The Exchange has today announced that it is further expanding its equity release service with the addition of the 16th provider - Retirement Plus – now live on the Exweb portal.
The Exweb equity release sourcing service now offers the widest possible product coverage available to intermediaries.
The newly enhanced "Property Plan" from Retirement Plus offers an innovative approach to a traditional reversion policy by being less dependent on how long a client lives. In exchange for releasing upwards of £25,000, Retirement Plus will buy a "share" in the ownership of a property which will increase over time, rather than in a single adjustment at the start of the plan - ensuring a client or their family will not be financially penalised should they die or end the scheme early.
Other key benefits of the Property Plan product include:
- A percentage share of the property can be "protected" ensuring the client will always leave an inheritance – no matter how long they live
- Stamp duty tax is not liable on cash amounts under £250,000
- A share of the property is purchased at full market value
- Clients will not be forced to sell if long term care is needed (providing maintenance, security and insurance are agreed on)
- The Property Plan has lots of flexibility for unexpected life changes and can be cancelled at any time
Chris Rumsey, commercial director, Retirement Plus, explains further:
"As our Property Plan can only be entered into under the guidance of a financial adviser, we are confident that advisers will be reassured by the flexibility of the product to meet a huge range of individual needs - as well as our passion for delivering a personal service that is right for them.
"Equity release is the only area we specialise in, which means we are not distracted by other financial products. With the backing of FTSE 100 property company British Land plc, and the UK’s leading privately owned property-related asset manager Delancey, we are committed to providing an extremely flexible and fair product that will offer clients complete peace of mind.
"We appreciate Exweb’s unique relationship with equity release advisers and are confident that the comparative service will offer the widest access to the intermediary market."
David Child, managing director, The Exchange, comments:
"We are delighted that Retirement Plus has become the latest provider to join our service - which now offers a maximum choice of equity release products for intermediaries. With such an innovative plan I’m sure they will be welcomed by both advisers and customers alike."
The equity release service on Exweb provides lender-verified comparative quotations and electronic KFIs for 3,500 intermediaries. Featuring over 35 products (both lifetime mortgages and home reversions) from 16 providers, this is the only online comparative system for advisers to research and quote equity release products. The service also contains a document library with detailed product information and best practice knowledge from the FSA, CML and SHIP as well as referral options to specialists within the equity release industry.