Equity Release. A Guide to Equity Release

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1 Equity Release A Guide to Equity Release

2 Why NHFA Equity Release Service? At NHFA we will always give you an honest assessment of the financial products available, talk you through all the small print and only recommend an Equity Release scheme if it is a suitable option for your personal circumstances. With experienced Advisers only dealing in Equity Release we ensure that you are offered the most suitable solution to meet your personal circumstances and requirements. We have years of experience of dealing with the older client market culminating in a real empathy and understanding of our Clients' needs. No pressure sales. We offer a telephone-based service which means that you will not have a salesperson call on you. There is no obligation to proceed or implement our recommendation. AC5655

3 Contents What is equity release? 2 Are you eligible for equity release? 3 Why consider an equity release scheme? 3 Before you consider equity release 4 The choices of equity release plans available 6 Which is best for me? 11 Taking advice 13 Case Studies 14 Frequently asked questions 18 What are the next steps? 22 Useful contacts 23

4 What is Equity Release? The equity you have in your home is the difference between the value of the home you own, less any mortgage you may have on it. Equity release is the term given to unlocking or making available some, or all of this value whilst continuing to live in the property. This can be achieved through two different types of scheme, either a lifetime mortgage which is based on raising a loan against the value of your home; or a home reversion plan, under which all or part of the property is sold to a home reversion company. You can release some of the equity in your home to give yourself a tax-free lump sum, a regular tax-free income, or a facility enabling you to borrow against the property as and when required in the future up to a predetermined level. The maximum amount of any equity release is determined by the property value, your age(s) and sometimes your health. This will vary between lenders and the type of plan you choose. You can live in your home until you and, if the property is in joint names, your partner dies provided your lifetime mortgage or home reversion plan is in joint names. The property is then sold and the proceeds are used to pay the accrued debt. Any surplus will form part of your Estate. If you sell your property before you die, for example, if you moved into a care home, you would then normally, in the case of a lifetime mortgage, pay the money back to the lender together with the interest accrued from the proceeds. In the case of a home reversion plan the company would retain the proportion of the proceeds relating to the share of the property they purchased. 2

5 Are you eligible for Equity Release? Plans and lenders have differing criteria but in general terms: You need to own your own home which needs to:- be of conventional brick and mortar construction; be in a reasonable state of repair have adequate buildings insurance cover be worth over 80,000 be mortgage free (a small mortgage could be repaid with the equity you release) have no tenants living with you who have rights under the rent Act You and your partner need to be aged over 60, although some companies will consider applications if you are over 55. If leasehold, your property will need to have at least 80 years of the lease remaining. The cash you receive can be used to extend the lease. With an equity release loan there is no need to prove any income or provide information about your credit history. Why consider an equity release scheme? When you take out any type of equity release scheme you use part of the capital tied up in the value of your home to raise extra income or a cash lump sum, or both. You keep the right to live in your home for the rest of your life. There are many reasons why you may be thinking about equity release. Your home may be your most valuable possession and investment, but you may be asset-rich and cash-poor living in a valuable property, with the mortgage paid off, but surviving on a relatively low income. 3

6 If you have been retired for some time you may find that your income and savings do not meet all your financial needs. Your day-to-day living costs may have gone up while your income has stayed unchanged, or gone down, due to inflation or low yields from investments or savings. You may want to get hold of a cash lump sum to pay for repairs or adaptations to your home, or to replace a car or pay for extras such as holidays. You may want to raise some cash to help your children or grandchildren. Equity Release Plans can be used towards purchasing a house if required. Turning some of the value of your home into cash can help pay for any of these things cash raised through an equity release scheme does not have to be spent on your home or used to buy an annuity. It is, of course, vital that you realise that once you spend this money, it has gone just as if it had been any other kind of savings or income. You need to consider very carefully just how urgent your financial needs are, and whether an equity release scheme is the best way of solving the problem. Any scheme you take out will have an effect on the equity in your home, and on the value of your estate when you die. More information is given on this later. Before you consider equity release For some people equity release may not be the most appropriate option. For example: 4 If you need to raise only a small amount of money. Lenders may have a lower limit on the amount they are prepared to advance. If you do not need this much the arrangement could prove unnecessarily costly. If you have savings you can use instead. Losing interest would probably be cheaper than paying interest because the cost of equity release is quite likely to exceed any return you can safely expect from savings. Also, bear in mind that as your savings reduce you may become entitled to means tested help and benefits.

