Retirement Bridge Equity Release And Lifetime Mortgage Review in 2024

Is Retirement Bridge an Equity Release Home Reversion Option to Consider in 2024? Discover Its Pros and Cons and the Benefits of Using It. Read More Here…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • Retirement Bridge equity release is a financial product that allows homeowners aged 55 and over to unlock a portion of their property's wealth while continuing to live in it.
  • This scheme works by taking out a loan against the value of your home, which is repaid when the house is sold, typically after your death or when you move into long-term care.
  • It is generally safe for seniors as it is regulated by the Financial Conduct Authority (FCA) and provides a 'no negative equity' guarantee, ensuring you'll never owe more than the value of your home.
  • The benefits include providing a tax-free cash lump sum, maintaining home ownership and the option to make voluntary repayments to reduce the overall cost.
  • The potential risks include diminishing the value of your estate, affecting your eligibility for means-tested benefits, and the possibility of higher interest rates compared to regular 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:

    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.

    Who Is Retirement Bridge?

    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?

    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.

    Why You Could Consider Retirement Bridge

    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 Services Does Retirement Bridge Offer?

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

    Does Retirement Bridge Offer Equity Release or Lifetime Mortgages?

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

    Retirement Bridge’s Equity Release Schemes

    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 Retirement Bridge’s Fees?

    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 Have An Equity Release Calculator?

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

    If you are looking to determine the cost of equity release for you, use our equity release calculator below for an approximation.

    What Are The Advantages and Disadvantages of Using Retirement Bridge?

    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:

    Retirement Bridge Pros

    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.

    Retirement Bridge Cons

    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 Did We Review the Information on Retirement Bridge?

    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.

    Retirement Bridge Customer Reviews

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

    Retirement Bridge Customer Complaints

    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.

    Retirement Bridge FCA Details

    Trading Names 

    Retirement Bridge Home Reversions Limited Partnership

    FCA Permitted Services

    Home Reversion Plans

    Regulators 

    Financial Conduct Authority (FCA) 

    Registration Numbers

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

    FCA and Companies House Links

    Retirement Bridge Contact Number and Address

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

    Common Questions

    What Is Retirement Bridge Equity Release?

    How Does Retirement Bridge Equity Release Work?

    Is Retirement Bridge Equity Release Safe for Seniors?

    What Are the Benefits of Retirement Bridge Equity Release?

    What Are the Potential Risks of Retirement Bridge Equity Release?

    Is Retirement Bridge a Member of the Equity Release Council?

    Who Owns Retirement Bridge?

    Are You Looking for a Job at Retirement Bridge?

    Does Retirement Bridge Offer Equity Release?

    Is Retirement Bridge's Equity Release Safe?

    In Conclusion

    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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