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Pension Cashflow Forecasting

Discovering Pension WorthWe always find that when we ask a client what he or she is likely to get from their pension, they have no idea. People can tell you what they would like, but whether they have enough or not is another thing…until now.

The Pensions Dashboard is a government initiative which has started recently, albeit it is not yet working. It is an attempt to show people what they might get from all of their pensions; primarily personal pensions, but it also includes the State pension.

What we do for our clients now, that is working, is our Pensions Guesstimate:

Example pension cash flow

The above would be the situation where a client has a personal pension and is contributing to it. If they weren’t, it is easy enough to remove that line, with other values recalculating to show an accurate likely outcome.

This example shows someone taking out their tax free cash at age 55, which is the earliest it can be taken. It can however be taken out at any time thereafter; either as a lump sum or in regular withdrawals.

We have built in withdrawals thereafter at 6% of the value of the pot from age 65 onwards, which is certainly not unreasonable. In the age of Pensions Freedoms, by and large this can be literally anything though.

In terms of growth, the Financial Conduct Authority expects us to be pessimistic so as not to get someone’s hopes up. We therefore use 3% growth if the client is a low-risk investor, 5% if they are a middle-risk investor and 7% if they are a high-risk investor.

Finally, under pension income, this example show the person retiring at age 65, although with pensions freedoms, anyone can retire from age 55. The State pension might be paid at age 65 with the standard amount being £8,100 per annum. We do ask clients to get their DWP forecast, which tells them how much they will get and when they can get it.

The end result, as I am sure you will agree, is a very simplified guess on what a person might expect at retirement. This then allows them to do their planning, potentially with plenty of time left to improve things. The whole purpose of this is simplification, although there are a number of factors where advisers need to keep watching. Pensions Guesstimates are specific to each individual, and if you have any clients who would like one done, please feel free to ask us.

For any enquiries or just an initial chat, contact Andrew Singleton on 0345 241 1808 or e-mail us at enquiries@mapfinances.co.uk.

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement. Always obtain independent professional advice for your own particular situation. Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Bymapfinancesadmin

Adding value to your clients through Proactive Investing

Adding value to clientsIf your clients can maximise their investments – whether this be pensions, ISAs, bonds or general investments – they will be a lot better off. We know that’s a fairly obvious comment but not many people put this into practice.

Let’s say one of your clients has a pension pot of £500k and they have it invested in a Managed fund, or even worse, a With Profits fund; annual growth will likely be no more than 5%. If that client is aged 45 and plans to retire at 65, they can expect a final value in the region of £1.393m. Whilst that is a big sum, if they were to invest in a good spread of funds, including some consistently good performers, and get around 8%, the final sum could be around £2,517m. What a difference!

Calculations show that for every 1% you can improve returns in this example, you improve the end value by roughly £300k. That is a significant difference and would no doubt be greatly appreciated by most, if not all clients.

This is what we attempt to do at MAP – maximise end returns for clients’ investments – which we do through our well-tested investment process. When we take on any new clients and establish their new pensions and/or investments, yes we get an initial fee for setting everything up, but our work only starts there.

It is our job to monitor all funds used within a client’s investment on a regular, quarterly basis. We then make fund switches within an investment as and when needed, in an attempt to maximise end returns. That is the true value of a professional investment adviser.

All investments need to be worked; if not, they probably won’t go perform at all well. At MAP, we attempt to make them work hard, within a person’s attitude to risk, to maximise the end return. As you can imagine, there are no guarantees, especially when you think of the way global markets react to anything and everything. We believe that if you pick consistently well performing funds time and time again, that is half the battle. That is exactly what we do.

At the last time of looking one of our investment advisers had 51 client reviews on VouchedFor, with a score of 4.8 out of 5…not bad at all! We believe this is not only for our investing skills, but also for continually working investments to better their performance. Our advice is both initial and ongoing because that is what is needed with every investment.

For any enquiries or just an initial chat, contact Andrew Singleton on 0345 241 1808 or e-mail us at enquiries@mapfinances.co.uk.