7 If you need to raise a larger amount of capital than equity release can provide. It is important to look at alternatives before deciding whether or not Equity Release is right for you. For example: Consider moving to a smaller home raising capital this way will invariably be a cheaper option than an equity release plan and may reduce your outgoings each month as well. Consult your family an Equity Release Plan will affect the amount of any inheritance you may wish to leave. Because an equity release plan will affect the amount you will be able to leave when you die, talking to your family will help avoid any unnecessary surprises later on. They may be able to assist with alternatives to enable you to meet your aspirations without opting for equity release. Check your entitlement to Benefits taking out any form of Equity Release could adversely affect your entitlement to means-tested benefits or support. If you are on a low income ensure that you are receiving all the state benefits to which you are eligible. If you are already receiving means-tested benefits you need to check what impact equity release might have on these. NHFA can assist you with this. Check your entitlement to Grants if you require essential home repairs, adaptations or improvements, you may be eligible for grants from your local authority or a loan with more favourable terms from a body such as the Home Improvement Trust. This is a not-for-profit organisation which has links to a number of lendersall regulated banks and building societies- that provide low-cost loans to older people, secured against the value of their homes. 5

8 The choices of equity release plans available There are two types of equity release available, Lifetime Mortgages or Home Reversion Plans. Both schemes are regulated by the Financial Services Authority (FSA). The FSA is a non-government body that regulates all providers of financial services in the UK. Lifetime Mortgages offer a variety of different options: Lump Sum The Lender will advance you an agreed tax-free amount of money based on your age(s) and value of your home. Nothing is repaid until the property is sold, but interest is added to the amount you have borrowed each year. This interest is 'rolled up' over the period of the loan and repaid in a lump sum, together with the amount borrowed when the property is sold. The remaining proceeds from the house sale are then paid to you or will form part of your estate. Income The Lender will give you an agreed tax-free monthly income for the rest of your life(s) based on your age(s) and value of your home. Nothing is repaid until the property is sold, but interest is added to the amount you have borrowed each year. As with the lump sum option the interest rolls up and is repayable with the loan. The final debt cannot be guaranteed. However, the debt will grow much more slowly with this type of loan because interest is charged only on the amount you borrow at the time and consequently the interest charged over the life of the loan should be lower than if you were to take a lump sum at the outset. Draw down The Lender will make a maximum loan facility available to you for a predetermined period or for your lifetime. With certain limitations, this facility' allows you to draw' on these funds tax free as and 6

9 when you require them, with the advantage that you pay interest only on the amounts you withdraw. Repayment of the loan and interest is as with the lump sum and income options. Protected Equity This option allows you to ensure that the debt will not grow to more than an agreed percentage of your property value, ensuring for example that you will have a guaranteed percentage of your property to leave to your beneficiaries regardless of what might happen to property values in the future. Fixed Option This type of contract offers a known repayment figure from the outset. It is not affected by the life of the loan or by how long you live. As well as possibly being a cheaper option for many people it does allow you to know exactly where you stand financially. However, if you are in poor health or expect to have to sell the property in the future, this option can be more expensive if the loan is repaid very early. Interest Rates Lifetime mortgages can be taken on either a fixed rate or a variable interest rate option. A fixed rate is set at the outset, is guaranteed for the life of the mortgage and will not alter. With this option it is possible to project the increase in debt for your estimated life expectancy. A variable rate may be a cheaper option today but, as the name suggests could increase or decrease during the life of the loan. The rate is dependent on external conditions such as the Bank of England base rate, so it is not possible to project the eventual size of the debt over the lifetime of the loan. 7

10 With the draw down' option the initial amount taken is based on a fixed rate of interest. Future amounts taken will also be on a fixed rate basis but usually at the prevailing fixed rate available to new borrowers at the time the funds are taken: for this reason the rate cannot be guaranteed or the final debt calculated when taking out the scheme. No Negative Equity Guarantee The longer you live in a home on which you have a lifetime mortgage with compound interest, the greater will be the final debt. A no negative equity guarantee ensures the final debt will not exceed the property value when sold. Without such a guarantee the debt could exceed the property value. It is important to remember that whilst we have enjoyed a period of rising house prices, values can also fall and you must not ignore the possibility that even with a no negative equity guarantee your loan could match your property's value, leaving nothing for an inheritance. This scenario could also mean that you may find it difficult to move home should you decide to do so at a later date. 8

