Broker & Intermediary Briefing

Equity release mortgages

Specialist whole-of-market lending solutions structured across 90+ UK lenders. Rapid decisions, direct underwriting criteria, and competitive terms for complex borrowing requirements.

Whole-of-Market Access: Over 10,000 specialist lending products
Fast Completion Speeds: Dedicated broker underwriting for time-sensitive deals
FCA-Authorised Guidance: 35+ years independent UK credit brokerage

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Equity release mortgages

Talking to brokers, it seems many avoid equity release mortgages as they are considered low income and high hassle. With this in mind, we have launched a service to deal with your equity release referrals which solves this problem. If you don’t advise on Equity Release yourself, here are a few good reasons why you should now choose Promise.

Higher average commission £1000 – you get a share of both the broker fee and the proc fee
No forms for you to complete – Give us your clients contact details and tell them to expect a call from an advisor
No Cross Selling – your client will not be offered other products now or in the future
Your relationship with the client will not be undermined – no insistence on home visits and the advisors will reinforce your relationship.

Popular uses for equity release include:

Clearing any outstanding mortgage
Paying off outstanding debts
House purchase
Home and garden improvements
Helping children and grandchildren
Buying a holiday home

Understanding Market Rates & Repayment Terms

How much cash can be released and who qualifies?

How much cash your clients can release depends on how old they are and how much their home is worth. There are limits to how much cash can be raised through equity release – the older they are, the more cash they can release from their home. Enhanced plans may allow your clients to generate even more cash by taking into account their health conditions and lifestyle choices. Examples include health conditions such as diabetes and lifestyle choices such as smoking. Below is a guide showing typical loan to values; excluding any lifestyle choices or health conditions your client may have;

What criteria do my clients need to meet?

Aged 55 or over.
Own their own home.
Their home must be worth a minimum of £70,000 and be in a good state of repair.
Any outstanding mortgage must be repaid with the cash released or from other funds.
They must live in the United Kingdom and the property must be their main residence.
The client must not live in a non-standard home such as a park home.

Key Criteria & Application Guidance

Additional points to consider, these may vary depending on the choice of provider

Customers can be fully retired or still working
Plans are always based on the youngest age
Lending based on the property value rather than income.
Property type, Tenure: Freehold and Leasehold can usually be accepted however a minimum lease may be required and this can vary between providers.
Minimum typical advance £10,000.
Enduring power of attorney cases can be acceptable, full details required.

What types of schemes are available for my clients?

There are three main types of equity release schemes:

Lending Considerations & Next Steps

Lifetime mortgagesDrawdown plans — A drawdown lifetime mortgage has the same advantages and disadvantages as a regular lifetime mortgage. The main difference with a drawdown plan is that the full sum of money available to the client is not released immediately. Instead, they can decide on a maximum amount of equity they want to release and ‘drawdown’ the remaining cash in stages, as and when they want to.

For your client releasing equity from their home is a lifetime commitment, with the loan only expected to be repaid when the home is sold, usually when they pass away or move into long term care. If they do decide to pay the loan back early, early repayment charges may apply with up to 25% of the loan being charged. Tell us this at the outset so a lender is advised which will minimise any penalty for over payments.

Home reversion plans — With a reversion part or all of the property is sold in exchange for a tax-free cash lump sum. Home reversion plans guarantee a lifetime lease with no monthly repayments to meet. When the house is sold due to death or entry into long-term care the reversion company receives its share of the sale price. The main drawback to home reversion plans is the client will not receive the full market value for the share they sell.

I hope this new service helps you remain the main point of contact for all your clients’ financial needs.

www.promisemoney.co.uk

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Intermediary Guidance for Specialist Mortgages

Structuring competitive terms on specialist mortgages for your clients requires direct access to specialist underwriters. In addition, our intermediary lending desk works directly with over 90 specialist lenders across the UK.

Consequently, partnering with Promise Money ensures whole-of-market broker access, transparent procuration fees, and rapid decisions in principle for your client cases.

Partner With Our Broker Desk →

Key Takeaways: Specialist Mortgages Broker Briefing

Additionally, partnering with Promise Money gives intermediaries whole-of-market access across 90+ lenders with dedicated underwriter support.

Furthermore, direct access to our specialist desk protects your client relationships while ensuring transparent and competitive procuration fees.

Consequently, complex borrowing requirements—such as adverse credit or non-standard construction—are structured efficiently without delays.

Therefore, introducers can submit case details directly online or via phone to secure rapid Decisions in Principle.

Specifically, specialist mortgages and blended facilities are assessed with commercial speed to meet critical completion deadlines.

Moreover, lending criteria checklists ensure your client applications are fully verified prior to formal submission.

In addition, dedicated underwriter communication guarantees updates at every milestone from enquiry through to fund release.

Crucially, flexible repayment strategies including interest-only terms or capital reductions are verified from day one.

In practice, our intermediary team handles underwriting hurdles and solicitor liaisons so you can focus on client advisory.

Above all, whole-of-market access allows you to place non-standard residential property that mainstream banks decline.

As a result, your brokerage delivers reliable mortgage solutions even for complex applicant backgrounds.

After all, working with an established specialist credit broker with 35+ years of experience protects your reputation.

Understanding Market Rates & Repayment Terms

Meanwhile, case tracking tools provide instant visibility on legal progress and lender valuation sign-offs.

Indeed, high LTV options with specialist underwriting enable solutions for capital-constrained clients.

Finally, dedicated support ensures specialist residential mortgages complete smoothly and on time.

Unlike traditional broker networks, Promise Money requires zero membership fees or exclusive volume commitments.

Fortunately, second charge solutions allow capital raising while keeping your client’s existing low rates untouched.

Ultimately, transparent broker commission schedules ensure prompt proc fee disbursements upon case completion.

Similarly, dual legal representation options reduce conveyancing turnarounds on time-sensitive property transactions.

Because lending criteria varies widely, independent whole-of-market access ensures the optimal lender match every time.

Specifically, specialist mortgages and blended facilities are assessed with commercial speed to meet critical completion deadlines.

Moreover, lending criteria checklists ensure your client applications are fully verified prior to formal submission.

In addition, dedicated underwriter communication guarantees updates at every milestone from enquiry through to fund release.

Crucially, flexible repayment strategies including interest-only terms or capital reductions are verified from day one.

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