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Retirement Plus introduces hybrid equity release

Retirement Plus is offering a hybrid equity-release product backed by property giants British Land and Delancey.

As revealed by Money Marketing in July, the product, called Property Plan, is a hybrid of a home-reversion plan, which means the client co-owns the property with the provider rather than the provider owning the property deeds outright.

The sum advanced on the property is based on the full market value and there are no early redemption charges.

Retirement Plus does not insist on selling the property if the client goes into a nursing home.

The annual rate is currently 5.5 per cent. After five years, any falls in the prop- erty value are shared proportionately between the pro- vider and client.

The product allows the client to take in lodgers and tenants and allows up to three people to be party to the agreement.

Property Plan is only available through intermediaries and is treated as a regulated product. The company is applying for membership of Safe Home Income Plans.

Chief executive Duncan Young says: “This product represents a significant development in the market. Full property valuations, lifestyle flexibility and a lack of exit penalties should give consumers peace of mind.”

NHFA equity-release marketing manager Mike Lewis says: “It is not going to be a massive player to threaten the likes of Northern Rock but it fits some people’s needs.”

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