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement. Always obtain independent professional advice for your own particular situation. Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Bymapfinancesadmin

Splitting Pensions in Divorce

Splitting Pensions due to DivorceWhen spouses separate and then divorce, there will be a need to split up pensions if one party’s pension is significantly better than the other. Usually, that is the case since most couples do not follow the general plan of splitting pensions 50/50.

Admittedly, there is very little that can be done when you are talking about Defined Benefit (DB) schemes, because people need to work to the rules of their schemes; there is no alternative. Defined Contribution (DC) schemes though are very different.

What we try and do for all of our clients (where possible) is ensure their pension planning is as even as possible. This kind of planning maximises the use of personal tax allowances in retirement, and it can also keep any tax liability at 20% instead of somebody wandering into 40%.

Splitting DB schemes can be a bit of a nightmare, as you need to get a definitive valuation as at the date of separation. This is not always easy, and it may be necessary to involve an actuary who understands the scheme rules and also how any valuation could be worked out. Valuers will need to use some assumptions along the way.

Splitting DC schemes though is much easier – all you need to do is get a valuation of the assets concerned as at the appropriate date, and that’s it.

It’s down to the solicitors acting on behalf of the spouses to decide who gets what. They can only work with correct figures however, and that’s where IFAs can come in, with their understanding of scheme rules and assumptions, plus compliance aspects. Accountants dealing with such clients will then need to take such splits into account when planning out future strategies for their clients, but IFAs can also help in this respect.

When we do pension planning for clients, we much prefer to use what is called our Pensions Guesstimate, which lets an individual see projected future pension income, thus allowing them to plan accordingly.

Notes:

  • The State pension is £8,110 at age 65, and what we are showing here is annual accruals up to 65.
  • If someone has a DWP forecast, we would put that forecast into the Guesstimate too.
  • Maximum Tax-Free Cash is taken out after separation, as client aged over 55.
  • The average growth figures we work to are 3% for low-risk investors, 5% for middle-risk investors and 7% for high-risk investors.

For any enquiries or just an initial chat, contact Andrew Singleton on 0345 241 1808 or e-mail us at enquiries@mapfinances.co.uk.

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement. Always obtain independent professional advice for your own particular situation. Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Bymapfinancesadmin

Trends in Investing

Getting growth from your moneyThe one thing you always need to look out for when investing are the trends…and there are quite a few!

First of all, you have to keep in mind the areas which are available to invest in. Over the years, we have seen funds for Technology, Financials, Healthcare, etc. but they all tend to have a start point and an end point. The last thing you want to do is invest when an area is getting near its end point and is about to fall; you could lose big in that respect.

You also need to look at geographical areas as well, as they too follow trends. For example, Emerging Markets can do well for a period and then fall away terribly as their economies stutter.

At the present time, when we have been preparing our new Recommended Fund Lists, we have noticed there are more and more Global funds performing well enough to be included. This includes a variety of options, like Global Alpha, Global Smaller Companies, or the simple but effective Global Growth.

What this means is that these funds have a pretty wide remit and so can look for investments (to make them grow) just about anywhere. Therefore, they may represent a better approach to investing than most. However, do bear in mind that they could possibly be a jack of all trades, and master of none. They might have a bigger area to work in, but they have to do a lot more homework before finalising their investments, i.e. decisions are made too late either to get involved with good investments and/or to offload bad investments.

What we find the best indicator of all is the trend of performance of funds; we always look at that over 1–5 years. It is far better investing in a reasonably consistent fund, taking into account its economic background, than merely looking out for high flyers which may be the big drops of tomorrow. Consistency in our opinion is key, and is what we have watched at MAP over the years. You can get good performance in 1-2 years, but bad performance is more possible at any moment. Good performance over 5+ years is special and should be looked out for.

We make up our recommended list of funds based primarily on consistency, as long as it has half-decent performance throughout. When we invest client money therefore, we are looking for that performance to continue for a reasonable time at least, and we continue to monitor it, to ensure it achieves that.

When you are looking to invest, you too should be looking for that consistency of performance. It will allow you to plan investments a lot better and should require less ongoing maintenance and less stress too!

