Further key elements of the new Fees Free Property Plan are refundable valuation and impaired life application fees, the waiving of a £795 completion fee and no cancellation penalties.
Duncan Young, managing director of Retirement Plus commented: “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.”
The changes will come into effect tomorrow on 1 March 2007 and Retirement Plus will pay the increased 2 per cent procuration fees within seven working days of completion.
Another feature of this new structure will be the introduction of a 0.1 per cent trail fee – the first equity release provider to pay an annual trail fee of ten basis points on the original amount released.
