Partnership has a long history of providing enhanced equity releases to UK residents. They are one of the four main providers who have an extensive history in helping individuals with ill-health and chronic health problems. Partnership helps a homeowner maximise their home value into a lifetime mortgage that is repaid upon their death or move to a long term care facility. Partnership underwrites their own products and also provides equity release funds to secondary equity release companies to fund their plans too.

Partnership offers a lump sum enhanced mortgage, which offers more tax free cash than the standard lifetime mortgage option. This enhanced equity release scheme also comes with an enhanced interest rate. This interest rate is higher than the standard interest rates on the premise the loan will be repaid earlier than a normal lifetime mortgage.

The Qualification Process
Partnership uses a lifestyle questionnaire that qualifies retirees on medical grounds. If there is a chronic condition a homeowner is suffering from it may lead to a larger lump sum than the standard mortgage can offer. Some conditions that are qualified for a greater sum of cash include being overweight, smoking, having cancer or Parkinson’s disease. If a person has had a heart attack or has heart disease they can also qualify for the enhanced lifetime mortgage from Partnership. The enhanced rate and lump sum are both given based on the severity of a homeowner’s health conditions.

The other part of the qualification process is age and property value. Plans start at age 65. The youngest homeowner will need to be at least 65 years of age and have a chronic health or lifestyle problem that qualifies them for the enhanced loan. Any property used for the qualification process must be located in England and Wales. The property value begins at £75,000.

Key Features of Partnership Enhanced Scheme
There is a minimum equity release of £25,000 for the enhanced equity release plan from Partnership. In the event a homeowner dies, the remaining spouse has the right to move to another property as a means of downsizing without being charged an early repayment fee.

Another key feature of the Partnership enhanced lifetime mortgage is inheritance protection. Homeowners can set aside a certain percentage of property value to be ring-fenced in by the protection clause. This means Partnership cannot give this amount of equity in a lifetime mortgage, nor can it be included in the interest accrual repayment portion.

Incentives to Choose Partnership Plan
Partnership offers a free unlimited valuation for the homeowner plus no application or completion fees.