Crown has been offering equity release plans since 2001. But are their plans any good, and how do they compare to the competition?
Crown offers Home Reversion Plans, a type of equity release. Crown offers a bespoke approach to their plans, providing flexible property underwriting and building a plan that meets your needs. Whether you need a lump sum, or regular instalments, you might be able to get more money with Crown than other equity release providers.
Let's review:
Crown offers bespoke Home Reversions Plans to help homeowners by providing either a lump sum payment or a series of payments.
Unlike Lifetime Mortgages, Home Reversion Plans do not attract any interest; therefore, no interest rates are applicable.
Instead, you sell part or all of your home to Crown, with the option to stay in the property for the rest of your life.
Let's explore some criteria and features in greater detail:
| Home Reversion Plan |
| Can apply if aged 70 to 95 |
| Minimum property value £100,000 |
| Optional payments of up to 10% each year |
| No Early Repayment Charges |
| Free valuation on initial advance |
Useful features offered by Crown
Optional rent payments: If you choose to make rent payments (minimum £100 per month), you increase the maximum loan available. Any rent payments must be affordable and fixed for the plan's duration.
Income plans: Some home reversions give you an income instead of, or as well as, a lump sum. If this is approriate for you, we can explore how how much you would receive and for how long.
No Early Repayment Charges: Crown home reversion plans have no early repayment charges. Instead, if you wish to repay early, you can buy back the share of your property sold at fair market value. The only extras you must pay for are a valuation and legal expenses.
Crown's equity release underwriting
Flexible property underwriting: Crown will review properties on an individual basis when determining if they will lend. Here are example properties where Crown will consider lending:
- Apartments in converted properties
- Long or short leasehold properties
- No upper limit on property value
- Properties with more than two occupants
- Properties you do not wholly own
- Properties occupied by owners and tenants
- Ex local authority
- All non standard construction
- Properties within close proximity to commercial premises
As you can see, Crown can be more flexible than lifetime mortgage lenders; so if you have previously been refused equity release, discuss Crown's Home Reversion Plans with us.
Free valuations: Crown equity release plans offer free valuations on initial borrowing.
I love this feature because it takes all the risk away from you. If there are any unforeseen issues with the survey, you will not have to pay anything upfront, and you will not be liable for paying a penny should you decide not to proceed.
Larger releases: A home reversion plan usually offers a larger equity release than a lifetime mortgage (the more popular type of equity release). You can also release even more by choosing to make rent payments.
Flexible underwriting: Crown's underwriting is more flexible than most other equity release lenders. If you have previously been refused equity release, Crown could be a good fit for you.
Guaranteed Future Equity: By selling only part of your home, you guarantee the remaining share for the future. This can be a great option if you want to guarantee inheritance to your loved ones in the future.
Crown's home reversion plans aren't suitable for everyone. By selling your home, you limit your options to move home in the future. Plus, there will likely be less money for your beneficiaries to inherit in the future too.
With Crown, you must be 70+ years old to qualify; however, with a lifetime mortgage (the most popular type of equity release), plans start from age 55.
We find that over 99% of our clients are recommended a lifetime mortgage over a home reversion plan. So, you should consider all equity release options before taking a plan.
As part of our equity release advice service, we will consider plans from Crown and compare them to other equity release lenders.
Please speak with one of our equity release advisors for your personalised illustration.
Crown is a longstanding equity release provider and is currently the only home reversion provider offering new plans.
However, you may be able to achieve more flexible and cost-effective options by considering lifetime mortgages from other equity release lenders.
When you are ready, you can book an appointment with one of our equity release advisors, who can show you how Crown compares to other lenders for your specific needs.
In closing
I hope that I have provided you with an understanding of Crown's equity release product offering. And hopefully, you have an idea whether you could be a Crown equity release client. If you have further questions surrounding Crown's equity release plans or would like to see if Crown is the plan I would recommend for you, contact us on 0207 158 0881.
Remember we compare plans from other equity release lenders too, so we can save you time shopping around, and find the most suitable plans for you. You can also use our equity release calculator to compare the lowest rate plans.
If you have further questions, why not speak with one of our qualified advisors?
Call us on 0207 158 0881 or use our online form to book your FREE consultation.
While a qualified equity release advisor has written this guide, it is not intended to be used as financial nor legal advice and should not be relied upon.
To understand the full features and risks of an Equity Release plan, ask for a personalised illustration.
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