11 The effect of house price inflation With a lifetime mortgage you retain full ownership of your property, and if the value of your home increases, you may be able to benefit from any such increases. As property prices increase you may be able to release more equity if needed. The graphs below illustrate the effect house price inflation could have on the value of your home compared to the lifetime mortgage outstanding. Person aged 74 years, borrowing 50,000 on a house worth 150,000, at a fixed rate of 6.5% per annum. House Price Inflation 1% per annum 9

12 House Price Inflation 4% per annum At House Price Inflation of 1% after 20 years nearly all the value is taken up, whereas at 4% only about half is required to settle the debt. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Home Reversion Plans With a home reversion scheme you agree to sell a percentage of your property to a home reversion company in exchange for a taxfree cash lump sum and guaranteed lifetime lease (this gives you the right to remain living in the property until it is sold after your death or earlier if you move to another property or into a care home). The amount paid will not reflect the full market value at the time you take out the scheme. The full market value is discounted based on your age(s), health and anticipated life expectancy. The home reversion company discounts the value of the property because 10

13 they will not get their money back until the property is sold. It is also taking a risk on future house prices, which could go up or down. Home reversion plans can be set up on a lump sum basis or effectively on a draw down basis, with the ability to sell further shares of your property in the future. No interest or monthly payment is required with this type of scheme. When you die the percentage of your home that you sold belongs to the home reversion company. The rest, if applicable, will pass to your estate so that you can guarantee to leave a portion of your property in this way, whatever its future value. However, having sold a percentage of your home you will no longer fully benefit from any property price growth. A home reversion plan is not suitable for short-term borrowing. If you needed to end a scheme early you would have to buy back the home reversion provider's share of your property at its full market value. This could cost you much more than you received as a cash lump sum. This is a Home Reversion Plan. To understand the features and risks, ask for a personalised illustration. Which is best for me? This will depend entirely on your circumstances however, according to SHIP, the Safe Home Income Plans organisation which comprises most reputable plan providers, over 90% of people taking equity release plans do so through a lifetime mortgage in preference to a home reversion plan. So much depends on your own personal circumstances. For example, how much equity can you release and how much do you need to borrow? The amount you wish to borrow and your age would have some bearing on which sort of scheme would suit you best. Those in their early 60s and those with lower value properties may find that a lifetime mortgage does not release enough to accommodate their needs. 11

14 Other factors to take into account could be Do you need an upfront lump sum or a regular income? How do the different schemes drawdown facilities compare? Your attitude to risk and how you think property prices and interest rates might change in the future The value of your property and how much of this value, if any, you would wish to leave as an inheritance. Most Equity Release providers are members of Safe Home Income Plans (SHIP). A voluntary organisation launched in 1991 dedicated entirely to the protection of the consumer and the promotion of safe home income and Equity Release plans in a way that is fair and easy for all to understand. All SHIP members pledge to observe the SHIP Code of Practice. They display the SHIP logo in their brochures and other printed material as a guarantee to their customers. For the above reasons NHFA Equity Release Service will only recommend plans from Lenders who are members of SHIP (Safe Home Income Plans) ( ) The SHIP code of practice is: Members of SHIP agree to provide a fair, simple and complete presentation of their schemes.the benefits, obligations, variables and limitations must be clearly set out in their literature, including all costs which the applicant has to bear in setting up the scheme, the position on moving home, the tax situation and the effect of changes in house values. 12

15 The client s legal work will always be performed by a solicitor of his/her choice. The SHIP certificate will clearly state the main cost to the householder's assets and estate e.g. how the loan amount will change or whether part or all of the property is being sold. All SHIP schemes carry a no negative equity guarantee i.e. you will never owe more than the value of your home. For the above reasons, it always makes sense to choose a lender who is a SHIP member (see website: Taking Advice Within SHIP alone there are some 20 different providers of equity release plans. This is a developing market and there are likely to be several new entrants in the near future. Every Lender can have different interest rates, loan criteria and customer benefits, each of which need to be thoroughly researched to match your personal needs. Many Lenders will only deal with authorised intermediaries which means you would be unable to obtain information from these companies yourself. NHFA Ltd are authorised and regulated by the Financial Services Authority (FSA) for Lifetime Mortgages and Home Reversion Plans. NHFA select the most appropriate Lender from the whole of the market, i.e all reputable plans available, and as a specialist broker, can often negotiate special terms that might not be available to many other brokers. 13

