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There are lots of different equity release lenders across the UK. One of which is Age Partnership. It is important to ensure that all equity release advisers are of a certain standard, which is why our team at Equity Release Warehouse has carried out our own Age Partnership equity release review for you to read.
Equity release is a great way for individuals aged over 55 who own their own homes can release equity from their homes. Equity release is another form of loan that is repaid once your house is sold. This means that you do not have to repay a single penny of your equity release loan until after you pass away or move into a care home.
There are two main different types of equity release, which are lifetime mortgages and home reversion plans. Which plan you decide to go for will depend on a number of different factors, and your equity release advisor will help you decide between the two plans.
Each equity release loan includes interest, which will grow into compound interest if it isn’t paid off whilst you are still alive.
There are many different equity release advisers and lenders across the UK, one of which are Age Partnership.
At Equity Release Warehouse, we have taken the time to carry out a full Age Partnership equity release review to establish what they offer and how beneficial this might be to their clients.
Please call our 24-Hour Helpline: 0330 058 1579
During the Age Partnership equity release review, we discovered that Age Partnership is a company based in the UK that help individuals aged over 55 years old release money from their home. They offer a wide range of plans from a number of different lenders.
Age Partnership have been helping individuals over 50 years old with their finances since 2004, and are a member of the Financial Conduct Authority as well as the Equity Release Council.
This means that all of their advisers and plans that they recommend to their clients are fully regulated and in line with each authority’s standards and rules.
During the Age Partnership Equity Release Review, we found that Age Partnership offers a few different services and products. They don’t just offer equity release plans, but they also offer help with pensions, traditional mortgages and life insurance.
They offer their clients and prospective clients over the phone and video call conversations, where they can talk you through the process as well as all the different plans that you might be considered for.
Our Age Partnership equity release review also uncovered that Age Partnership also offers no contact delivery for all of your paperwork, which means that all documents will be sent directly to your home which means that you do not need to leave the house to complete your forms.
You will be able to return these forms through the freepost label provided once the paperwork is sent to you.
Please call our 24-Hour Helpline: 0330 058 1579
Yes, during the Age Partnership equity release review, we discovered that Age Partnership does have its own equity release calculator.
If you want to gain a better understanding of the value of your home and how much equity you are able to release from your home, then the equity release calculator will help you. In order to gain access to this service, you will need to supply Age Partnership with your contact details including your email address.
They will then be able to send you more information via email. Alternatively, you can give them a ring and ask them for a call back from one of their advisers.
Unfortunately, when it comes to how much equity you are able to release from your home depends on a long list of factors.
Our Age Partnership equity release review found the following factors that come into play when establishing how much equity you can release from your home with Age Partnership.
Age Partnership will take into account your age, your current state of health, your personal circumstances and the total value of your home. All of these factors will influence how much equity you are allowed to release from your home.
At Age Partnership, the older you are the more equity you can release from your home.
However, at Age Partnership they will need to ask you a number of questions about your lifestyle before they can agree on the amount, such as whether or not you smoke, whether or not you are overweight and whether you currently suffer from any health issues or take any medication for specific health conditions.
Please call our 24-Hour Helpline: 0330 058 1579
During the Age Partnership equity release review, we uncovered lots of benefits to their equity release plans. However, there are lots of advantages to using equity release in general, regardless of which advisor or lender you choose to go with.
For example, you do not have to repay your equity release loan until after you pass away or move into long-term care. You will also benefit from a no-negative equity guarantee, which means that even if your house decreases in value significantly by the time you come to sell your house, your next of kin will never be responsible to pay off your equity release loan themselves.
Your next of kin will also be left more inheritance if your property increases in value significantly.
Our Age Partnership equity release review also discovered that there are also no restrictions on moving house, either. If you take out an equity release loan and later decide that you either want or need to move house then you are allowed to do so, as long as the equity release lender you are currently with accepts the new property.
If you cannot afford to repay the interest on the equity release loan whilst you are still alive then you do not need to. In fact, you do not have to repay a penny whilst you are still alive if you choose not to.
However, it is recommended that you do repay some of the interest on the loan whilst you are still alive in order to avoid compound interest accumulating.
Please call our 24-Hour Helpline: 0330 058 1579
The eligibility criteria amongst equity release lenders and advisors are pretty much the same across the board. However, during our Age Partnership equity release review we have uncovered the main qualification criteria factors Age Partnership use to determine if someone will qualify for equity release or not.
In order to qualify for equity release with Age Partnership you will need to meet the following qualification criteria.
