Partnership offers financial products such as life insurance, annuities, and equity releases. Partnership’s company shares went public on the London Stock Exchange in 2013, although the company has been around for more than a decade. The company provides retirement solutions to those who need a better, more stable retirement. They offer at least one plan like the enhanced lifetime mortgage.
This product requires a person to have suffered from an illness or potential lifestyle choice that may lower their life expectancy. Most enhanced lifetime mortgages provide a higher loan to value lump sum to help the homeowner live a comfortable retirement. While the interest is fixed, it will accrue on to the back of the loan to be repaid at the same time as the principle balance. Explore Partnership’s plans to find out the benefits, features, lending criteria, and additional options that may be available.
Type of Plans
Partnership has one equity release plan. It is the enhanced lifetime mortgage. This option provides homeowners will necessary funds in the event they have an illness or lifestyle decision that affects their longevity. An enhanced lifetime mortgage is designed to provide a higher lump sum to the homeowner than a regular lifetime mortgage. Repayment options are the same with the principle and interest is repaid upon death or move to long term care location.
To qualify homeowners will need to fill out a health and lifestyle questionnaire, have an appropriate home value, and be of appropriate age.
Partnership requires a minimum loan of £25,000. There is a potential to release up to £10,000 in additional funds. A homeowner has to wait 6 months after the initial release to access further funds.
While repayments do not have to be made, they can be. If homeowners decide to repay a part or all of the loan early there are potential early repayment charges that may apply.
Partnership does make significant savings on arrangement, completion and valuation fees for their products by offering a free valuation & no application fee.
Options to Add to Equity Release
Partnership offers inheritance protection as an additional option to their lifetime mortgage products. This protection ensures a portion of the property value is safe from the repayment required. It is awarded to the beneficiaries when the home is sold.
Protection under Government
In accordance with government regulations, there is a no negative equity clause. It states that while the home can be sold for all interest and principle balance repayment, no other assets can be taken by the lender.