Just – exciting new changes to our Lifetime Mortgages
Earlier this year we introduced early repayment charge flexibility. And more recently we added Lump Sum Lite to our lifetime mortgage range.
More flexibility for your clients
We know that making decisions on equity release can be complex, especially where people are concerned that their situation may change. To help with this, introducing early repayment charge (ERC) flexibility to our Lifetime Mortgages brings these benefits:
- the ability to make partial repayments (up to a certain percentage) without incurring ERCs; and
- no ERCs for joint borrowers, if repaid within three years of the death, or entry into permanent care of one borrower.
It’s important to note that these features only became available for new quotes from 27 March 2017 and don’t apply to existing mortgages.
New – Lump Sum Lite Lifetime Mortgage
Lump Sum Lite is the latest lifetime mortgage solution from Just and became available from 27 June 2017. It’s been designed for people who wish to release a one-off lump sum, without the option to access additional money from a pre-agreed cash facility in the future.
Why choose Lump Sum Lite?
- It usually allows a higher amount to be borrowed than with our Drawdown product. It may be suitable where the option to access additional money from a pre-agreed cash facility in the future is not required. A higher rate of interest will normally apply than with the Drawdown product.
- Lump Sum Lite has lower loan to values (LTVs) and therefore a lower interest rate than our Lump Sum Plus product.
It’s all ‘Crystal’ clear
As part of introducing the Just brand, following the merger of Partnership and Just Retirement, we’re changing our lifetime mortgage product literature. You’ll start to see that it not only looks different, it reads a bit differently too. To help make understanding our product information and other communications as easy as we can, we’ve worked with Plain English Campaign to establish our very own, ‘Crystal Mark’ certified, Just language standards.
Please note that as we transition to the Just brand some information will continue to be issued under Just Retirement Money Limited.
We’re always pleased to help find a lifetime mortgage solution best suited to individual needs. For more information please contact our support team on 0345 302 2287 or email at [email protected]. You can also find various literature and information regarding our lifetime mortgages at www.justadviser.com.
Pure Retirement
We’ve recently welcomed Phil Totty to our expanding team at Pure. As an experienced adviser, he joins us as a telephone account manager, on hand to provide dedicated support including tools, resources and regular updates for our registered advisers.
Thanks to all who attended our Summer Roadshow and all the great feedback we received. With speakers including specialist ER solicitors, award-winning advisers sharing their success story, updates on the changing ER market and professional sales and marketing advice, these events are ideal for advisers new to the market and looking to build their business in equity release. Back by popular demand, we will be hosting another event this coming October, so look out for future announcements for your chance to book a place.
We were proud to support and sponsor this month’s Great Retirement Debate, run by the council and exploring the issues around vulnerable customers and how best to help them. We’ll also be sharing our support services for advisers at September’s London Financial Services Expo, including our ever-popular marketing toolkit, providing bespoke design and production of resources to help advisers in building their businesses.
We’ve also sponsored the new and improved version of Air Sourcing for advisers, now offering a wealth of new tools and resources. Advisers can now upgrade for free courtesy of Pure Retirement, for access to online calculators, sales process tools, educational webinars and a hub of the latest marketing resources.
July’s edition of Lifetime Mortgage Insight Magazine is now available from The Premier Equity Release Club and sponsored by Pure Retirement. Containing articles and Information from the Equity Release Council alongside a host of ER providers and specialists, it’s a really useful knowledge bank with information on the ever-changing market.
And finally, we were delighted to be voted Highly Commended Lifetime Lender at April’s Financial Reporter Awards, as well as being shortlisted for Best Equity Release Provider at this year’s upcoming Moneyfacts ILP Awards. Thanks to all who have voted for us and all your ongoing support.
Simon Chalk ‘s appointment with SOLLA, the Society of Later Life Advisers
Simon Chalk has accepted a voluntary position on the Advisory Board of SOLLA; the Society of Later Life Advisers. As a past Adviser Representative on the Equity Release Council’s own Standards Board, Simon is looking forward to representing the equity release sector in later life advising, particularly in respect of care fees planning. “Housing wealth will become more crucial in enabling people to stay in their own homes and pay for private care of their choosing. Historically equity release has been under-represented in care fees planning and in the retirement income market. I will be working hard to change that and having worked closely with many SOLLA advisers and their clients for years, I have built a good understanding of the issues involved.”
Simon’s period of consultancy to Age Partnership has ended, having assisted them in public relations and affairs for over 4.5 years. He remains with the company as a self-employed Equity Release Planner for the time being, continuing to self-generate 100% of his client work from his long-established professional introducers, in addition to continuing with his many speaking engagements nationally.
Retirement Advantage
Retirement Advantage appoints Les Pick, formerly of LV= and Just Retirement, as Head of Sales
Retirement Advantage announces that Les Pick, one of the equity release sector’s most experienced figures, will join the business as Head of Sales for its equity release arm on July 12th. Les brings a wealth of expertise in the retirement income sector to Retirement Advantage, and joins from LV=, where he has spent two years as Business Development Manager.