You will need to be aged 55 or over to qualify for a lifetime mortgage and at least 60 – 65 years in order to qualify for a home reversion plan. You will also need to be a homeowner, currently living in the UK. you also need to have paid off a large sum of your existing mortgage already.
If you still have some of your mortgage left to pay off, then Age Partnership will need you to agree to pay off some of the existing mortgage with your equity release loan.
During our Age Partnership equity release review, we found that equity release with Age Partnership has been an increasingly popular option for those aged 55 or over and are living in the UK. In fact, more people than ever are considering releasing equity from their home across the UK.
The equity release industry is becoming an increasingly popular option due to the increase in the types of loans available, and the fact that plans and schemes are becoming increasingly more flexible.
In addition to this, the equity release industry has become much more positive and transparent due to the Equity Release Council and the Financial Conduct Authority.
These two bodies ensure that all lenders and advisers are offering responsible and fair products to customers, and that anyone considering equity release is not taken advantage of.
Finally, Age Partnership has seen an increase in the amount of equity release plans taken out due to the fact that lenders are working hard to keep interest rates as low as they can be, despite being higher than traditional mortgages.
Please call our 24-Hour Helpline: 0330 058 1579
During the Age Partnership Equity Release Review we discovered that Age Partnership has a lot of online information when it comes to how equity release works.
They explain that there are two different types of equity release across the UK. These are lifetime mortgages and home reversion plans.
When you first contact Age Partnership, you will have a conversation (usually over the phone or through a video call) where you will discuss your motivations for choosing equity release. They will also provide you with more information on each different type of plan.
With a lifetime mortgage, you do not have to repay the loan until after you pass away or move into long-term care. Once you do, your house will be sold and the lifetime mortgage loan will be paid off this way.
However, you will be charged a significant amount of interest with a lifetime mortgage, which will accumulate into compound interest if you choose not to pay it off whilst you are still alive.
During the Age Partnership equity release review, we discovered that the other alternative Age Partnership will recommend to you is a home reversion plan. These are less popular than lifetime equity release mortgages.
This is because with a home reversion plan, you must sell some of your property to the lender in return for access to the equity in your home. This also means that when you come to sell the house to repay the equity, the lender will receive a percentage of the sale money.
Once you decide on an equity release scheme, an advisor from Age Partnership will then draw up an equity release mortgage illustration for you. In this illustration, your loan will be explained and how much money you will have to repay in interest will be stated.
Once you agree to this, your application will be sent to the equity release lender for your equity release mortgage to hopefully be approved. You will also need to engage a solicitor during this time to handle the ins and outs of the contract.
Please call our 24-Hour Helpline: 0330 058 1579
During our Age Partnership equity release review at Equity Release Warehouse, we uncovered that how much an Age Partnership equity release plan costs depends on a number of different factors.
This includes how complicated your equity release loan is and which lender and advisor you choose to go with. Whilst there are a number of upfront costs to equity release, there is also the interest to think about.
Interest rates on equity release loans are usually anywhere between 4% and 5% and are usually always higher than interest rates with other types of more traditional mortgages.
During the Age Partnership equity release review, we found that if you are considering using Age Partnership to release equity from your home, then we would always recommend having an upfront conversation with them about the cost of equity release first before making any decisions.
You should always do this to make sure that you can actually afford to pay some of the upfront costs before you receive your loan.
All initial advice and support with Age Partnership is free and without any obligation. You will only have to pay the lender if you want to go ahead with an equity release plan. If you choose to do so, then you will have to pay a small fee to the adviser.
On average, this fee is approximately £1,795 but can either be more or less depending on your circumstances [1].
In addition to this fee, you will also have to pay for other set-up costs, which might include a valuation fee to the lender or to your solicitor.
These costs will differ significantly depending on who you choose to go with and could range from anywhere between £1,000 and £3,000.
If you are considering releasing equity from your home but would like more information, then speak to a member of our team at Equity Release Warehouse for more advice and support.
Please call our 24-Hour Helpline: 0330 058 1579
During the Age Partnership equity release review at Equity Release Warehouse, we uncovered that Age Partnership uses a range of different terms and jargon to describe the different aspects of equity release. Some of these terms include APR, Compound interest, and CPI.
At Equity Release Warehouse, we understand that this jargon can be confusing and sometimes incredibly intimidating to those who might not know a lot about equity release.
This can sometimes even be enough to put someone off the idea of equity release altogether.
At Equity Release Warehouse, we don’t want anyone to be put off the idea of equity release unnecessarily, which is why we have gone to the liberty of explaining some of these terms below for you.
