Products

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Featured Product The 50 Plus plan 50 Plus plan guaranteed Life cover Many people aged 50 and over find that they don't have sufficient life cover - that's why we developed the 50 Plus plan from LV=. Our no-nonsense life cover plan pays out a cash lump sum when you’re no longer around to help meet funeral expenses, help towards outstanding loans or bills, or leave a legacy for your loved ones. One of the great advantages of the 50 Plus plan from LV= is that your cover will pay out in full if you die more than one year after your plan starts. If you were to die in the first 12 months of your plan starting, it may only pay out what you have paid in. It is this that allows us to be able to offer guaranteed acceptance without the need for a medical or health questions. Our premiums start from £5 per month and we guarantee to accept you for the plan as long as you are a UK resident aged 50-80 when your policy starts. (Unfortunately we are unable to cover people living in the Channel Islands or the Isle of Man.) Your cover is fixed when your plan starts and doesn’t change. This means it won’t keep up with inflation, and will buy less in the future. This plan has no cash in value. If you stop paying for your cover it will stop, and you won’t get anything back. To view our legal information please go to: http://www.lv.com/nav/lvcompanies Phone us on:  0800 328 5075 (For textphone first dial 18001). Calls may be recorded for training and monitoring purposes – Lines are open 8am-8pm, Mon-Fri and 8am-4pm Sat.

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  Lifetime Lease

  Just what is a Lifetime Lease?

  A Lifetime Lease is a practical alternative to home ownership for people who want to move into a home of their choice - and pay less. Homewise’s unique lifetime lease is a concept that was pioneered by the Neal family some 30 years ago. Since then, our company has helped thousands of people by providing an easy and affordable way to move home.

  Using all or part of the money from the sale of your current home, or in some cases, savings, you purchase a Lifetime Lease on your new property at a substantial discount on the property value. This money can then be used to supplement your retirement income, pay-off debts or help younger members of your family.

  Your Lifetime Lease guarantees you a lifetime’s enjoyment of your new home. Under a Lifetime Lease there is no rent or interest to pay.

  Because you enjoy a considerable discount on the value of your chosen property, you could move into a home that you may otherwise not be able to afford – and you have the security of being able to live there for the rest of your life.

  If you choose to move at a later stage, you are free to do so. On your demise, the property remains with the company. 

  The discount we offer you is based on a sliding scale that relates to your age, gender and marital status. You can take out a Lifetime Lease if you are a couple or on your own, living with a friend or another family member - just as long as you are both 60 or over.

  The Lifetime Lease has met with the approval not only of leading legal organizations but also the Elderly Accommodation Counsel, which provides objective information to anyone looking to move. In the words of Ros Lucas, EAC’s Director of Charity Services: “We welcome the development of a product such as the Lifetime Lease offered by Homewise as it increases the options available to older people when considering their future housing needs.”

  

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  About Equity Release

  The equity you have in your home is the difference between the value of the home you own, less any mortgage you may have on it. Equity release is the term given to unlocking or making available some, or all of this value whilst continuing to live in the property. This can be achieved through two different types of plan; Lifetime Mortgage or Home Reversion. Both plans are regulated by the Financial Services Authority (FSA).

  Lifetime Mortgage

  With a lifetime mortgage you retain full ownership of your property, and you may even benefit if the value of your home increases. As property prices increase you may be able to release more equity if needed. 

  There are a variety of Lifetime Mortgages available in the marketplace. You can choose plans depending how you would like the loan amount advanced to you - in a lump sum, regular payments or via draw down (where you will be able to draw on the funds as and when you need it). 

  You can also choose a plan which protects the equity in your home, ensuring that the debt does not grow to more than the agreed percentage of your property value. This, for example, will ensure that a guaranteed percentage of your property can be left for your beneficiaries.

  There are also different interest rates you can consider, from fixed rate to variable interest rate options.

  Home Reversion Plan

  With a home reversion plan you agree to sell a percentage of your property to a home reversion company in exchange for a tax-free cash lump sum and guaranteed lifetime lease (this gives you the right to remain living in the property until it is sold after your death, or earlier if you move into another property or into a care home).

  Home reversion plans can be set up on a lump sum basis or effectively on a draw down basis, with the ability to sell further shares of your property in the future.

  Please note:

  1. Releasing equity may reduce your state.

  2. Releasing equity may affect your entitlement to means-tested state benefits.

  For more information on Lifetime Mortgages and Home Reversion Plans, download our Equity Release Guide FREE in the 'Catalogue' tab or call our impartial service on 0845 2300 820.

  Equity release may involve a lifetime mortgage or home reversion plan. To understand the features & risks ask for a personalised illustration.

  

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  Exclusive Offers from Leading Providers

  As the UK’s leading independent advisers for equity release, we work with leading providers including Prudential, Norwich Union and Just Retirement and often secure exclusive offers which are only available for Key customers. You couldn’t even find these offers if you approached the providers directly.

   

  These offers often include:

  -         Cashback on completion of your plan

  -         Free survey on your property

  -         Reduced or removed application fees.