Tom Evans, Managing Director at Retirement Advantage Equity Release, commented:
“We are thrilled to welcome Les to our team. It speaks volumes about our ambitions that we are recruiting individuals with as much expertise and stature as Les. He has been involved in equity release for almost two decades and as such, brings a valuable perspective as the industry looks to evolve to meet the rapid growth in consumer demand.”
“There is a pressing need for providers to meet the challenges a bigger cohort of potential customers, and qualified advisers, brings. To do that, product innovation and service is key. Les will be a major part of our efforts.”
Les Pick, Head of Sales at Retirement Advantage Equity Release, said:
“These are exciting times for the equity release market. I’ve been involved with equity release products for many years and it is amazing to see how the sector has evolved. I look forward to helping Retirement Advantage as they continue to innovate in order to meet the ever-changing needs of consumers, and improve their support for advisers.”
Bower Retirement
We are proud to announce we have gained a Feefo Gold Service Award 2017. To have been recognised for exceptional customer service is always an honour as the Bower Family always strive to make the customer journey one that is outstanding. Our clients and Feefo have recognised Bower for our exceptional service and have taken the time to submit feedback which we have been awarded on. We are thrilled with this achievement and will endeavour to continue with this quality.
The What Mortgage Awards are held on the 19th July and we have been shortlisted for two categories this year; Best Equity Release Adviser and Best Equity Release Adviser Customer Service. To have been nominated for an award that highlights the best businesses in the UK’s mortgage and personal finance markets is an honour but even more rewarding is the fact it’s voted for by consumers.
We are also pleased to say it’s been 6 months since we opened our additional office to expand our customer call centre and it has been a successful first half of the year. With the team dedicated in helping each customer with their individual needs Bower is continuing to maintain the outstanding service that we are renowned for.
Aviva
As the debate continues about the elderly paying for social care using the value of their homes, our referrals toolkit can help both qualified and non-qualified advisers attract new equity release business.
During the recent General Election campaign, we saw extensive media coverage devoted to social care and how elderly people should pay for it. From a financial planning perspective there is plenty to think about, such as:
- What is the role of equity release in later life care?
- How, why and when is it appropriate, and in what situations?
- Which clients fit the equity release profiles?
Of course, recommending equity release can take substantial time and resources. That’s why we’ve developed tools to help support advisers in growing their networks.
If you are not qualified to recommend equity release products, or if you are already qualified, our toolkit has the potential to help you:
- Make referral business easier and save valuable time.
- Contact new professional connections and generate referrals.
- Attract the right business partners.
Download your referrals toolkit here >
We also are delighted to announce that Aviva won the 2017 Money Marketing ‘Company of the Year’ award along with the award for ‘Best Protection Provider’. Andy Briggs, CEO, UK Insurance said: “These two awards are the leading indicator of how our industry feels about us. Winning the Company of the Year award in particular is very special because it’s the top award for providers, backed by the views of advisers, as well as an expert panel, and I’m incredibly proud that we’ve won.”
Key Retirement
We have been awarded two awards:
- Financial Reporter – Best Equity Release Broker
- What Mortgage – Best Equity Release Customer Service.
Our Market Monitor Half Year Report 2017 was released July 13th. The main growth point, is the amount of customers using equity release as a way to pay off their mortgage, showing the growth in interest only mortgage maturities.
Our pensioner property price index was released in June with great coverage. This goes out every quarter.
Legal and General
Legal & General appoints Rob Miles as Head of IFA Sales for its lifetime mortgages division
Legal & General has announced the appointment of Rob Miles to the role of Head of IFA Sales of its lifetime mortgage business. Prior to joining Legal & General Home Finance, Miles was Head of Legal & General Individual Wealth Sales.
With over 27 years of experience in financial services spanning both operations and distribution, Rob will make an immediate contribution to Legal & General’s strategic aim of making lifetime mortgages a mainstream solution for retirees with accumulated property wealth.
Rob Miles, Head of IFA Sales, Legal & General Home Finance said:
“I am delighted to be joining the Legal & General Home Finance team at such an exciting time for retirement lending. Legal & General has been a transformative addition to the lifetime mortgage market and I believe it is the most dynamic brand in this sector. I look forward to working closely with the team in Solihull as Legal & General Home Finance continues to strengthen its position in 2017.”
Steve Ellis, Managing Director, Legal & General Home Finance said:
“I am delighted to welcome Rob into the Legal & General Home Finance team. Our relationships with advisers form the bedrock of Legal & General’s lifetime mortgage business, and I am confident that Rob’s experience in Individual Wealth will stand in good stead with our intermediary partners.
“Rob’s appointment comes at an exciting time for Legal & General Home Finance, which has gone from standing start to one of the market’s largest lenders. I look forward to working closely with Rob as Legal & General continues its mission of bringing lifetime mortgages into the mainstream.”
