Operating at a rate of 5.99 per cent with an LTV of between 25 to 42 per cent, depending on the age of the client, the deal aims to provide increased client flexibility with an initial cash advance of £10,000 or more allowed, plus further withdrawals throughout the life of the product available, from £2,000 upwards.
Just Retirement also say its equity release deal includes no hidden charges.
Due to the product workings, Just Retirement has promised to offer a training and support package to 400 IFAs including a pilot scheme to ensure they are trained and qualified in equity release CF7 exams through the Chartered Insurance Institute (CII). Just Retirement will also sponsor
Personal Finance Society equity release roadshows throughout November and December.
Greg Pogonowski, senior consultant at Ample financial services, was impressed the company planned to encourage further learning about equity release.
He said: “Just Retirement’s plans definitely seem a step in the right direction. I would certainly be very interested in seeing what these courses cover and it should be applauded for its efforts.”
Peter O’Donovan, mortgage manager at Bestinvest, also welcomed Just Retirement’s addition to the market. “This is a good, innovative product, totally different to anything that is currently available,” he said.
“The extra benefits within the product make it a great product overall and with the 5.99 per cent rate I expect it to be a market leader very quickly and a good alternative to the current market.”
