Equity Release  

Provider to offer equity release advice for £500

Provider to offer equity release advice for £500

One Family has launched an advice service for those aged 55 plus.

One Family Advice offers financial advice for homeowners wishing to release equity from their home with a lifetime mortgage.

The service can be accessed online, and via the phone or video conferencing, which means no home visits are necessary, and according to the provider it is totally flexible, as customers can move as quickly or slowly as they wish in making a decision and not feel under pressure.

Article continues after advert

Simon Markey, chief executive of One Family, said: "The lifetime mortgage market is growing quickly with many of the older generation asset rich and cash poor.

"At One Family we want to help even more homeowners access the capital in their property to enjoy their retirement whilst remaining in their home.

"One Family Advice uses market-leading online and video conferencing technology to enable homeowners to quickly and easily access advice on the whole lifetime mortgage market.

"We know that the over-55s are the fastest growing audience online and increasingly want the convenience of doing business digitally."

One Family Advice, is run separately from the wider One Family business, and offers advice on lifetime mortgages from across the market, ensuring that customers get the very best product for their individual needs. 

Customers pay a flat fee of £500 for the service; £250 of which is paid at the point the mortgage application goes in, and £250 when the mortgage is finalised.

This comes after research by One Family found that 61 per cent of customers said they would prefer a fixed fee over a fee which varies with the size of the loan.

Customers have a dedicated adviser throughout, to ensure that they receive a personalised service

One Family has developed technology, which means family members or close friends can join the discussion if the customer would like them to.

Up to five different callers can phone or video conference in.

Customers also receive access to a dedicated portal, where they can download secure documents provided by the adviser and access the video conference facility

Martin Bamford, chartered financial planner and managing director for Surrey-based  Informed Choice, said: "It is great to see innovation like this in the equity release market.

"There is a perception that older clients don't use technology as extensively as the younger generation, which is of course nonsense.

"Making a service available using remote technology results in convenience for customers who live busy lives and puts the advice process on their terms.

"A fixed fee is likely to be represent better value for money than charging a percentage of the loan and is a much fairer charging approach."

aamina.zafar@ft.com