Is Age Partnership Equity Release Is A Good Option For You?


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1st UK Specialise In Equity Release Schemes And Lifetime Mortgages.

  Unlock Equity In Your Home As A Tax-Free Cash Lump Sum

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The broker will compare options from the following brands only:
Aviva, Hodge Lifetime, Just (Just Retirement), Legal & General (L&G), LV (Liverpool Victoria), More2Life, OneFamily, Pure Retirement, Retirement Advantage. Please note that the Age Partnership logo is a trademark of Age Partnership Limited, to which we have no direct affiliation. The equity release firms we work with provide quotes from many providers.

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 Review


Age Partnership provides the UK’s largest equity release advice service. It’s estimated that Age Partnership arranges one in four equity release plans.


The company has multiple awards, the highest of which is the Gold Investor in Customers (IIC) award, officially recognising the brand as having the strongest customer relationship for six years consecutively based on customer feedback, and employee engagement. Client satisfaction levels consistently score high, with the latest figures revealing 99.1% of clients would recommend the service.


Not surprising, given the referral service will pay £250 through the refer a friend scheme, with additional perks to be had on successful recommendations that lead to new business. Learn all the ins and outs of equity release, Age Partnership, how it works, what’s involved, and what you can expect in this Age Partnership review.


Who is Age Partnership for? 


Age Partnership is a leading charity focused on improving the quality of life for those at or nearing retirement age. They provide advice for a range of financial services suitable for retirement planning. Equity Release has been offered through Age Partnership since 2005. As of 2019, they are the largest net promoter of equity release products, giving them some leeway with providers letting them arrange exclusive deals, only accessible through the Age Partnership broker service.


One such partnership struck in 2019 saw Standard Life return to providing a referral service exclusively tied to Age Partnership. Standard Life doesn’t directly offer equity release, but they have customers nearing retirement age, with interest-only mortgages which equity release products could be a suitable financing option for. Instead of taking on the role of the lender with all the associated responsibilities like they did in 2008 before being bought by Barclays and leaving the equity release market, they instead use the Age Partnership referral service.


Their customers then gain access to qualified advisors knowledgeable on the whole of market equity release finance and Standard Life receive a referral fee for sending the business. Because of the large volumes of plans Age Partnership arrange, they’re able to successfully negotiate with all equity release providers to arrange preferential rates and favourable terms for their clients. Most of the deals are exclusive, usually bespoke rates and terms that are never advertised on direct to consumer comparison sites.


How Much Do Age Partnership Charge? 


The advisory service is provided free of charge with the fees being paid after the successful completion of an equity release plan, after which Age Partnership will be paid 1.95% of the total approved funding.


As an example, if you release £50,000 of your home equity that’s been arranged through Age Partnership, the company would receive £975 as an arrangement fee.


However, as of late, there is a minimum fee of £1,495 introduced so the cost is now either £1,495 or 1.95% of the amount released through equity release, whichever is higher. As the fee isn’t paid until the funds are approved, the initial advice is free, and there’s no obligation to proceed.


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Age Partnership Equity Release Reviews on Trustpilot


Age Partnership collect verified reviews on Trustpilot, one of the largest independent review sites for UK businesses. To date, over 90% of nearly 5,000 reviews are positive.


As of writing, there are no reviews below average, with only average rated reviews indicating concerns around receiving just one recommendation as opposed to a few selected options worth considering, which can make the process feel like you’re being advised to take out a plan, which you aren’t. 


Age Partnership can only make you aware of the best options available at the time they compare the market. Another concern raised is surprise at needing to appoint a financial advisor to complete the process. This is a transparency issue from the outset as all equity release providers are regulated by the FCA and need a financial advisor or solicitor appointed as per the rules and not the actual company. It’s the company’s responsibility to take control of transparency, which in some cases, it appears, could be better explained from the outset. The same applies to the cost of the service, which some users have been surprised when seeing the fee.


When you ask about the cost to use the service, the standard reply is it costs you nothing, because the provider will pay a small commission for bringing them business. The cost is 1.95% of the final sum released. This is shown on your final paperwork as £ paid from your funds to the financial intermediary. That's the referral fee. Once the process is complete, most people do comment that the process is fast, usually in the six to eight weeks that Age Partnership says it takes, and with minimal hassle.


The only other concern is future marketing as Age Partnership does provide a number of services, not limited to equity release. When you first use the Age Partnership equity release calculator to find out how much you can borrow, you need to input your email address. This will automatically opt you in (or the email address you use to receive your results) for future promotions and deals. Once you start the equity release comparison process, you’ll get a named account manager who provides over the phone advice and follow-ups to keep you updated throughout the various stages.


Once completed, some commentators on Trustpilot express distaste at the follow-up marketing calls for related services. Most of these date back to before the GDPR (General Data Protection Regulations) came into effect in May 2018. If you do receive too many marketing communications, request to have your details removed or to have data processing restricted. You can do this with any business calling you up too frequently, and for email, you can click the unsubscribe link to opt out of marketing communications.


How Does Age Partnership Equity Release Work? 


The entire process generally takes from six to eight weeks from your initial application. Before you can apply for equity release through Age Partnership, they will first ask you to verify that you are over 55 years of age and own your home, even if there is a mortgage secured on your property. If you still have a mortgage, the funds released must be used to pay off your mortgage in full.


If you’re eligible to apply, everything else is handled over the phone, except your application form. The next stage is speaking to one of Age Partnerships equity release advisors over the phone. At this stage, the advisor will explain everything about equity release and identify if the product is suitable for your situation. They’ll ask questions such as if you are receiving state benefits that are means-tested as those can be affected.


They’ll also ask about your general health as some providers have higher LTVs for medically underwritten policies and they’ll ask about your income, and employment status to make sure equity release is the right choice to raise capital or if another method of borrowing would be more suitable.


The telephone is an advisory call only, and the information you provide helps your advisor define what would be included in your ideal policy. They’ll then use your information to compare equity release providers and plans available including drawdown, lump sum, home reversion plan providers and index-linked plans to find the lowest cost finance on the most suitable terms. An application pack is sent, and you can call your advisor to get assistance over the phone to complete your application form. Once completed, a same-day pickup can be arranged to speed the process along.


Following on from receiving your application, a whole of market comparison search will be made to find the most suitable plan. Once one is identified, you’ll receive paper documentation including a Key Facts Illustration brochure detailing what’s included and the fees and a written letter for one equity release plan, recommended by Age Partnership.


If you’re happy with the figures and details provided, the next step is to appoint a solicitor, which it’s recommended to use one who is knowledgeable on equity release, rather than standard mortgage products. Age Partnership then works with your selected solicitor to move the process along with funds being released usually within eight weeks.

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 3 Things Unique to Age Partnership's Equity Release Broker Service


Price Beat Guarantee


They'll pay you £250 if you can show them a like for like quote on an equity release plan that's better than the one recommended by Age Partnership.


Refer a Friend Scheme


Another £250 is available when you refer a friend who also successfully completes an equity release plan through Age Partnership.


Bespoke rates and plans unique to Age Partnership


A lot of deals are struck between leading lenders and large firms such as Age Partnership, giving brokerage firms negotiating power to get better deals for their clients.

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1st UK have formed strong relationships with finance providers, meaning we are often the first to hear about new products before they reach the market.

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