, if you have strong intentions to do so anyway.
Early Repayment Advantages with Aviva
With GILT rates at a current all time low, it would also favour equity release lenders who use gilts to govern their early repayment charges. Aviva use an individual government gilt to measure whether a future early repayment charge will apply. The yield of this gilt is noted on the day the equity release plan starts. Upon redemption, the yield is noted at that point & gauged to see whether it has it increased or fallen during that period.
Should the gilt yield have increased or stayed the same then NO penalty will apply. Aviva will even permit a reduction of 0.12 basis points before even applying a penalty. Therefore, with gilt rates currently being so low, there is less likelihood of the yields falling today than ever previously. However, this cannot be guaranteed & if you are considering early repayment then please speak to our team of advisers first.
With a national team of equity release advisers who can provide both face-to-face & phone based financial advice, we are only a telephone call away from offering you a market leading equity release deal.
If you would like to take advantage of a free initial consultation regarding the Aviva or any other equity release mortgage, please call the Equity Release Supermarket team on 0800 678 5159 or email email@example.com
The following links provide further equity release information: –
Request an Aviva quote | Request a Just Retirement quote | Find a local adviser |
Equity Release Calculator
Monday, January 30th, 2012
Following on from the post on Friday regarding Aviva reducing its equity release interest rate on their Lifestyle Flexi plan (drawdown scheme), another lender has now followed suit.
LV= (Liverpool Victoria) today advised that it is also to drop its rates with effect from 1st February 2012 on both its Lifetime Mortgage – lump sum plan & the Flexible Lifetime Mortgage – drawdown scheme.
The corresponding rates are as follows: –
Lifetime Mortgage – lump sum – 6.39% (6.60% APR)
Flexible Lifetime Mortgage – 6.49% (6.8% APR)
Although interest rates are higher than the two largest providers – Aviva & Just Retirement, LV= do have some quality features that make it stand out from the crowd.
Firstly, their early repayment charges are fixed. This means that there is no link to gilt rates as the basis for the early repayment charge calculation, like Aviva & Just Retirement do.
LV=’s early repayment charges are known from the outset & are 5% in the first 5 years & 3% in the next 5 years. For some this can be reassuring news should their circumstances change in the future & early repayment is necessary.
LV= also allow partial repayments, subject to a minimum of £5,000 so if you are looking to work around potential early repayment this can be planned accordingly.
Equity Release Supermarket currently receive a free valuation with LV= with no current deadline. So now is as good a time as any to be considering an equity release application with the recent interest rate reductions across the board.
If you wish to obtain a quotation or advice on any of the LV= equity release schemes, please call our freephone 0800 678 5159 or email firstname.lastname@example.org
Friday, January 27th, 2012
With the latest round of equity release rate reductions, it seems both Aviva & Just Retirement are vying for top spot.
Currently, Just Retirement lead the way with their round of reductions a few weeks ago at a market leading 6.2% annual rate.
However, Equity Release Supermarket have been notified that with effect from next week the Aviva flexi drawdown plan is set to become the market leader again by usurping Just Retirement with a reduction of 0.12% to a new market leading rate of just 6.1% annual rate.
Mark Gregory – Director & founder of Equity Release Supermarket comments – “This is excellent news & the price war has been long awaited. Equity release interest rates have been in the doldrums recently compared to mainstream interest rates. We are getting back to rates from a few years ago & that sub 6% barrier is now not too far away. This new Aviva rate is exclusive with further benefits of a free valuation & an excellent £500 cashback on completion for the client. With gilts rates so low at present, now is as good time as any to be considering taking out an Aviva Equity Release plan.”
Equity Release Supermarket are one of the leading independent equity release advisory firms in the UK currently & can be found on their informative website http://www.equityreleasesupermarket.co.uk
If you require information on the new Aviva Flexi deal please call 0800 678 5159 where one of the equity release team would be willing to assist & provide further details.
Saturday, November 12th, 2011
Following hot on the heels of Equity Release Supermarket’s recently advertised Aviva cashback/valuation/interest rate deal, Director Mark Gregory is pleased to report a further exclusive equity release offer from Just Retirement.
‘We are pleased to advise that we now can provide a much improved offering to our customers from Just Retirement. On the back of a successful year in the equity release market, our achievements have now been recognised & rewarded by Just Retirement.’
Similar in nature to the Aviva deal, Just Retirement are to offer Equity Release Supermarket customers an amazing £700 cashback, FREE unlimited valuation & specially reduced interest rate of 6.35%.
The £700 cashback coupled with free unlimited valuation will enable our customers to submit an equity release application with NO upfront fees.
Major beneficiaries of the free valuation will be the applicants with higher property values, who will benefit from a completely FREE valuation. An example of this can be seen on a property valuation of £500,000 which will save such Equity Release Supermarket customers a sizeable further £500!’
The combination of free valuation & cashback (which offsets the application fee) results in the only fixed set up cost to be the equity release legal fees . These can be offered to Equity Release Supermarket customers for as low as £349+VAT & disbursements.
Just Retirement are one of the leading equity release companies whose drawdown scheme has recently undergone a major review, the results of which are now becoming evident.
The Just Retirement drawdown facility, which used to be capped at 100% of the initial release, has now been revised for the first time since its inception over 5 years ago.
The review has resulted in Just Retirement’s drawdown facility being increased from 100% to 200% of the initial withdrawal. This now puts it in line with fellow equity release lenders such as LV= which uses the same formula for calculation of the size of the additional reserve facility.
To request a quote on the special offer from Just Retirement please click here.
To find your local Equity Release Supermarket adviser please click here or call freephone 0800 678 5159.
Friday, November 11th, 2011
Equity Release Supermarket is pleased to announce its new equity release deal from Aviva.
Commenting on the exciting new deal from Aviva equity release which offers clients a FREE valuation* plus a £500 cashback & specially reduced interest rate of 6.32%, director Mark Gregory states…
‘the offer from Aviva is testament to the work & progress Equity Release Supermarket is making in the equity release market. Buoyed by the growing consumer confidence in equity release schemes, I feel that we are now positioned to increase our market share. Excellent deals from the likes of major equity release companies such as Aviva will help my team of advisers promote such competitive equity release plans.’
Equity Release Supermarket are now recognised as one of the major independent equity release brokers in the UK. Their market leading website offers all the current equity release interest rates & exclusive offers currently available.
Experience the Equity Release Supermarket website or to speak to one of their experienced equity release advisers call freephone 0800 678 5159.
*Free valuation applies to property valuations upto £250,000