EquityReleaseForum.org
open discussion on equity release
I am single aged 65 and receive your emailed updates. I recently received one which said you had exclusive deals with Prudential so I went on agepartnership and clicked on exclusive offers but they won't disclose them.
Why do you email them but then expect me to have to ring or supply personal details to find our more.
I want to know if I am eligible and what the offer is. I have already approached other equity release firms and I haven't had trouble obtaining details from them?
Regards
NAGAUS
Equity Release may involve a lifetime mortgage or home reversion plan. To understand the features and risks ask for a personalised illustration.
Hi Nagaus,
As an advisor for Age Partnership, I can confirm that we’re more than happy to disclose the exclusive plans that are available. Whilst we try to provide e-mail updates when relevant, we don’t list all these of these exclusive plans on our website as they tend to change quite regularly. Furthermore, before it is possible to determine which plan is the most suitable for a client, it is important to go through a few questions. Some lenders have restrictions on who can take out their lifetime mortgages based on such things as property construction, location, value and age, amongst other things. It is for this reason that we feel it important to enter into a dialogue with people who are interested in equity release.
The organisation that I represent is not here to push equity release plans on people; and will never recommend any plan unless we firmly believe it to be in the client’s best interests. Whilst I understand that some people may feel apprehensive about picking up the phone, there really is no need to be. All specialist advisors who are part of SAFER (Specialist Advisors for Equity Release) commit to providing clients with free initial advice, without obligation.
With regards to the equity release plan that you mention, this is a drawdown lifetime mortgage from Prudential which comes with no valuation fee (for properties worth less than £450,000); no lender’s arrangement fee; and a cash back on completion of £1,095. This covers the cost of Age Partnership’s advice and application processing, leaving you with a further £300 to spend as you wish. You may wish to put this towards the legal costs of arranging your plan. This plan is available only through Age Partnership.
Whilst we can’t, of course, be sure whether or not it is your best option without discussing your circumstances, feel free to let me know if you have any other questions about the details of this particular plan (or any other).
Kind regards
Mark Blanchfield
Mark Blanchfield is a fully-qualified equity release specialist advisor for Age Partnership. Tel: 08080 555 222 Web: www.agepartnership.com
Thank you for your reply.
As mentioned in my initial query, I have had quotes from other equity release firms who are claiming that the interest rate must be high or higher for the Prudential product which you are advertising?
The interest rate I have been quoted by other companies is under 6.9% annualised, and the Prudential drawdown plan has been recommended to me by my IFA. I am not yet committed to taking the deal, but I am at the stage where I'm ready to return the documents to go ahead.
So that I can be sure I have shopped around, please can you confirm if you would be able to beat this rate on the drawdown with Prudential? I am already being offered the free valuation as my house is worth £420,000 and Prudentials fee is also free but you mention the plan is exclusive to agepartnership.
Also, do you have a service for deaf people, or can you email or post your response here for me?
I don't want to see an adviser if the rate is higher than one I've been quoted but obviously I will be happy to proceed to an interview with you if its a better deal.
Regards
Nagaus
Dear Nagaus,
Thank you for your message.
Age Partnership can access a number of preferential plans from Prudential, with a variety of different features and benefits. However, as a whole-of-market advisor, we would want to ensure that you were not better suited to any other plan before we would be able to recommend this to you. I will arrange for somebody to e-mail you separately to describe your options in more detail.
Kind regards,
Mark Blanchfield
Mark Blanchfield is a fully-qualified equity release specialist advisor for Age Partnership. Tel: 08080 555 222 Web: www.agepartnership.com