For many people, the majority of their wealth may be in their home. With increasing pressures on retirement income and savings, people are facing a shortfall between their cash needs in their retirement and their cash reserves. This has meant more people are looking at Equity Release as a means of drawing down equity from their home, either as a lump sum, a regular income or a combination of both (subject to eligibility criteria and conditions) to help fund retirement or to fund long term care needs for those that prefer to receive long term care in their own homes.
Step 1 – Getting to Know You
An initial telephone appointment to discuss your circumstances, explore your wishes and preferred outcomes for your equity release planning.
I will not charge you for something I can’t help with or an initial telephone call which is free of charge, after that if you would like personalised advice the next step would be an initial meeting.
Step 2 – Initial Meeting
I will meet with you face to face to discuss your current position, what is important to you and what you would like to achieve from equity release planning. We will discuss the risk you are prepared to take with your equity release and I will help you to understand what risk really means as it is critical to any financial decisions you make regarding entering into an equity release arrangement. We will also discuss other options which may be more appropriate for you.
The charge for this face to face meeting and follow up is £295, payable at the meeting. This fee will be deducted from my advice fee should you decide to proceed with regulated advice services following our meeting.
When I act on your behalf as an intermediary and intend to implement financial solutions my fees are presently exempt from VAT which means I do not usually have to make an additional charge of 20%. If I do have to charge you for a service which is subject to VAT I will inform you in advance.
Following this meeting, I will produce an Engagement Letter which will outline what I propose to do and exactly what the cost will be to you before you make a decision to proceed with any formal advice services. Should you decide to engage with my services the next step will be research and analysis in order to formulate your equity release advice and recommendations.
Step 3 – Research, Analysis & Report Preparation
I will thoroughly analyse your current position and produce an equity release planning report with recommendations to suit your requirements.
I will meet with you to discuss the report in detail to ensure you fully understand the options and feel confident with the recommendations.
For older and more vulnerable clients, this stage may involve a few shorter meetings if individuals need more of my time, patience and understanding. Financial planning can be daunting and I like to offer extra care and support for these situations to get the best outcomes for my clients.
Step 4 – Implementing Your Equity Release Plan
I will take care of all the necessary paperwork to implement your equity release plan with the lender and support you through the process of dealing with the solicitor.
Step 5 – Ongoing Management Service
This is an optional service. We will meet once a year to review your plan and check progress against your financial planning objectives. This will give you peace of mind to ensure you don’t run out of money in your retirement.