16 The NHFA Equity Release Service is a telephone based service which means that you will not have any salespeople call on you; you can easily contact our Advisers as often as you wish to ensure that you fully understand the options available to you; your family can be included in the conversations, if you so wish, wherever they may live. Our Advisers also understand what impact taking out an equity release scheme would have on your entitlements such as income related benefits (e.g. Pension Credit or Council Tax Benefit). If a regular income or cash lump sum from an Equity Release scheme meant you would no longer be entitled to these benefits, the financial advantages of taking out this sort of scheme could be cancelled out. You will be charged a fixed fee on completion, which is currently 500, and the lender will pay NHFA Limited a procurement fee (commission), which is retained. Additional costs would also include valuation fees, solicitors fees and scheme provider fees. Case Studies Lump Sum Mr B from London approached NHFA Equity Release Service as he wished to move to a new property and he was unable to afford a conventional mortgage. He was living in a first floor flat with his partner who had become wheelchair bound and was finding it increasingly difficult to leave the flat as a result. The solution was to purchase a house in the same area which could then be adapted to his needs. Mr B however found that the cost of any suitable property was more than the current value of the flat, which was owned outright with no mortgage outstanding. Additional costs would also be incurred in ensuring that the new property was adapted for wheelchair access with a ground floor bathroom etc. 14

17 With the assistance of the NHFA Adviser all the potential costs were explored and a Lifetime Mortgage raised on the new property at the time of purchase was recommended as the best option. This provided sufficient funds, in combination with the sale proceeds of the flat and existing savings held, to purchase the new property. NHFA were able to verify that there were no grants or benefits available. Unable to afford the monthly commitment of an interest only mortgage and, due to his circumstances, being unable to move to a smaller or cheaper property and with no immediate family or dependants, a Lifetime Mortgage offered the ideal solution to his needs. NHFA were able to find the most suitable Lender from the whole of the market which gave a combination of a competitive rate and the level of loan required to proceed, and with the ability to raise additional funds within a short timescale if required. Mr B was happy to proceed with the advice given and subsequently moved to his new house and had sufficient funds remaining to complete the improvements to his needs. Reversion Mr R contacted the NHFA Equity Release Service for advice on raising some money to help him out in a variety of ways as he was struggling to make ends meet. Though on a reasonable pension income Mr R had more expenditure than income which had used up the little savings that he held. Due to the lack of spare income the property, which he owned outright, required some essential repairs and maintenance to maintain its value and desperately needed some new furnishings as well. By raising sufficient capital to cover the repairs, maintenance and furnishings, he was able to pay off his existing loans (to reduce his monthly outgoings) and have a little change to pay for a much-needed holiday and emergency fund. 15

18 After discussions with one of our specialist Advisers, who was able to verify that Mr R was not eligible for any means tested benefits, a Home Reversion Plan was recommended. Mr R had looked into the possibility of moving down market but had discounted this unless it was the only option available. Mr R was single and had no dependants who would benefit from his estate on death and a Home Reversion scheme therefore suited his personal situation. This type of plan also gave Mr R the option to draw on further funds in the future which suited his needs. By offering a whole of market service our Adviser was able to search all the providers to ensure the best value and flexibility was obtained. In this particular case the information gathered highlighted that Mr R had some ongoing medical conditions that enabled us to obtain enhanced terms meaning that a smaller share of the property had to be sold in exchange for the same lump sum in comparison to a healthy client of the same age. On completion of the application Mr R was then able to pay off his loans enabling him to live comfortably within his income each month, he had enough money to do the necessary works both outside and inside the house and have his much needed holiday. Draw down Mr & Mrs M were 63 and 60 respectively and found themselves without any earned income and with some two years before they were able to draw on their State Pension but with a property valued at 500,000. They had been living on their savings but had reached the stage that these were going to run out. They still had a mortgage to maintain and needed to make some improvements to their home. 16

19 Following contact with a specialist Adviser information was gathered which highlighted the fact that Mr & Mrs M were not claiming any means tested benefits. Before any decision was made Mr & Mrs M were referred to the relevant agencies that resulted in both Pension Credit and Invalidity Benefit being paid. Mr & Mrs M would also have been entitled to Housing Benefit but after due consideration opted to raise sufficient funds to redeem the current mortgage as they needed to raise additional capital and living expenses. Due to Mr & Mrs M s circumstances, NHFA Equity Release Service recommended a Lifetime Mortgage with a drawdown option. There was a choice of providers available to them but NHFA were able to use their experience to recommend a single product that would give them all the options they required. They were able to raise sufficient funds to redeem their current mortgage, which reduced their monthly outgoings substantially, and enough to finish the home improvements which had been put on hold due to the financial difficulties. The drawdown option then gave the facility of a cash reserve that could be taken as and when required to assist with their general living expenses until they reached state retirement age. The benefit of this scheme was the flexibility that it offered with no need to pay for any funds drawn until they were actually taken. Their future needs were difficult to predict but it was likely that after 2 years no further funds would be needed so a useful emergency fund would remain. 17

