Partnership is currently the longest established enhanced insurer in all of the UK and offers a variety of different and unique financial and retirement products. This provider places a strong emphasis on providing products for those whose life expectancy may be shortened due to lifestyle choices and poor health. For these consumers, Partnership offers the Enhanced Lifetime Mortgage.
The Partnership Enhanced Lifetime Mortgage allows those consumes with specific health and lifestyle conditions to release more money than they would otherwise be permitted through the use of a standard lifetime mortgage scheme. So, for those who are over aged 65 and suffer from various health conditions such as high blood pressure or for those who engage in drinking and smoking, this particular product is available to aid in accessing a larger lump sum.
There are several unique features to the Partnership Enhanced Lifetime Mortgage:
– There are very few fees that are assessed with this product. In fact, you will not incur any completion, valuation, or arrangement fees. Therefore, this product usually provides the highest net cash advance due to the low set up costs.
– You do not have to many any repayments on the loan amount borrowed, unless you enter into long term care.
– If you find that you need more money in the future, you may be able to release an additional amount, depending on your particular circumstances.
– You are able to remain living in the comfort of your own home until you either pass away or enter into permanent long term care.
– You are eligible to repay the loan at any time, but you may incur an early repayment fee.
– There is a ‘No Negative Equity Guarantee’ that comes along with this product. This means that you stand no risk of leaving your estate in the negative should the sale of your home not cover the expense of the loan and interest accrued.
– You only need to repay the loan following the sale of your property.
– You may include a protection on a percentage of the eventual property sale to ensure that you are able to leave an inheritance to your beneficiaries.
There are qualifications that need to be met in order to be deemed eligible for this product. You will need to complete a questionnaire that will examine your lifestyle choices and health conditions. You also must be at least 65 years old and own a property that has a minimum valuation of £75,000. Lastly, you must reside in Wales or England. Once you qualify for the Enhanced Lifetime Mortgage through Partnership you need to release a minimum initial amount of £25,000.