20 February 2007
Retirement Plus announces new fee deals
Retirement Plus is to increase its procuration fees to 2% of amounts
released, as well as introducing a 0.10% trail fee. To introduce the
new structure, Retirement Plus is also waiving fees payable by
homeowners for a limited period.
The key features of the Fees Free Property Plan* are as follows:
- Valuation fee and impaired life application fee payable upon application, but refundable on completion.
- Completion fee of £795 is waived. This includes all Retirement Plus
legal fees and disbursements, (except first registration of Title and
Stamp Duty Land Tax on Amounts Released in excess of £250,000). - No cancellation penalties payable (except in exceptional circumstances where the value of the property has fallen)
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: 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.
As of 1st March 2007 Retirement Plus will pay increased procuration
fees of 2% of the amount released, within 7 working days of completion.
Retirement Plus is also leading the way and becoming the first
equity release provider to pay an annual trail fee of 10 basis points
(0.10%) on the original amount released. While trail fees are common in
today's mortgage market, no other equity release provider currently
offers this service to intermediaries.
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 only increases 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 very
flexible and can be tailored to changes that occur in the customers
life.
