To introduce the new structure, Retirement Plus is also waiving fees payable by homeowners for a limited period.
The key features of the Fees Free Property Plan are as follows:
• Valuation fee and impaired life application fee payable upon application, but refundable on completion.
• Completion fee of £795 is waived. This includes all Retirement Plus legal fees and disbursements, (except first registration of Title and Stamp Duty Land Tax on Amounts Released in excess of £250,000).
• No cancellation penalties payable (except in exceptional circumstances where the value of the property has fallen).
Managing director Duncan Young said: “An increasing number of intermediaries now recognise the value of equity release and the part it plays in financial planning. We are very keen to support this positive trend.”
As of 1 March 2007 Retirement Plus will pay increased procuration fees of 2% of the amount released, within 7 working days of completion.
Retirement Plus is also to pay an annual trail fee of 10 basis points (0.10%) on the original amount released.
