Retirement Bridge Equity Release: What to Know in 2024

Retirement Bridge equity release offers retirees the flexibility to access home equity through a plan that can be tailored to changing financial needs, including downsizing protection. It's an innovative approach allowing more control over future housing and financial planning.
  • Last Updated: 17 May 2024
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Contributors:

Francis Hui
What Is the Retirement Bridge Equity Release Scheme? Discover Its Pros and Cons and the Benefits of Using It. Read More Here...
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Key Takeaways
  • Retirement Bridge offers equity release for homeowners aged 55 and older, enabling them to release equity from their property without moving out.
  • The scheme involves a loan secured against your home, repaid from the sale of the property upon death or moving into care.
  • Benefits include receiving a tax-free lump sum, retaining home ownership, and optional repayments to manage loan costs; drawbacks include reducing your estate’s value, potential effects on means-tested benefits, and possibly higher interest rates than traditional mortgages.

If you are one of the many UK-based homeowners looking to fund your retirement and you are looking for the best equity release schemes, you may have come across Retirement Bridge’s equity release.

You may be wondering whether Retirement Bridge offers equity release plans to new borrowers and if the company could provide the solution you need.

The good news is that we have taken some of the guesswork out of the equity release process for you.

In This Article, You Will Discover:

    At Every Investor, our research team has spent countless hours reviewing equity release information and putting it together in an easy-to-use format. 

    We are doing the research so you can find it all in one place. 

    Therefore:

    Who Offers the Lowest Rates in 2024?

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    • Who offers the LOWEST rates available on the market.
    • Who offers the HIGHEST release amount.
    • If you qualify for equity release.
    Retirement Bridge Home Equity Plan

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Retirement Bridge. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Retirement Bridge.

    What Is Retirement Bridge and Its Role in the UK Equity Release Market?

    Retirement Bridge stands as a pivotal provider in the UK’s equity release sector, offering solutions to homeowners over 55.

    Who Is Retirement Bridge in the UK Equity Release Market?

    The Retirement Bridge Group, based in Gateshead, comprises several companies that manage equity release home reversion plans.1

    Retirement Bridge Management Limited and Bridgewater Equity Release are the firms that administer the group’s equity release plans.

    Retirement Bridge is one of the largest home reversion administrators in the UK.

    What Exactly Is Equity Release With Retirement Bridge?

    For those over 55, equity release is a financial avenue to utilize the locked-in value of their homes.

    It translates property equity into usable cash funds, avoiding the need to move out.

    Equity release examples illustrate how homeowners can tap into their home’s equity without the immediate obligation to repay, providing financial flexibility and security in retirement.

    Equity release’s repayment aspect is unique in its delay; it’s handled from the sale of the property, typically after the homeowner’s major life event like death or moving to a care home.

    How Does One Qualify for Retirement Bridge’s Equity Release Schemes?

    To qualify, applicants must be over 55, owning a UK home, meeting Retirement Bridge’s property criteria.

    What Are the Eligibility Criteria for Retirement Bridge Equity Release in the UK?

    To qualify for Retirement Bridge’s equity release, you must be at least 55 years old, own a property in the UK, and the property must meet certain valuation criteria.

    The minimum property value typically required is around £70,000, though this can vary depending on the specific plan you’re interested in.

    It’s essential that your property is in good condition and free from any substantial debt or mortgage to ensure you can release the maximum amount of equity available to you.

    What Equity Release Services Does Retirement Bridge Offer?

    Retirement Bridge administrates home reversion plans for homeowners over the age of 60 living in the UK. 

    Evaluating Retirement Bridge for Equity Release: Benefits and Drawbacks

    Retirement Bridge offers personalised equity release plans, but it’s crucial to weigh their benefits against potential long-term impacts.

    Why Should You Consider Retirement Bridge for Equity Release?

    You could consider Retirement Bridge as it is one of the largest home reversion administrators in the UK with approximately 4,500 plans.2

    It’s team comprises highly knowledgeable and experienced staff who are there to support you throughout the term of your plan. 

    What Are Retirement Bridge’s Equity Release Schemes for Retirement?

