Age Partnership

Age Partnership is one of the UK’s leading, multi-award-winning equity release specialists allowing homeowners aged 55 years or older to release the money locked up in their home as tax-free cash.

Please take the opportunity to visit us during the Retirement Roadshow to meet your local adviser, Len Payton. To arrange a meeting prior to the event please contact us on 08080 444 555.

About us

Age Partnership are based in Leeds, West Yorkshire and with over 300 employees. With a choice of face to face or telephone based advice they believe that people who are approaching or are retired deserve to get the best out of life. 

What is equity release?

Equity release is an ever-increasingly popular method to release a tax-free lump sum of money, or to help create an additional income from the value of your home. In order to qualify for an equity release scheme, you must be a homeowner over the age of 55, or if the property is jointly owned then both parties must be over 55.

An equity-release plan is a way of accessing extra cash without having to move home. With nearly all equity release plans there are no monthly repayments to make and with the most popular form of equity release, a lifetime mortgage, you continue to own all of your home. Plans all come with a ‘no-negative equity guarantee’ which means you can never owe more than your home is worth, and some plans include an option to protect an inheritance.

The money raised can be used for any purpose including:

• Paying off your mortgage
• Making home improvements
• One-off purchases such as a car, caravan or holiday
• Enjoying a more comfortable retirement
• Helping out friends or family members

Why choose Age Partnership?

• They offer a no-obligation quotation and don’t charge anything for advice unless you choose to proceed with their recommendation.
• Multi-award winning service with qualified advisors
• They can offer preferential and exclusive rates that are not available elsewhere
• Age Partnership have a high level of customer satisfaction, and have been awarded the highest possible Investor in Customers (IIC) rating which independently classes their service as ‘exceptional’ for the last four years.
• Fully independent and whole-of-market advice
• They are authorised and regulated by the Financial Conduct Authority, and are a member of the Equity Release Council.

Types of equity release schemes

Lifetime Mortgage

This is where you release a lump sum from the value of your property, whilst maintaining 100% ownership of your home. There are typically no monthly repayments to make and the amount released, plus any interest accrued, is repaid from the sale of your property when you pass away or move into long-term care.

Drawdown Lifetime

This is similar to a lifetime mortgage, but with added flexibility. The cash can be released over time, as and when you need it. Because you only accrue interest on the funds once you have taken them, this can reduce the amount you pay over time (when compared with a lump sum).

Interest-Only Lifetime Mortgage

This is like a standard lifetime mortgage; however, you make regular monthly payments so that the amount you owe remains constant. This amount would then be repaid from the sale of the home, typically once you have passed away.

Home Reversion Plan

Home reversion gives you a guaranteed lifetime lease and there are no monthly repayments to make.  You sell some or all of your property in exchange for a lump sum of money, whilst maintaining the right to remain living in your home, rent free, for as long as you live.

Things you should consider

It is important to get specialist equity release advice and discuss:

• How equity release will affect the value of your estate and the amount you will be able to pass on to beneficiaries;
• How the funds released could affect your entitlement to any means-tested benefits you may receive either now or in the future; and
• Alternatives to equity release such as downsizing or taking in a lodger.

Equity release may involve a lifetime mortgage or home reversion plan.

To understand the features and risks, ask for a personalised illustration.

Age Partnership provides initial advice and an equity release recommendation for free and without obligation. Only if you choose to proceed and your equity release application completes would a typical fee of 1.7% of the amount released be payable.