If you would like to benefit from our hands-on approach to investing, why not contact us on 0345 241 1808 or email us at: enquiries@mapfinances.co.uk.

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement.  Always obtain independent professional advice for your own particular situation.  Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Bymapfinancesadmin

Achieving a future pension

Calculating to get a good pension in retirementOne of the big challenges people have is trying to figure out what size of a pension they “might” come out with when they retire. The problem is that this can be over a long time, hence the confusion.

MAP has developed a simplified cash flow model, shown below, which is not difficult to understand and use, so long as you use reasonable parameters:

  • Annual Growth: We keep this as a simple 6% p/annum and if we see actual rates going down, we would reduce this accordingly. The rate of growth used should always be a pessimistic one that “should” be achievable; otherwise returns will never reach anywhere near their targets.
  • Withdrawals: We always work on the basis that people will want to withdraw their 25% tax-free cash from their pension. This can easily be invested rather than placed in a bank account (or spent) and withdrawals can then be made from it when required. It is tax-free, so it provides a cushion if required, on top of the remaining pension.
  • State Pension: We work to the basic State pension of £8,100 per year at age 65, but suggest everyone contacts DWP and gets their actual pension forecast based on their own contribution levels.

Example pension cash flow

This is an example of our cash flow model, and used properly, it can:

  1. Help you plan;
  2. Monitor your progress to achieve your target/goal; and
  3. Be adapted to changing circumstances.

The name of our company is Money Advice & Planning, because we give money advice with planning. Just like the love and marriage, you can’t have one without the other.

If you are going to plan for something, like a comfortable retirement, you cannot just do this exercise as a one-off and hope everything will work out ok. You need to work at it over a long period, otherwise it will falter at some point. Alternatively, call MAP and we can work it for you.

For further information on any aspect of financial advice and how MAP may be able to assist you, please contact us on 0345 241 1808 or email us at: enquiries@mapfinances.co.uk.

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement.  Always obtain independent professional advice for your own particular situation.  Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Bymapfinancesadmin

Setting and achieving financial goals

Get your finances ready for the new yearNow we are into 2018, how many people actually made new year resolutions? You may think this can be too woolly, especially when you make some and never achieve them. It is different in financial services, especially when done through MAP.

Let us start with possibly your main goal – pensions. If you sit down with a MAP adviser and tell them what you would like to achieve and by what date, they could tell you if this was feasible or not. They will be more than prepared to work through things with you to set logical goals, and then work with you over the period concerned to reach them.

Let’s say for example, you would like to get £20k per year in pensions. If we deduct the basic DWP pension of £8,100 per year at age 65, you would only need to get £11,900 per year from any personal pension.

Using very conservative growth rates would give us an indication of how much you would need to save every month to achieve your target. More importantly, when we reviewed your pension at regular intervals, we would keep you updated as to how you stand in terms of achieving your target. Our existing clients find it very helpful when we put things down simplistically like this – finances that are then easy to understand.

If you are saving to repay a mortgage, or maybe even save up enough for a deposit for house purchase, MAP can keep you updated at regular intervals, and also where you are in percentage terms of achieving your targets/goals.

We have seen a lot of people saving money and they just haven’t a clue as to whether they are putting away the right amount or not. And if it’s not, by the time some people realise it, it’s far too late.

Why not put us to the test? Tell us what you would like to save for, how much and for what date, and we will guide you accordingly. We are happy to offer that helping hand, and once we have done this, and with our investment process, we are then happy and willing to work with you to achieve your goals. Moreover, we keep it all in simple language.

For further information on any aspect of financial advice and how MAP may be able to assist you, please contact us on 0345 241 1808 or email us at: enquiries@mapfinances.co.uk.

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement.  Always obtain independent professional advice for your own particular situation.  Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Bymapfinancesadmin

How to invest sensibly

Getting success through hard workAs we aim to start the new year on a positive note, we are focussing on achieving goals. When it comes to investments, this can only be done by careful and diligent investing. Now it may seem easy to some people, but having done this for quite a number of years now, we can tell you that it is anything but.

You need to know the right time to invest and also the right time to sell, much like the old adage of buying low and selling high. We believe most people have a reluctance to come out of what has previously been a good performing fund, and they then inevitably get caught out when it drops in value.

