View more on these topics

Retirement Plus offers brokers fees

Retirement Plus has become the first equity release provider to offer brokers both proc fees and trail fees.

The lender is to set its proc fees to 2% of the amount released and is also introducing a 0.1% trail fee.

Duncan Young, managing director of Retirement Plus, says: “This is partly an incentive to encourage brokers to offer equity release but it also recognises that brokers need to be paid for the work they do.

“People see equity release as the last financial decision they will have to make but it is a complicated process that takes a long time. This means there is a lot of work for brokers to do to finalise deals.”

He adds: “We have set the standard in the industry and are sure other lenders will follow.”

Dean Mirfin, business development director at Key Retirement Solutions, says: “A lot of providers have battled hard to make proc fees financially viable in this sector but if Retirement Plus has achieved it and is able to reward advisers, that’s great news.”

Retirement Plus is also waiving fees payable by home owners for a limited period, meaning valuation fees and impaired life application fees are payable on application but refundable on completion.

Recommended

Countrywide signs HIP deal

US firm MacDonald, Dettwiler and Associates has signed a contract with estate agency Countrywide to be its lead supplier of Home Information Packs. MDA will receive all Countrywide’s HIP orders and execute them supported by a back-up supplier. Countrywide subsidiary Rightmove dropped its HIP proposition last year.

Knight to join Mortgage Next

Dale Knight, who was made redundant from Prestbury Financial last month, is to join Mortgage Next Network to spearhead its appointed representative recruitment drive. Knight was sales director at Prestbury for a year and also headed the Professional Mortgage Network.

Skipton launches capped trackers

Skipton has launched two capped tracker mortgages. The three and five year base rate tracker capped mortgages are both capped at 5.99% – meaning the maximum monthly payment a borrower would make during the capped period on a £100,000 repayment mortgage over a 25 year term would be £643. Colin Dale, head of lending at […]

Virgin broadband property facility

Propertyfinder.com is to supply Virgin Media broadband customers with an exclusive property search capability. The agreement means property-finder.com has added to its online portfolio, already being the official property portal for AOL, MSN, Yahoo and Tiscali.

Newsletter

News and expert analysis straight to your inbox

Sign up