The APR is short for the annual percentage rate, which is used to highlight the current total cost of borrowing on a loan. If the APR is low, then the low will be considered a good or cheap loan.
County court judgments (also known and referred to as CCJ’s) are commonly used throughout the loan and financial industry. They are used to describe when someone has a court order against them because they have failed to pay back the money that they owe to a lender.
Disbursements are other payments solicitors charge their clients from third parties, such as to land registry or stamp duty.
A freehold property means that you own the property fully, as well as the land underneath the property.
Downsizing your property is when you sell your large property and decide to buy a smaller one. This means that you get to keep the profit you make from the sale of your initial property and buy a cheaper one, keeping hold of the difference.
This term will be used a lot throughout your equity release discussions at Age Partnership. Compound interest is essentially the interest you have to pay on the interest on your loan.
By allowing compound interest to build up, the amount you will owe will also increase. As the overall amount increases because of this, so does the amount of interest on your loan, and so it continues. Compound interest should be avoided wherever it can be.
Means-tested benefits are any benefits that you receive from the Government or council which are based on your income.
The right to remain is a key feature of all equity release loans, and means that you will always be able to live in your house for as long as you want and will never be asked to move house by your equity release adviser or lender.
Enhanced equity release mortgages allow some people to release more money or receive their plan under a lower interest rate if your health calls for it.
Fixed interest rates mean that the amount of interest you will have to pay on your equity release loan will stay the same until your fixed term ends.
For normal, traditional mortgages this is usually anywhere between 2 and 10 years. For equity release plans, your interest rate will most likely be fixed until after you pass away and the loan ends.
The Consumer Price Index (also known as a CPI) is used to measure any changes to the prices of items used across the world, such as bread, mild or petrol. This controls inflation as well as interest rates set by the Bank of England.
A home reversion plan is the second most popular type of equity release used in the UK. With a home reversion plan, you sell a percentage of your property to the lender in exchange for the equity in your home.
A debt management plan is used by lenders to help people who are struggling to make repayments on their loans. They will allow you to repay your loan in monthly installments.
If you release equity from your home but then decide that you need to release more equity from your property in the future, then you might be able to do so. If you do, this will be referred to as a further advance.
The AER stands for the Annual Equivalent Rate. This shows how much interest you have acquired on your loan or savings account over the space of a year.
This type of equity release mortgage lets people release their equity release funds over an extended period of time, instead of taking out one large lump sum.
You can release a certain amount of money and then decide that you want to release more later down the road. You will only have to pay interest on the equity that you do decide to release.
The IVA is the individual voluntary agreement, which is a legal document and agreement between anyone who is currently suffering from debt and their creditor. This decides how much debt they will pay back and how they will do so.
Filling for an individual voluntary arrangement is an alternative option to filing for bankruptcy.
A joint policyholder is whoever you enter the agreement plan with. This could be your spouse or partner. Your equity release loan will continue until after the second joint policyholder passes away.
Emergency funds are something that we believe everyone should have in place, whether or not they are considered equity release with Age Partnership or not.
Emergency funds are a set amount of money you should always have in your savings account which can be used on a rainy day, such as an accident or emergency that requires money and financial support to solve.
A FKI is a key facts illustration and is a document the lender draws up which highlights the terms and conditions of your equity release agreement.
A lifetime equity release mortgage is the most popular type of equity release used throughout the UK. This type of equity release plan allows people to release money from their home without having to repay a penny until after you pass away or move into a care home.
ERC’s stand for early repayment charges. These come into play if you decide to repay the interest on your loan early.
A no negative equity guarantee is a feature of all equity release loans. It means that even if your house decreases in value and no longer covers the cost of the loan, neither you nor your next of kin will be liable to pay off the difference between the loan and the new value of the property.
A key part of your equity release application is the valuation, which is used to establish how much money your property is now worth. This will involve someone coming to your property to work out the value of your house based on its location and current condition. This will determine how much equity you are allowed to release from your home.
Loan to value is the percentage of the property’s value that you have decided to borrow. This could be anywhere between 10% and 60%.
The ERC stands for the Equity Release Council which has worked tirelessly over the past few years to help to standardise the equity release industry. They work to make the industry more fair, responsible and transparent to clients.
If you choose to downsize your property, then you will most probably hear the term ‘downsizing protection.’ This allows people to pay off their equity release loan if they decide to move home without having to pay any fines.
Please call our 24-Hour Helpline: 0330 058 1579
[1] https://www.equityreleasewarehouse.com/help-centre/what-does-equity-release-cost/
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