    Retirement Bridge administrates home reversion plans.

    With a home reversion plan, you sell a percentage of your property (between 25 – 100%) to your lender in exchange for a lump sum and the right to continue to live in the property. 

    The amount you receive will be based on your age(s) and your property’s value.

    This type of plan will grant you a lifetime lease, which will allow you to live in your home for the rest of your life or until you enter long-term care.

    What Are the Pros and Cons of Using Retirement Bridge for Equity Release?

    An advantage of using Retirement Bridge is that it is the UK’s biggest owner and manager of Home Reversion plans.4

    A disadvantage of Retirement Bridge is the fact that it does not offer new home reversion plans.

    A more detailed look:

    What Are the Advantages of Choosing Retirement Bridge for Equity Release?

    The pros of Retirement Bridge are:

    • It is one of the UK’s biggest owners and managers of home reversion plans.
    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA). 
    • It is a member of the Equity Release Council.5
    • Knowledgeable staff will help you through the terms of your plan.
    • It’s home reversion (no rent) schemes allow you to release equity and continue to live in your property rent-free.

    What Are the Disadvantages of Choosing Retirement Bridge for Equity Release?

    The cons of Retirement Bridge are:

    • It does not offer home reversion plans to new customers.
    • With a home reversion scheme, you will lose ownership of part or all of your property.
    • Equity Release will impact the amount of inheritance you can leave.
    • Equity Release will impact on your entitlement to means-tested benefits now or in the future.
    • Equity Release is a lifelong commitment, some plans may have early repayment charges, which can be discussed with your advisor.

    How Competitive Are Retirement Bridge’s Equity Release Terms?

    Retirement Bridge competes with attractive interest rates and loan-to-value ratios, tailored to meet diverse homeowner needs.

    What Interest Rates and Loan-to-Value Ratios Does Retirement Bridge Offer for Equity Release?

    Retirement Bridge provides competitive interest rates, which are crucial in determining how much you owe over time.

    The rates vary based on your age, property value, and the plan you choose, ensuring you get a deal that matches your financial situation.

    Additionally, the loan-to-value ratio, which indicates how much of your property’s value you can release as equity, can go up to 60% for older applicants.

    This means if your property is valued at £250,000, you could potentially release up to £150,000.

    How Does Retirement Bridge Compare to Other Equity Release Providers in the UK?

    Retirement Bridge stands out for its personalized service and tailored equity release plans, which are designed to fit your unique financial circumstances.

    Unlike some providers that offer a one-size-fits-all approach, Retirement Bridge takes the time to understand your needs, offering solutions that provide financial freedom without compromising on the security of your home.

    Their commitment to transparency and customer satisfaction often ranks them highly in customer reviews, distinguishing them in a crowded marketplace.

    What Are the Financial Implications of Choosing Retirement Bridge for Equity Release?

    Opting for Retirement Bridge can affect inheritance, requiring careful consideration of fees and estate planning.

    How Will Retirement Bridge Equity Release Impact My Inheritance and Estate Planning?

    Choosing equity release with Retirement Bridge means that the amount you owe grows over time, which can reduce the value of the inheritance you leave behind.

    However, Retirement Bridge offers plans with inheritance protection features, allowing you to safeguard a portion of your property’s value for your heirs.

    It’s crucial to consider how equity release fits into your estate planning, and speaking with a financial adviser can help you make a decision that balances your needs with those of your family’s future.

    What Fees Can You Expect With Retirement Bridge Equity Release?

    Retirement Bridge’s tariff of charges is available on it’s website.3

    We have summarised the fees for you below:

    • Adding or Removing a Party Fee: £100. 
    • Failure to Insure the Property Fee: £50 plus insurance premium. 
    • Litigation Fees:  £100 (plus associated costs).
    • Miscellaneous Documents Request Fee: £20.
    • Moving Home Fee: £250 (plus associated costs).
    • Clearance Fee: £50 or 10% of clearance cost, whichever is higher. 
    • Repairs to the Property Fee: £50 or 10% of repair cost, whichever is higher. 
    • Sale of Property Costs and Fees: Variable.
    • Solicitors Fees: Variable.
    • Unpaid Direct Debit Fee: (where rent forms part of your home reversion plan) £15. 
    • Valuation Fee: Variable.

