Bridgewater’s Flexible Release Plan is currently the most flexible home reversion plan available on the market. It is designed to suit a range of customers, and offers attractive features such as high house price inflation protection and early vacancy guarantee that are not offered by its current competitors. The Flexible Release Plan consists of two pathways, the maximum release plan and the secured escalating release plan.
The minimum applicant age for the Flexible Release Plan is 65 years, and in case of joint applicants, the minimum age of the youngest applicant must be 65 years or over. The minimum property valuation to be eligible for the plan is £75,000. The minimum amount that can be released is £25,000 or 25% of the property, whichever is lesser. The maximum you can release depends on the type of plan you choose.
This plan is flexible in two ways: firstly in the way that customers are able to tailor the release to suit their individual needs; and second in that it is available to a wide range of customers. The plan is currently available to home owners above the age of 65 years in England, Wales and mainland Scotland.
Bridgewater’s Flexible Release Plan consists of two plans: the maximum release plan, which is designed for those who want to release the maximum amount possible from their property, and the secured escalating release plan, which is designed for those who want to release a smaller lump sum, with the guarantee of future releases.
The Maximum Release Plan option allows you to sell the entire property for a cash release, but continue to reside in the house for as long as you live, or until you move into permanent care. You can release the full 100% of the equity in England and Wales, and 99.9% in Scotland. An important point to note is that once the full 100% equity has been released, you cannot release any more irrespective of future price escalation.
The maximum release plan has two optional features: an early vacancy guarantee, which guarantees payment into your estate if the plan ends within the first five years due to early death or a move into care. Another useful option offered to the customer is the high house price inflation protection, which provides you or your estate with 50% of the increase in excess of 7.5% house price appreciation, when the property is sold.
The Secured Escalation Release Plan allows customers to access some of the equity built into their home, as a combination of a lump sum which is paid immediately, and future annual escalating payments. The payments can be set up for a fixed number of years, and for a maximum of 15 years. The maximum equity that can be released through this plan is £250,000. Customer can release from 25% to 100% of the equity, and can make further applications for release if they have not already sold 100%.
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