20 Frequently asked questions It is important to understand both the positives and negatives of equity release. Here we list some frequently asked questions and issues you may wish to consider. Home reversion Plan Lifetime mortgage Would I still own my home? The deeds and therefore ownership of the property would be transferred to the home reversion provider. You continue to have 100% ownership of your property. You would retain a beneficial interest in any part of the property not sold in the home reversion. 18 How much money would I be able to raise through equity release? This depends on your age, whether you are single or a couple, the value of your property, your health and the percentage of the property you sold. The older you are the more you can release. Single people can generally release more than couples. It is usually possible to release a larger sum through a home reversion compared with a lifetime mortgage. Releases generally range from 15% to 55% of the value of the property. Again this is dependent on your age, and with some plans your health. The older you are, the greater the cash sum that can be released.

21 How much money would I ultimately owe/have to pay to the company? What impact would rising or falling house prices have? Home reversion Plan The amount payable would be the ultimate sale value of the proportion or percentage of the property you sold to the home reversion company. You and the home reversion company mutually share any increases or decreases in the value of the property you sold. Lifetime mortgage The amount payable would be the initial amount borrowed plus the interest accrued at the time of sale. All SHIP plans guarantee that the amount payable cannot exceed the ultimate sale value of the property. This is the no negative equity guarantee. A fixed interest option is available where a known repayment figure is set at the outset and is not affected by the term of the loan. Though a potentially cheaper option the loan could be more expensive if it is repaid early. You retain the full benefit of any increases in the value of your property. Similarly, if your property price decreases you will stand the cost of the decrease in property value, which would adversely affect the capital available after the loan has been repaid. 19

22 Would there be any effect on inheritance tax (IHT)? Would I still be able to leave an inheritance? Home reversion Plan A home reversion plan could reduce the amount of IHT, as the proportion of the property you sold would fall outside your Estate. If you sold your entire home then there would be no inheritance from the value of the property. However, if you sold part of your property then the value of the portion you retained could be used to provide an inheritance. Lifetime mortgage A lifetime mortgage could reduce the amount of IHT payable by your Estate as the amount outstanding is deducted from the value of your property before IHT is calculated. The amount of any inheritance would depend on the amount of loan outstanding, which could depend on how long you live, and the ultimate value of your property when it's sold. It is possible there could be no inheritance. Your NHFA Adviser will be able to give you an indication of the possible impact on your Estate. When would the loan need to be repaid and can I transfer it to a new property? The outstanding amount is repaid on your death or in the case of a couple, on the death of the last survivor or following a move into permanent longterm care or another property. All SHIP approved plans allow the plan to be transferred to a new property, providing the property meets with the approval of the scheme provider. 20

23 Who would be responsible for the maintenance of my home? Home reversion plan Lifetime mortgage With both home reversion schemes and lifetime mortgages you have to maintain your property to a reasonable standard. Would entitlement to means-tested benefits be affected? Can I lose my home? This is possible depending on the amount and purpose of the release. You should ask your NHFA Adviser to provide you with an assessment of the possible impact on means-tested benefits. You are always secure in your home with a SHIP approved plan providing you adequately maintain your home and fulfil the terms of the agreement. How much will it cost me? Fees vary from plan to plan as do fees charged by the Adviser for arranging your release. You must be made fully aware of the costs involved before proceeding with a plan. Costs include valuation fees, solicitor's fees, provider administration fees and broker fees. 21

24 What are the next steps? If after reading this guide you feel equity release might be right for you and you wish to contact the NHFA Equity Release Service, this is what you should do: 1 2 Please complete and return the Information Request Form An NHFA Adviser will contact you to discuss your requirements and circumstances, and review your eligibility whilst considering all the alternatives. 4 5 If you wish to proceed, a completed application form is sent to the lender and solicitors. You should seek independent legal advice. Your property is valued. Your application is processed. 3 If equity release is right for you, your NHFA Adviser will discuss with you, and with your family if you wish, the options available, and will provide a written report. It is important to realise that you are under no obligation to accept any NHFA Adviser recommendations to proceed with the scheme. 6 A cash lump sum/income is paid to you through your solicitor. The NHFA Equity Release Service is available on Maximum call cost is 4p per minute from BT land lines Opening hours Monday-Friday 9am-5pm Saturday 8am-2pm or 22 St Leonards House, Mill Street, Eynsham, Oxford, OX29 4JX

