Independent financial advisers are calling for providers to show more innovation in home reversion schemes, says Bridgewater Equity Release.Peter Couch, managing director of Bridgewater, says advisers must be able to give clients what they need, whether it be as much cash as required, a specific release amount, regular payments over time or the ability to release further equity in the future. Couch says: “If we meet the demands of IFAs and customers I would not be surprised to see home reversions representing 20% of the equity release market by the end of next year.” Norwich Union agrees and says unless changes are made, business levels will not increase. Brandon Cearns, marketing manager for equity release at NU, says: “The home reversion market has been on a downward trend for the past few years. To ensure growth, providers must address some key concerns.” NU says it has identified three areas causing concern; transparency of products, risk of debt if the occupier dies early, and house price inflation. It says it has addressed these issues and urges other providers to do the same. Dean Mirfin, business director at Key Retirement Solutions, also says home reversions need major development to ensure their place alongside lifetime mortgages in the equity release industry. He says: “Innovation among reversion providers tends to be more slow than in the lifetime sector. But it is refreshing to see Bridgewater has strengthened its proposition in this market with a flexible reversion plan. This product offers a real alternative to drawdown lifetime mortgages.”
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The government today published its proposed council housing subsidy allocations for individual housing authorities for 2006-07. As far as possible the same formulae will apply for 2007-08. Authorities have until 10am on December 12 2005 to comment on the draft determinations and until December 2 2005 to comment on the data. The proposal will, on […]
Media magnate Rupert Murdoch’s News International and Australian website Realestate.com.au last week jointly bought UK property portal Propertyfinder.com. The two firms purchased 95% of Asserta Holdings – which owns Propertyfinder.com – for 14.3m. The new owners say the deal means Propertyfinder.com and its customers will benefit from the skills and capabilities of News International as […]
The Derbyshire is set to launch a separate stand alone brand called Salt on Monday.Offering near prime to heavy sub-prime, the products will initially only be available through a limited number of packagers, but the aim is to ultimately go direct through intermediaries.Three packagers are confirmed at the moment they include Abacus, Praxis and Pink […]
Infinet, the first web-based full mortgage administration system from Infinity Mortgages has been launched. The solution is based on edgeConnect developed by edge IPK, the Open Presentation Platform provider. It delivers a complete mortgage operation from front office point of sale through to back office administration.The Infinet project has been fundamental to Infinity Mortgages securing […]
In the run-up to the Budget, there was some concern that the chancellor might ‘call time’ on the use of salary sacrifice in employee benefits provision.
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