If you are looking into later-life mortgage options, Age Partnership's equity release advice may be a great place to start.

According to a 2023 report by This Is Money, people over 65 hold over £2.6 trillion of property wealth in the UK.¹ 

If you're one of the lucky property owners, doesn't it make sense to find out how you could tap into these resources, especially if you are looking for extra cash in retirement?

Our expert researchers have combed through numerous reputable sources to give you the facts you need to decide if Age Partnership's equity release advice services could be right for you.

NB: Fundweb is an unrelated and independent 3^rd-party provider, and the information provided in this article reflects the opinions of Fundweb only and may not represent the views of Age Partnership. This article should not be construed as advice or as a solicitation to participate in any financial product offered by Age Partnership.

Who Are Age Partnership?

Age Partnership is a retirement income specialist and a key adviser in the UK equity release market.

Age Partnership, founded in Leeds in 2004, specialises in providing bespoke financial services to people over 55.

With its workforce of more than 200, it is committed to supporting retirees and those on the brink of retirement with quality advice to make the most of their finances.² 

What Does Age Partnership Offer?

For nearly 2 decades, Age Partnership has been focused on providing tailored advice and services across various financial areas.

These include:

• Equity release and mortgages
• Pensions 
• Wills 
• Lasting power of attorney

What Equity Release Services Does Age Partnership Provide?

Age Partnership advises on a comprehensive range of products, tailored to meet the diverse financial needs and circumstances of their clients over the age of 55.

Its advisory services extend to comparing these options among leading UK providers, ensuring that clients receive impartial and personalised advice.

Equity Release Providers

The company collaborates with numerous leading equity release service providers to offer guidance on a variety of plans, ensuring clients have access to a wide range of options tailored to their needs.

These plans include (but are not limited to): 

• Lump Sum Lifetime Mortgages: This is the most common form of equity release, where you take out a loan secured on your home while retaining ownership. Interest is rolled up over time, with the loan and interest typically repaid from the sale of your home when you pass away or move into long-term care.
• Drawdown Lifetime Mortgages: Similar to standard lifetime mortgages but with added flexibility, allowing you to draw down funds as needed from an agreed amount, reducing the overall interest accumulation.
• Home Reversion Plans: Less common, this type of plan involves selling a portion or all of your home to a reversion provider in exchange for a lump sum or regular payments, while retaining the right to live in your home for life.

Learn More: How Do Equity Release Schemes Work?

Equity Release Calculator

Age Partnership offers an equity release calculator tool for preliminary assessments.

You could also try our equity release calculator here for free.

Evaluating Age Partnership's Equity Release Advice Service

Take a closer look at why Age Partnership could be your go-to for equity release advice.

Is Age Partnership Worth Considering?

Yes, Age Partnership is worth considering for a number of reasons.

These include:

• Market Presence: Since its inception in 2004, the company has advised over 2 million people on equity release.³
• Range of Services: With its holistic view across the retirement financial market it provides a range of products beyond equity release.
• Customised Solutions: Each client's unique requirements are taken into account, with special focus on people aged over 55.
• Association with Leading Lenders: Collaborations with some of the industry’s top lenders ensure a diverse selection of financial plans for clients.
• Award-winning equity release services: It has earned recognition for its outstanding performance through numerous accolades. Notably, it was honoured as the Equity Release Advisor of the Year in 2022 and has received the Gold accreditation from Investor in Customers (IIC) for ten years, a testament to the firm's exceptional customer service.⁴

Interest Rates Secured by Age Partnership 

Interest rates on equity release plans can vary widely depending on the specific plan and provider chosen.

Currently, equity release rates range between 6.14% to 6.46%.*

*While we regularly review our rates, these may have changed since our last update.

How Are Its Fees Structured? 

Age Partnership's fee structure for equity release advice and services is designed to be transparent and straightforward.

Here’s a general overview:

• Initial Consultation: Age Partnership typically offers an initial consultation free of charge. This consultation allows you to understand your options without any upfront financial commitment.
• Advice Fee: Should you choose to move forward with an equity release plan recommended by the firm, a standard advice fee of £1,895 applies.⁵ This fee includes the extensive advisory services, application facilitation, and continuous support offered throughout the entire process.
• Other Potential Fees: Besides the advice fee, there may be other costs associated with taking out an equity release plan, including valuation fees, legal fees, and application fees. Early Repayment Charges may also apply if you decide to repay your equity release plan earlier than agreed. Age Partnership aims to provide a detailed breakdown of all potential fees and charges to ensure you are fully informed before making a decision.
• No Additional Hidden Fees: Age Partnership is committed to transparency, ensuring that all possible fees are clearly communicated to clients. This approach allows clients to make informed decisions based on the full financial implications of proceeding with equity release.

