Age Partnership equity release

Age Partnership has been operating since 2004, with over 500 employees providing financial services specifically for over 50s.

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Age Partnership has been operating since 2004, with over 500 employees providing financial services specifically for over 50s. It was recommended as an equity release broker by The Times Money Mentor in 2019 and won best equity release broker at the 2018 Mortgage Strategy Awards. Here, we delve into the company’s products and services to help you decide whether it’s the right company for you.

Equity release products offered by Age Partnership

Age Partnership equity release

Age Partnership is a broker, so it doesn’t offer its own equity release products

Age Partnership is a broker, so it doesn’t offer its own equity release products. Instead, the company works in partnership with various lenders to find you the best rates on the market at the time of application. The plans that you can apply for through Age Partnership consist of:

Lifetime mortgage

You can borrow a tax-free lump sum of money against the value of your property. These funds can be spent as you wish and are usually used to help cover retirement costs or help a loved one buy a property. You repay the loan plus interest when the property is sold at the end of the plan. Typically, that happens when you either pass away or go into full-time care.

Drawdown lifetime mortgage

Like a standard lifetime mortgage, a Drawdown lifetime mortgage allows you to borrow money against the value of your property. However, instead of receiving a lump sum, the money goes into a pot from which you can withdraw smaller amounts over time. This is an excellent option if you’d like to keep interest costs down.

Interest-only lifetime mortgage

Through an interest-only mortgage you borrow money from a lender, but you start paying off interest from the get-go instead of waiting until the end of the plan to cover the costs. It’s the best option if you’ve got a high-interest rate and would like to avoid interest roll-up.

Home reversion

This equity release scheme differs from lifetime mortgages considerably. Instead of borrowing money from the lender, you sell all or part of your house. In return, you receive a lifetime lease that allows you to live at the property for the rest of your life. Note that since your stay at the property is rent-free, the price you can sell your property will be much lower than its market value. Most lenders allow you to sell between 25% and 100% of your home.

Eligibility requirements

Typically, most companies only allow applicants over 55 and with a property valued at least £70,000. Most lenders will also have their own criteria regarding your property, so get in touch with Age Partnership to discuss your options.

There are also situations where a lender might decline your application due to you not meeting the minimum requirements and property criteria. Each lender will have its own specific rules, so make sure to discuss all your options before choosing a scheme.

Benefits and features of Age Partnership Equity Release

The main benefit to using Age Partnership is that you will receive various quotes to compare. Going straight through a lender could result in less favourable rates, and you could miss out on other plans that are better for you.

Here are some benefits to using Age Partnership:

  • A trustworthy provider with various awards for services and customer care.
  • Find the best deals on the market.
  • Partnered with the most reputable lenders on the market, including Aviva, Scottish Widows, and Legal & General.
  • Free initial advice.
  • Free equity release calculator.
  • A free helpline that puts you in touch with professional advisors.

How much does Age Partnership Equity Release cost?

We compare plans from the leading equity release providers

As mentioned before, the company will give you initial advice for free. Once you’ve chosen a plan and your equity release scheme is processed, the company will charge a fee of £1,795. So keep that in mind before deciding to go ahead.

In terms of your plan, the interest cost will depend on multiple factors, such as your age, how much you borrow, the value of your property, and the plan you choose. To get an exact quote for your circumstances, get in touch with Age Partnership directly.

Here’s an example to give you a better idea of the costs involved:

  • A 55-year-old applicant with a property worth £155,000 could potentially borrow £39,475 at an average interest rate of 3.72%. If the applicant opts for a standard lifetime mortgage, when payment is made at the end of the plan, the loan would cost £120,294 after 30 years (360 months) due to compounding interest. In this case, the cost of the loan is nearly triple the loan value.

To ensure that your costs stay down, borrow the least amount possible. The less you release, the lower your interest rates. You can also opt to pay off interest during the plan to stop interest from rolling up.

Overview of Age Partnership Equity Release plan details

Minimum equity release Depends on the lender you choose.
Minimum applicant age 55 (including joint applications)
Plan Options Lifetime Mortgage. Home Reversion
Repayment Options End of plan, interest-only, capital and interest
Second Property Equity Will vary depending on the lender.

Age Partnership Equity Release ratings

If you’d like to compare the lenders and plans presented by Age Partnership, you can always check the ratings awarded by third party companies such as Defaqto and Fairer Finance.

As a broker, Age Partnership doesn’t have its own equity release products to be reviewed, but it has received nearly 8,000 reviews on Trustpilot, with an average rating of 4.7.

Is Age Partnership Equity Release right for you?

Age Partnership is a fantastic option if you’re considering an equity release plan and want to find a good deal. A poor equity release plan can end up costing more than it’s worth, so it’s crucial to compare rates and choose a suitable scheme.

The company’s services are also tailored for customers over 50 years old, so you can rest assured that the company has extensive experience in finding deals for people in your position.