What we do at MAP is basically ignore past performance to a certain extent, and put more reliance on actual performance and of course consistency. When we look at fund performances, if things are starting to drop off, we tend to no longer use that fund. It’s as simple as that!

Investment Fund Types

In financial services we talk about Asset Allocation. This is just a fancy expression for investment spread. If we were looking to put together a client’s investment using a number of different funds, we wouldn’t put them all into the same fund type, e.g. UK equities. What we would do is use a variety of types like UK equities, interest-based funds, global funds, Asian funds, technology funds, etc.

If you work on the basis that from 10 funds used, four will do very well, three will be good but not brilliant, two will be average and one will underperform, that would be a fair assumption. All areas will not perform brilliantly all of the time – it is the nature of the beast – so you need a spread of types.

Investment Geography

Another thing to watch out for is geographical areas as they will all provide different growth rates. One of the leading fund managers recently recommended looking at global economics. Their belief is that North America, Japan and some other Asian countries should do well in 2018, Europe will do not too badly, and the UK will probably flat-line.

Furthermore, watch out for emerging nations especially the likes of Brazil, who are up-and-coming. When you invest money, you also want a spread of countries so you can get the benefits that arise from them.

Ongoing Investment Monitoring

When you have invested money, the next thing you must do is monitor your choices. What we tell clients is the only thing guaranteed when investing, is everything will change. You can make a great selection to start with but this might change because of economic conditions in whatever locality.

If you don’t monitor a fund and it then starts to fall, you could lose heavily, and so you need to be ready to switch out of that and into another fund; one which is performing. This is where consistency comes into your thoughts – the more consistently well a fund performs, the more likely it is to continue to do so.

Understanding Risk

The final part of investing is all about risks, which is something the Financial Conduct Authority place a great deal of stress on. People should know what risks are involved before they invest so they can then make a logical decision. How MAP deals with this is to use five categories of risk, although only three are normally used as people are not interested in very low risk or very high risk.

Low risk is where the chances of loss or of significant gains are small, middle risk is where some money could be lost or gained, and high risk is where excellent gains could be made but equally almost all money could be lost. What people should do is only invest in the risk areas they are comfortable with.

At MAP, we invariably use 10 funds for each investment; and the number of low, middle and high risk funds selected are based on a client’s attitude to risk, i.e. how many funds they want in each category.

Final Thoughts

All of the above is why investing carries a lot of risk overall; there are so many things you need to watch out for, and watch all the time. At MAP, we have been employing our own investment process since we started up, so have built up a lot of experience in that time. To be honest, even we are still learning, but we use it to better the end outcome for our clients.

If you would like to benefit from our hands-on approach to investing, please contact us on 0345 241 1808 or email us at: enquiries@mapfinances.co.uk.

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement.  Always obtain independent professional advice for your own particular situation.  Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Bymapfinancesadmin

Pension Tax Free Cash

Saving for retirementOne thing which has not changed for a long time is the tax free cash (TFC) which someone can take from their personal pension.

For a long time, the maximum has been 25% of the value of the fund at the time of taking it. The earliest age you can take this is age 55, and because of the pension freedoms brought in by George Osborne (when he was Chancellor), this has never been easier.

All that needs to be done is to transfer the personal pension into what is called drawdown (basically another type of pension contract). Then, the 25% (or anything less than that) can be withdrawn.

What we sometimes do when planning a client’s retirement is transfer all of their pensions into drawdown, and then they can extract the 25% TFC at that time. In many cases, a client may not need the cash straight away, but for ease of use later, we normally extract the TFC and put this to a General Investment Account (GIA). This is an investment product which means the money can still earn, although not tax-free admittedly.

By doing this, it allows people to draw out tax-free sums as and when they need it, without all the hassle of extracting it from their pension bit at a time. This is the kind of flexibility people like and actually need in retirement, and gives them access to lump sums as and when they need it.

There are still some older policies that have a higher tax-free amount available, but they are few and far between now. Legislation many years ago brought in the 25% limit, and that is what applies to the vast majority of pension policies today.

