PLAN DETAILS h all members must adhere. The Equity Release Council replaced SHIP. OPTIONS AVAILABLE
Income Draw- Other down
No No No No No Unlimited No Unlimited may be available Client pays own legal fees. Further advances may be available Client pays own legal fees. Further advances Further advances Further advances NoMaximum Guaranteed No No Yes † No CHARGES/INCENTIVES Early
Repayment Charge
25% of original loan
Is Plan Portable? Charges: Arrangement fee of £550. Survey fee dependent on property value Varies - max Yes Charges: Arrangement fee of £550. Survey fee dependent on property value Varies - max Yes
25% of original loan
may be available Client pays own legal fees. may be available Client pays own legal fees.
£100K per further advances valuation fee. drawdown
legal fees.
Charges: Arrangement fee of £550. Survey fee dependent on property value Varies - max Yes 25% of original loan
Charges: Arrangement fee of £550. Survey fee dependent on property value Varies - max Yes 25% of original loan
Charges: No arrangement or application fee. Client pays own legal fees and N/A
High HPI protection. Charges: No arrangement or application fee. Client pays own valuation and N/A IPG: 5 years
15 years Client selects total Charges: No arrangement or application fee. Client pays own valuation and N/A reversion, initial lump sum and term over which to take balance of payments
legal fees. Yes No No
withdrawal option Downsizing protection available. - minimum £1K
Further cash
r. Minimum instalment £500. No No
Further advances Yes Yes Yes
Charges: Arrangement fee £595. Client pays own valuation and legal fees. Varies - max 25% Yes of original loan
Further loans may Charges: Arrangement fee £
595.Client pays own valuation and legal fees. Varies - max 25% Yes be available
Downsizing protection available.
may be available Downsizing protection available. Flexible repayment option (max 10% per annum).
No Unlimited Further advances may be available
250K. No Unlimited Further advances
may be available
250K. No Unlimited Further advances
may be available Further advances
Charges: Application fee £500, survey fee 0.1% of property value. Client pays own legal fees.
Charges: Application fee £500, survey fee 0.1% of property value. Client pays own legal fees.
Charges: Application fee £500, survey fee 0.1% of property value. Client pays own legal fees.
250K. † Max LTV: Maximum LTV and advance based on clients health and lifestyle condtitions. No No
No No No No No Yes Yes Yes No
available may be available immediately after 12 months Free inheritance protection
Yes
available subject to Valuation fee dependent on property value. Client pays own legal fees. LV= agreement Discharge fee £125. Application to increase max loan £125. Re-valuation fee from £120.
Further advances
Further advances may be available
Protected equity guarantee.
Further advances
Protected equity guarantee.
available subject to Valuation fee dependent on property value. Client pays own legal fees. LV= agreement Discharge fee £125.
Charges: Application fee of £595 deducted from loan on completion. Charges: Application fee of £695 deducted from the loan on completion. of original loan
Charges: Arrangement fee £995. Client pays own valuation and legal fees 1st 5 yrs: 5%, 4%,Yes 3%, 2%, 1% of advance
0% - 20% of Yes adv dependent on change in bench- mark interest rate
0% - 20% of Yes adv dependent on change in bench- mark interest rate
0% - 20% of Yes adv dependent on change in bench- mark interest rate
Yrs 1 to 5: 5%, Yes Yrs 6 to 10: 3% of sum repaid
Yrs 1 to 5: 5%, Yes Yrs 6 to 10: 3% of sum repaid
Charges: Arrangement fee £695 paid on completion. Client pays own legal Min £125 (based Yes fees. Free valuation.
on movement of FTSE UK Gilts- 15 year index)
may be available £750 for initial advances £75K - £100K, £1K for initial advances over £100K. 15 year index) -
property value).Client pays own valuation and legal fees. Charges: Arrangement fee £550 (Scotland £600). Further advances
movement in 15 year Gilts †
Linked to
Incentives: Cashback of £500 for initial advances between £40K and £75K, FTSE UK Gilts- Charges: Arrangement fee £695. Application fee £120 - £920 (depending on Min £125 (based Yes
Charges: Arrangement fee £695 paid on completion. Client pays own legal Min £125 (based Yes fees. Free valuation. £2,000 rebate (Minimum £40K advance).
on movement of
FTSE UK Gilts- 15 year index)
on movement of Yes 2% of loan amount 2% of loan amount
2.10% of advance +0.70% (max £500)
2.10% of advance +0.70% (max £500)
3% payable on both initial releases and further advances (£15K max)
3% of cash released (£15K max)
3% of initial release paid on completion of initial release and annual commission of 3% of annual release amount
2% of advance plus 0.1% of remaining
cash withdrawal option 2% of advance
1% of advance
2% of each cash advance, minimum £600 on initial cash advance
2% of each cash advance, minimum £600 on initial cash advance
2% of each cash advance, minimum £600 on initial cash advance
1% of loan amount
time of increase exceed current max loan)
1% of max loan (and increases to max loan where withdrawals at
2.25% of initial advance (min £600)
2.25% of initial advance (min £600)
2.25% of initial advance (min £500)
2% of advance plus 1% of amount drawn from undrawn portion at time drawn down (min £500, max £10K)
IFA Commission
March 2015
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