Neville James breaks new ground for 'non-standard' home reversions

Chichester-based firm Neville James has launched a white-labelled home reversion product, specialising in non-standard constructions and unusual properties, reports Mortgage Solutions (18/12/06).

Better known for its work in the traded endowment policy (TEP) market, Neville James has teamed up with Crown Equity Release to offer the product.

Karen Gill, managing director of Neville James, said the decision to enter the market was an easy one, adding: "There are a lot of synergies between the TEP and equity release markets, as they are both specialisms, dealing with clients who need to access money. There are also similarities with TEPs where you need to transfer legal title clearly, which is similar to conveyancing a house."

Neville James is targeting clients with flying leasehold properties, short-term leases, agricultural properties and properties in Scotland. But Gill said: "We are not bound by immovable barriers." Operating as a regulated firm, it has decided not to become a member of Safe Home Income Plans (SHIP) at this stage.

SHIP challenges Which? To debate equity release concerns

Safe Home Income Plans (SHIP) has called on Which? To contribute to a sensible dialogue on equity release that will benefit consumers, reports Mortgage Solutions (11/12/06).

SHIP chief executive Jon King said Which? seemed unwilling to accept market forces meant equity release was increasingly becoming part of retirement planning. He said SHIP wanted to publicly repeat its invitation to Which? To work with SHIP, to improve the equity release sector, making it cheaper and more accessible to consumers.

King said “We invite Which? To submit any sensible recommendations for a next step, to sit on our independent complaints board or otherwise contribute to a sensible dialogue that will benefit consumers.”

Need for equity release 'remains strong'

There is a social need for equity release according to Marion Hatfield, a consultant for the government on pension provision, reports Mortgage Introducer (2/12/06).

Speaking at the Retirement Plus roundtable event on the future of equity release, Marion Hatfield said "I see equity release as another income stream for people who have inadequate pension provisions and are becoming more reliant on their own self-provision. I believe equity release will become a mainstream product that will help to fund many people's retirement."

Sixty Plus comment: We agree that there is a social need for equity release. However retired homeowners are using equity release for lifestyle choices as well. This may be improving quality of life, home improvements or helping children or grandchildren onto the property ladder.

Equity Release intermediaries call for qualified adviser list

Equity release intermediaries have called for a list of qualified advisers to be provided to inform consumers about access to independent advice, reports Mortgage Solutions (4/12/06).

The call for a list came as the Financial Services Skills Council (FSSC) said it prepared to publish its examination standards for home reversion plans.

Sixty Plus comment: This could only be a positive move.

We have seen several reports this year that there is a lack of qualified equity release advisers so the more that is done to help people find advice, the better for all concerned.