You will find a lot of company/occupational/final salary schemes vary quite significantly in what they give out as tax-free cash, but it is not normally as generous as 25%.

So if you are old enough, in need of cash and think your pension is big enough to last you through retirement, why not give yourself some breathing space and access your TFC.

For further information on any aspect of financial advice and how MAP may be able to assist you, please contact us on 0345 241 1808 or email us at: enquiries@mapfinances.co.uk.

Bymapfinancesadmin

Financial Scams

Getting growth from your money

Where there is easy money to be made, you will always find someone wanting to steal it from you. It appears some scams are “back”, although to be honest, we doubt if they went away in the first place.

They probably lay fallow for a short time to allow people to forget everything they had been taught to watch out for. Some appear to be back with a vengeance, and in the run up to Christmas, you can bet anything they will hit you as hard as they can, if possible.

People call them scams, but we see them simply as stealing, because that is what it comes down to. Those who operate scams are trying to steal your hard-earned cash in one way or another, and are relying on you to slip up in some way, thus giving them a way in.

Some of our staff for example, have recently received emails purported to be from HMRC, telling them their refund is waiting to be paid. They just need to click on the link provided, enter bank details and hey presto! Now, when has HMRC ever written to you in the past to tell you a refund is pending? Never, and in all likelihood, it never will happen either. You always have to write to HMRC and claim money back, and usually you have to work hard and have patience to receive said money.

A similar thing is e-mails looking like they are from your bank, telling you your account has been locked and asking you to reply with your account details to resolve the issue. However, because these scams are not intelligent enough, most of these e-mails will appear to be from banks with whom you have never had any dealings with. Once again, clearly fake.

If you receive any suspicious e-mails or phone calls, in all likelihood it is a scam and you should therefore not disclose anything personal. Where anyone asks you for your bank details, PINs or passwords, it almost certainly is a scam and that person is trying to steal your money. No bank in the UK will ask you for all details at any time – specific ones yes, as they will already have some on file. If in doubt, hang up and speak to the bank or company in question by you phoning them. That way, you know you are talking to the real deal.

It seems today these thieves are using online ticket sites to get your money, and don’t forget that social media is good territory for them as well as it provides them easy access to at least get started. Be careful in anything you do online, and don’t hesitate to stop sending money anywhere until you have checked things out. As soon as you press ‘Submit’ your money may very well be lost forever, so take a minute to think before you jump in. You know the old saying – act in haste, repent at leisure.

For further information on any aspect of financial advice and how MAP may be able to assist you, please contact us on 0345 241 1808 or email us at: enquiries@mapfinances.co.uk.

Bymapfinancesadmin

What is Equity Release?

Is your house more valuable than you thought?

Equity Release is a mechanism to release capital from the value of your property. In simple terms, it is a mortgage, but one that you don’t have to repay during your lifetime.

Whilst many different terms are used to describe Equity Release products, they all fall into one of the following categories:

  • A lifetime mortgage; and
  • A home reversion.

Lifetime Mortgage

Lifetime mortgages work very much like standard mortgages most people will already have experienced. The homeowner continues to own the property, but a mortgage (called a charge) is put over the property and this is registered on the property deeds at the Land Registry.

These details are public records although only the name of the lender is registered, not the amount owed. This prevents the property being sold without the mortgage being repaid because the purchaser’s solicitor will be aware of the charge and will need proof that it has been cleared before the property transfers to the new owner.

Lifetime mortgages can be separated into either interest-only mortgages and roll-up mortgages.

Interest-Only Mortgages

Are mortgages for life where the borrower pays the monthly interest on the debt. These can be fixed rate or variable rate similar to standard mortgages. The benefit of an interest-only mortgage is that the size of the debt never grows. The main issue is that the borrower will have less disposable income after the mortgage is in place and will have to undergo affordability tests to ensure they can maintain payment of the monthly interest. Most interest-only mortgages can be switched to a roll-up mortgage after the borrower reaches a certain age; normally 80.