    *The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions.

    Does Retirement Bridge Provide an Equity Release Calculator?

    No, Retirement Bridge does not have an equity release calculator.

    What Do Customers and Regulators Say About Retirement Bridge?

    Feedback highlights Retirement Bridge’s reliable service and regulatory compliance, though experiences may vary.

    What Do Customers Say About Retirement Bridge Equity Release?

    Retirement Bridge does not have any customer reviews currently but it can be reviewed on UK Indeed6 or UK TrustPilot7

    What Are Common Complaints About Retirement Bridge Equity Release?

    If you like to register a complaint with Retirement Bridge, you can write to:

    Retirement Bridge, Suite 4, First Floor, The Honeycomb, The Watermark, Gateshead, Tyne and Wear, NE11 9SZ. 

    It’s staff will listen to your concerns and do all they can to remediate.

    What Are the FCA Details for Retirement Bridge Equity Release?

    Retirement Bridge is fully regulated by the FCA, ensuring a secure and transparent equity release process for all clients.

    What Are Retirement Bridge’s Trading Names in Equity Release?

    Retirement Bridge Home Reversions Limited Partnership

    FCA Permitted Services

    Home Reversion Plans

    Who Regulates Retirement Bridge Equity Release Services?

    Financial Conduct Authority (FCA) 

    What Are the FCA Registration Numbers for Retirement Bridge Equity Release?

    • FCA Reg Number: 463024
    • Companies House Number: 05348582

    Where to Find FCA and Companies House Information on Retirement Bridge?

    How Was Retirement Bridge’s Equity Release Information Reviewed?

    Our team of financial experts collected all the available data on Retirement Bridge to bring you all the details you need in one place.

    Every Investor is not affiliated with Retirement Bridge and Retirement Bridge did not request a review from us. 

    NOTE: This article is an unaffiliated, independent, third-party, review of Retirement Bridge.

    Exploring Your Financial Options for Retirement: Equity Release and Beyond

    Beyond equity release, Retirement Bridge encourages exploring all financial avenues for a secure retirement.

    Does Retirement Bridge Specialize in Equity Release or Lifetime Mortgages?

    No, Retirement Bridge does not offer new equity release plans but administrates existing home reversion plans.

    What Are the Alternatives to Equity Release for Funding Retirement?

    If equity release does not seem like the right fit for you, there are other ways to fund your retirement.

    Downsizing to a smaller property can free up capital, while renting out a portion of your property can provide a steady income stream.

    Additionally, using savings or investments, or even taking out a personal loan, might offer the financial support you need without tapping into your home’s equity.

    It’s important to explore all your options and consider their long-term impacts before making a decision.

    How to Contact Retirement Bridge for Equity Release Inquiries?

    • +44 800 032 2118
    • enquiries@retbridge.co.uk
    • Suite 4, First Floor, Honeycomb, The Watermark, Gateshead, Tyne and Wear, NE11 9SZ.

    Frequently Asked Questions About Retirement Bridge Equity Release

    What Is Retirement Bridge Equity Release in the UK?

    How Does Equity Release Work With Retirement Bridge?

    How Safe Is Retirement Bridge Equity Release for Seniors?

    What Benefits Does Retirement Bridge Equity Release Offer?

    What Risks Are Involved With Retirement Bridge Equity Release?

    Is Retirement Bridge a Member of the Equity Release Council?

    Who Owns Retirement Bridge and How Does It Impact Equity Release Services?

    Looking for a Career in Equity Release at Retirement Bridge?

    Does Retirement Bridge Specialize in Equity Release Services?

    How Reliable Is Retirement Bridge for Equity Release?

    Concluding Thoughts on Choosing Retirement Bridge for Your Equity Release Needs

    Retirement Bridge Equity Release administrates home reversion plans for UK homeowners over the age of 60 years.

    It is one of the largest home reversion administrators in the UK, registered with the Equity Release Council and authorised and regulated in the UK by the Financial Conduct Authority (FCA) to administrate home reversion plans.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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