   

  Our offers, which are subject to eligibility, change frequently and are only ever available for a limited time, so calls us today on 0800 531 6027 to find out about our current offers (quote ref: 12053P). To find out more about Key, visit www.keyrs.co.uk

  

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  Aviva Equity Release

  If you’re over 55 years of age then releasing the cash tied up in your home may be one of the options open to you. It has helped many people to enjoy a more comfortable retirement.

   

  Equity release lets you stay in your home for as long as you wish and you can spend the money however you like. It could provide some welcome extra income in your retirement, maybe to repair your home, or simply to treat yourself occasionally. It’s completely up to you.

   

  So should you choose equity release? That’s a decision only you can make; but we can help you make it by giving you the facts right from the start. When considering equity release, it’s important to get advice that takes your individual circumstances into account – that’s why we always arrange for one of our team to come out and visit you if you want to know more about the products. Please note we can only advise on products sold by Aviva.

   

  Taking a lump sum, plus our costs, will reduce the value you have in your home and therefore the value of any inheritance you leave. Your entitlement to tax and welfare benefits may also be affected. Minimum age and property values apply.

   

  This is a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.

   

  Lifetime Mortgage

   

  This is a loan secured against your home, with no regular payments to make as the loan and interest are rolled up and usually repaid when you die or go into long-term care. As there are no regular repayments, interest builds up through the life of the mortgage and is charged on the total of the amount borrowed and the interest already added, quickly increasing the amount you owe.

   

  Home Reversion Plan

   

  A home reversion plan is where you sell all or a percentage of your home through Aviva to the reversion provider, Grainger plc, who will pay out a cash lump sum at the start of the plan. When the plan ends – which is usually when you die or if you need to move into long-term care – Grainger plc will sell the property, take their share of the money and pay the balance, if any, to you or your estate.

   

  PF01539 07/2009

   

  

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  Reversion Schemes

  This type of scheme allows you to sell part or all of your property to a provider in return for either a lump sum or income and a lifetime right to remain living in your property. You can sell up to 100 per cent of the value of your property, but you will only receive a heavily discounted sum of money which could be as low as 25% per cent of the current market value at age 65 rising to typically 60% at 91 years of age.  The provider discounts the amount of cash as compensation for the fact that it may have to wait many years before receiving their money back on your (or in the case of joint applications, -the last persons) death or need to move into care. When the house is eventually sold, the lender receives his percentage of the sale price, and not just the market price at the time the arrangement was agreed.

  For example, let's say your house is currently worth £260,000. If you agreed to sell 50% (equivalent to £130,000 based on current value) and because of your age you receive a rate of 40 per cent, you will only receive £52,000. If the house is then sold after 15 years, and is then worth £400,000, the lender collects 50 per cent of this amount, this is £200,000.  Therefore, if house prices continue to rise after you take out a scheme, the cost of the scheme, (measured by the difference between what you receive and what the provider gets) can rise, sometimes very significantly. Conversely, however, should house prices fall the cost decreases.

  The percentage you receive depends upon your age and sex - the older you are the more you will receive. Whilst under these schemes you sell the ownership, you are still responsible for the property and bills relating to it.

   
  If you have retained a percentage of ownership when you (or in the case of joint applicants – the last survivor) die or need to move into care you or your estate receives the full value of the share retained.

  
  To find out more about these schemes please download our brochure or call us on Freephone 0800 970 4883.
  
  Statutory Warning
  This is a Home Reversion.  To understand the features and risks, ask for a personalised illustration.

   

   

   

  

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  Home Income Plans

  Home Income Plans allow you to mortgage a percentage of your property to a provider who in return gives you an annuity (a regular income for the rest of your life based on your age and sex). Unlike a reversionary scheme you automatically have the interest on the loan deducted from the annuity payments each month. Whilst this means that only the capital is repaid on sale of your house on death or entry into long term care it means that the net income received from the annuity is reduced. Due to tax relief on mortgage payments no longer being available and the low rates offered on annuities you currently need to be 80-85 at the outset for these schemes to prove attractive. To find out more about these schemes please download our brochure or call us on Freephone 0800 970 4883.
  
  Statutory Warning
  This is a Lifetime Mortgage.  To understand the features and risks, ask for a personalised illustration.

  

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  Interest Only Mortgages

  There are a few Building Society and Banks which are prepared to offer ordinary interest only mortgages to retired people, to allow them to release capital.  

   Interest only mortgages mean that you only repay the interest not the capital to the lender; therefore, providing you pay the interest each month, your debt remains the same, unlike other specialist schemes. As you are only paying the interest the monthly repayments can be an affordable alternative to roll up Lifetime Mortgages. However, as you are not paying back any capital, you will always need to repay the loan either when you die or at the end of any mortgage term which ever is the earliest.

   
  The amount you can borrow under such schemes are usually limited to the amount your post retirement income can support, not your age or life expectancy.
  
  To find out more about these schemes please download our brochure or call us on Freephone 0800 970 4883.
  
  Statutory Warning
  Your home may be repossessed if you do not keep up repayments on your mortgage.