Roll-Up Mortgages

Roll up mortgages require no repayments whatsoever. The interest that accrues on the debt is added to the debt each month and the size of the debt therefore increases over time. The benefit of a roll-up mortgage is that there are no repayments and, therefore, no affordability tests are carried out. The main negative is that the size of the debt can grow substantially over the lifetime of the mortgage and could completely wipe out the value of the property meaning nothing can be left to a beneficiary on death.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

Home Reversion

A home reversion is not a mortgage because the ‘funder’ purchases a fixed percentage of the property for an agreed price. The price is highly likely to be below current market value because the funder anticipates having to wait a long time before they can realise their investment. When the purchase is finalised, the funder will be listed on Land Registry as a part owner of the property – referred to as a ‘Tenant in Common’.

With Home Reversions, there are no regular payments to make but the funder owns a fixed percentage of the property and, when it is eventually sold, will receive that proportion of the proceeds of the sale. It should be noted that the funder will have control of the sale and will have control over the final selling price. This prevents the owner’s estate from selling cheap to a relative or beneficiary, for example.

Home Reversion is particularly suitable when the homeowner is not particularly concerned about leaving the actual property to a beneficiary and doesn’t want regular payments to make during their lifetime but does what some certainty about the value of estate they will be leaving.

Who Can Do Equity Release?

Theoretically, anyone age 55+, but the younger the applicant, the lower the amount that can be raised. The sweet spot age is 75+ when many lenders will offer immediate roll-up deals.

Are There Any Issues?

When considering Equity Release there are a few things to be careful about. Firstly, any lifetime mortgage taken out should come with a ‘no negative equity guarantee’. This means that the value of the debt can never exceed the value of the property. For example, with a rollup mortgage, there is a risk that the debt could rise to be greater than the value of the property meaning, when the property is sold, the debt would not be fully repaid and the difference would need to be made up from other assets in the estate. If possible, a mortgage that is Equity Release Council (ERC) approved should be sought. All ERC approved mortgages will come with the no negative equity guarantee, along with some other guarantees; mainly concerning fees and charges.

Another significant issue to consider is whether the homeowner feels they may wish to move or downsize at some point. Most ER products will allow the borrower to move and take the mortgage with them; all ERC approved products will. However, if the new property has a lower value than the original (maybe the owner is downsizing with the intention of releasing capital) there is a risk that part of the capital already advanced may need to be repaid; in the extreme, this could wipe out the capital the borrower is trying to release by downsizing. The reason this occurs is that the lenders will only advance on a limited percentage of the property value. Whilst this percentage does increase with age, if the new property has a lower value, the outstanding debt may form too large a percentage of the new property value. In these circumstances, the homeowner could still move, but would need to repay the difference between the outstanding debt and the maximum that could be raised on the value of the new property.

The final major issue to consider is care. Whilst ER products are designed to be for life, they also terminate on the event that the borrower moves into full time care. With a joint product it would be when the second borrower moved into full time care. At this point, the property would be sold and the debt repaid.

The fact that it is possible the property may need to be sold before the end of the borrower’s life if they move into full time care can cause some inheritance planning issues. For example, a borrower may have a whole of life insurance policy with the intention that the policy proceeds would repay the debt on their death and the property could still be left to a beneficiary. The risk is that the repayment of the debt is triggered by the borrower being taken into full time care. At this point the proceeds of the life policy are not available and, unless there are sufficient other assets to repay the debt, the property would be sold.

Appropriate Advice

Equity Release can form a critical and extremely useful part of later life financial planning but it is essential that the right product is selected that meets the current and reasonably envisaged future needs of the borrower. It is therefore essential that advice is sought from a suitably qualified equity release advisor. MAP has a number of qualified equity release advisors all of whom are also fully qualified general financial advisors giving them the breadth of knowledge to understand not only which product would be appropriate, but how this would fit with a client’s other financial requirements.

For equity release advice, we charge an adviser fee dependent on the loan amount, as invariably larger loans require more time and effort to complete:

  • Loans up to £200,000 incur a £595 charge; and
  • Loans up to £200,000 incur a £795 charge.

For further information on how MAP may be able to assist with your equity release needs, please contact us on 0345 241 1808 or email us at: enquiries@mapfinances.co.uk.