25 Useful Contacts Help the Aged Seniorline For free, confidential and impartial welfare rights advice Help the Aged offer a range of information, advisory and paid for services specially designed to meet the needs of older people and enable them to live independent lives. Telephone: Website: Citizens Advice Bureau For advice on debt problems and State benefits. Telephone: See your local directory Website: Safe Home Income Plans (SHIP) Can supply you with a list of their members who have signed up to the SHIP Code of Practice. Address: PO Box 516, Preston Central, PR2 2XQ Telephone: Website: Financial Services Authority (FSA) Offer free leaflets on lifetime mortgages and other ways of releasing equity from your home. Telephone: Website: Benefit Enquiry Line Telephone: Website: Pension Credit Helpline Telephone: Website: Pension Service Information Telephone: Website: 23

26 Home Improvement Agencies Home Improvement Agencies (HIAs) are not for profit, locally based organisations that assist vulnerable homeowners or private sector tenants who are older, disabled or on low income to repair, improve, maintain or adapt their home. The national coordinating bodies for initial contact are: England Telephone: Website: Scotland Telephone: Website: Wales Telephone: Website: N. Ireland Telephone: Website: 24

27 Advice Request Form Strictly private and confidential Any personal information you provide is treated in the strictest of confidence and there is never any obligation for you to implement any NHFA Adviser recommendations. 1 We are considering Immediately 1 3 months 3 6 months 12 months+ equity release 2 Applicants details' First applicant Second applicant Full names(s) inc. title Date of birth Address Postcode Telephone (day) Telephone (evening) 3 Property details Are you the home owner? Yes No Type of property House Bungalow Flat Is the property Freehold? Leasehold? Property value 4 Financial information First applicant Second applicant Means-tested benefits? Yes No Yes No (Pension Credit etc) Current liabilities/debts? (Please include credit cards, loans, mortgages etc.) 5 Personal objectives What outcome are you seeking from this arrangement? Please indicate the preferred sum you wish to release and your plans for this money e.g. holidays, home improvements, car purchase, to live comfortably etc. 6 Enquirer details (if different to applicant(s)) 7 And finally... Full name Relationship to applicant(s) Telephone no How did you hear about this service? I/we declare that the statements and particulars given in this application are, to the best of my/our knowledge and belief, true and complete and I/we have read the important information overleaf. (Optional) I/we hereby authorise you to disclose and discuss with... any information or correspondence that may arise from my/our enquiry. Signature Date First applicant Second applicant

28 IMPORTANT INFORMATION TO BE READ BY APPLICANT(S):- Personal Data I/We declare and agree with the statements below: To enable NHFA Ltd to conform with the Data Protection Act 1998 I/we agree that NHFA may use the information I/we have supplied to recommend appropriate schemes and administer my/our application (should I/we decide to apply for an equity release scheme). Any personal information I/we provide will be treated as private and confidential, and held and processed, on computer or otherwise, by NHFA Ltd as a result of my/our application (whether or not it proceeds) or any subsequent agreement. NHFA Ltd may analyse the information they hold about me/us to help them improve their service to me/us, to monitor their business and for market research so they may identify any products or services which may be of interest to me/us. From time to time, NHFA Ltd, its associated companies and carefully selected third parties may then contact me/us by letter, telephone, or other appropriate means with offers reflecting my preferences. (I/we understand that no future products will be offered to me/us if I tick this box ). Only if I/we decide to proceed with an equity release scheme will my personal information be disclosed to potential lenders and their agents or to any person in circumstances where the disclosure is required by law. I/we can obtain (on payment of a small fee) a copy of the information held by NHFA Ltd about me/us under the Data Protection Act I/we declare that the statements and particulars given in this application are, to the best of my/our knowledge and belief, true and complete. PLEASE MAIL YOUR COMPLETED FORM TO: NHFA, FREEPOST SCE12765, Eynsham, WITNEY, OX29 4BR Or contact us on Telephone: , Fax: if you need any help completing this form. NHFA FREEPOST SCE12765 Eynsham WITNEY OX29 4BR SCE12765 RESPONSE LICENCE No. 1

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