It’s important to note that specific fees and charges may vary depending on individual circumstances and the details of the equity release plan chosen.

What Are the Pros and Cons of Using Age Partnership? 

When considering using Age Partnership for equity release advice, it's crucial to weigh the advantages and disadvantages.

Advantages include expert, award-winning guidance, while drawbacks include the fees incurred upon plan completion.

Pros

Advantages to Consider:

• Benefit from comprehensive consultations on available plans.
• Gain access to a broad array of plans, courtesy of partnerships with top lenders.
• Enjoy the perk of charge-free initial advice.
• Receive quotes without any obligation to proceed.

Cons

Disadvantages to Reflect On:

• A fixed fee of £1,895 is charged upon successful plan completion.
• Opting for equity release can reduce the inheritance you leave behind.
• Equity release might not suit everyone's financial circumstances.
• Once equity is unlocked, further borrowing against the property is restricted.

What Are the Qualification Criteria? 

The qualification criteria for releasing equity using Age Partnership's advisory service will vary somewhat depending on the specific plan you opt for.

General eligibility criteria include:

• Being 55 or older for a lifetime mortgage
• Being 65 or older for a home reversion plan
• Owning a UK property worth at least £70,000
• Having a minimal or no existing mortgage
• Having a maximum of 2 individuals on the property's title deed

Bear in mind that eligibility criteria can vary based on the plan and provider you choose.

How We Reviewed Age Partnership's Equity Release Advice

We reviewed Age Partnership's equity release advice based on a few factors.

These included:

• Company Longevity and Heritage: A track record of years in operation and its evolution over time.
• Client Feedback and Testimonials: Real-life experiences, both positive and challenges faced, and how they were addressed.
• Financial Stability: A robust financial position to fulfil long-term obligations.
• Diverse Product Offerings: An emphasis on a wide range of schemes and adaptability to various client needs.
• Customer Support Excellence: Accessibility, timely responses, and helpful online tools, including an intuitive calculator.
• Industry Recognition and Peer Evaluations: Esteem within the broader industry and feedback from competitors.
• Adherence to Ethics and Standards: Commitment to established industry norms and ethical practices.
• Technological Advancement and Ease of Use: Modern, efficient digital platforms and application procedures.
• Knowledge Resources and Education: Availability of online learning materials and guides for consumers.

What Do Clients Say About Age Partnership?

Most online client feedback is positive, as demonstrated by Age Partnership's TrustPilot score of 4.6 out of 5* based on over 9,000 reviews.⁶

Many customers highlight their fast responses, expert knowledge, and personalised service.

Customer reviews can be found on:

• TrustPilot
• Google
• Review Centre

*While these aggregates were accurate at time of publication, they may have changed since our last update.

Navigating Your Equity Release Journey With Age Partnership

Navigating your equity release journey with Age Partnership may involve knowing how to contact them and what their regulatory details are.

How to Get in Touch With Age Partnership

If you have questions or concerns, you can contact the company in various ways.

Here are 4 ways of getting in touch:

• Request a callback
• Email: enquiries@agepartnership.com
• Phone: 08080 555 222
• Write: Age Partnership Limited, 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB.

Working With Age Partnership

If you are interested in working for the company, you can view its careers page.

Is Age Partnership Regulated?

Yes, Age Partnership is regulated by the Financial Conduct Authority (FCA).⁷

The company is also a member of the Equity Release Council (ERC).⁸

Frequently Asked Questions About Age Partnership

Concluding Thoughts On Age Partnership Equity Release Advice

Age Partnership's long history and client-focused approach have earned it a leading role in guiding individuals through the complexities of the UK's equity release market.

By leveraging their advisory services, individuals can gain critical insights and tailored recommendations to navigate their equity release journey effectively.

Nevertheless, it's very important to assess the promise of Age Partnership's equity release advice against your unique financial needs to ensure it aligns with your long-term financial objectives.