2 July 2007

Retirement Plus launches product stressing need for independent advice

Retirement Plus has launched a new product, the "Advice Assist" Property Plan, which highlights the importance of independent financial advice in equity release.

Retirement Plus will contribute £1,000 per case towards a client's legal and financial advice fees on applications received from Monday 2nd July. This offer will be valid for a limited time only.

The key features of the "Advice Assist Property Plan" are as follows:

A payment of £1000 is sent to the client on completion. This is irrespective of the actual broker fee charged

Cancel the Property Plan at any time by paying us the value of our share of the property

Guarantees the client can leave an inheritance with a Protected Share - yet still raise the same amount of money as they would on a lifetime mortgage

The company has seen a positive market response to its products, particularly following the introduction of protected share and impaired life options. Managing director, Duncan Young said: "The launch of this product is just one part of our ongoing commitment to independent financial advice in equity release."

An increasing number of intermediaries now recognise the value of equity release and the part it plays in financial planning. We are very keen to support this positive trend."

Since the beginning of March this Retirement Plus has paid procuration fees of 2% of the amount released, within 7 working days of completion. Retirement Plus also pays an annual trail fee of 10 basis points (0.10%) on the original amount released.

Retirement Plus launched at the end of 2005 and gained SHIP accreditation in June 2006. The Property Plan is a form of home reversion but with some vital differences: the share of the property bought is at full market value; the share then increases at a fixed rate over time rather than any discount being applied at the start. A share of the property can be protected for the customer to apply to raise funds at a later date or for their family to inherit. The Property Plan is flexible for changes that may occur in the customer's life.