Introducing equity release

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1 Introducing equity release

2 Equity release refers to a range of products that let your clients access the cash tied up in their homes. The equity release market has seen low interest rates, a rise in property value and a new generation of retirees that are more acceptant of using equity release to boost their retirement funds. All of this equates to the industry booming and opportunities opening for advisers all over the UK. After years of working hard to make monthly repayments, your client s home is likely to be their biggest asset, particularly if they have benefited from the increase in house prices over the last few decades. Equity release allows your clients to generate cash from the value of their home in the form of a taxfree lump sum, or by drawing smaller amounts as and when they need them, without the hassle or stress that moving home can involve. At Key Partnerships we are already working with a wide range of intermediary partners, who are confident about referring their clients to us for our specialist advice. As the UK s No. 1 independent equity release specialist, we can offer 100% impartial advice to your clients. We are proud to extend our award-winning service to you and your clients. Will Hale Director of Key Partnerships 2 We are the UK s number one equity release specialist

3 How the market has evolved Ever since the turbulent period of the early unregulated equity release schemes in the late 1980s and early 1990s, the market has suffered from suspicion and distrust among homeowners. Since the equity release market became fully regulated in 2004, new providers and funders are inspiring new innovative products being brought to the market, with flexible features including: Being able to pay some or all of the interest or make penalty free capital repayments Portability, so it s possible to move home or to enable the purchase of a more expensive home Fixed early repayment charges for the first 5-10 years No negative equity guarantee: to never owe more than the value of the house The Equity Release Council (ERC) is established The ERC safeguards the interests of your clients, ensuring that: your client never owes more than the value of their home they have the right to live in their own property as long as they choose they fully understand the equity release plan that they are taking Property prices begin to increase The financial industry began to tighten up on regulations. Regulation The credit crunch Sales increase Pension reforms The first regulations brought in for equity release by the Financial Services Authority (now the Financial Conduct Authority, FCA). Firm guidelines were put into place for all companies operating in the equity release market. Difficult economic times started for many, as the equity release market continues to grow. Drawdown lifetime mortgage sales have marginally grown over the past 2 years, and now account for 60% of the entire equity release market. Changes in the world of pensions gave more flexibility to those retiring giving them the freedom to take their pension pot as a cash lump sum if they wished. This leads to them looking at all of their assets holistically when planning their retirement. 4 We only recommend plans with a no negative equity guarantee

4 Product range Growth and innovation within the equity release market has led to many providers offering a range of different plans. Lifetime Mortgages Drawdown Plans Enhanced Plans Interest Payment Plans Protected Plans Home Reversion Plans A lifetime mortgage is a form of equity release plan where the loan is secured against your client s property to provide them with a tax-free cash lump sum or drawdown sums to spend as they wish, with typically no monthly payments. Compound interest is added to the lifetime mortgage loan throughout your client s lifetime. The loan plus interest is eventually paid back when the home is sold, when you client moves into long-term care or dies. Drawdown lifetime mortgages work in the same way as general lifetime mortgages but with added flexibility. After an initial release amount, your client can choose to drawdown cash in stages as and when needed. The interest is only added to the amounts as they are released, so adds up more slowly than it would if the full amount was released at the outset. If your client or their partner has any health conditions or makes certain lifestyle choices, they may be able to release more money from their home. Health issues such as diabetes, heart problems or high blood pressure are typical examples where your client could qualify for an enhanced equity release plan. The same also applies to lifestyle factors such as heavy smoking. To meet the growing needs of clients wanting to take equity release, it is now possible to get interest payment mortgages. This works in the same way as a lifetime mortgage but your client can choose how much interest they will pay each month (subject to a minimum) and for how long. The advantage of this option is by paying some interest payments during the plan term, the amount owed at the end will be less than if no payments were made. If your clients want to guarantee an inheritance for their family, this is now possible with some lifetime mortgages. An agreed percentage of the home s value can be protected and kept for beneficiaries. With a home reversion plan, your client will sell a proportion of their property to a reversion plan company in exchange for a tax-free lump sum. They will still have the right to remain in their home rent-free for as long as they wish. 6 Clients may be able to release more cash if they have certain health conditions

5 Reasons for equity release Increasing numbers of retirees are turning to equity release as a much needed source of tax-free cash, but what is their motivation? Interest-only mortgage Gifting Home improvements Pay debts It has been estimated that a staggering 600,000 people will have an interest-only mortgage maturing before Not all of these will have a repayment strategy in place and could struggle to find a new deal due to age. Over a quarter of Key s customers have already used equity release to clear an outstanding mortgage. With recent house price increases, it is difficult for first time buyers to get onto the property ladder. This is just one of the many reasons why an increasing number of over 55s are opting to help their loved ones now rather than leaving an inheritance, with a lifetime legacy. Many people in or approaching retirement are using equity release to make home improvements as they do not want the upheaval of moving home. Many over 55 s are making the home and garden more manageable rather than moving to a smaller property. Entering retirement with outstanding debts can be a worrying prospect. It has been reported that almost 1 million people in the UK will die in debt. This is where equity release can provide a much needed lifeline. Over 30% of Key s customers have used equity release to pay off outstanding debts, including loans and credit cards. 8 We offer products from the whole market, not just a panel

6 Why choose Key? All referrals we receive will be provided with advice from Key Retirement, the UK s number one independent equity release specialist, which has helped over 1 million customers decide if equity release is the right option for them. Because of our trusted name within the industry, we are able to secure exclusive deals with leading plan providers creating fantastic offers which can potentially save your clients thousands of pounds over the life of their plan. Key can offer you and your clients: Get in touch with Key Partnerships today to understand more about equity release and the plans available: The only charge for this call will be your phone company s access charge Local advisers Over the phone as well as face-to-face appointments Exclusive offers Confidence 1 in 3 Equity Release Council approved plans are arranged by Key 10 Clients are still able to move house if they wish and can port their loan

7 Key Partnerships Baines House, 4 Midgery Court, Fulwood, Preston, PR2 9ZH T: E: This is intended for intermediaries only and has not been approved for customer use. All information correct at time of going to press, Jan This document does not constitute financial advice under the Financial Services and Markets Act If you require such advice, you should seek appropriate professional advice. Key Retirement is a trading name of Key Retirement Solutions Ltd. Registered in England No CKP148 (01/16) Key Retirement Solutions Ltd 2016

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