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They are can testify to our great workmanship

Kian Bailey
Club Wholesale

My swimming pool used to be just plain and I got pretty much bored with its ordinary look. I am glad I called on you guys because all my neighbours now envy me and I look forward to taking a dip everyday after work.

Jessica Ford
The Flying Hippo

I pretty much own the bragging rights of having the best swimming pool around my neighbourhood. I got my designer pool constructed at a cost that was slightly below my budget and the outcome was just amazing! I certainly would never ask for more. Highly recommended.

Ethan Stevens

These guys are the best at what they do. My compound is pretty small and so fixing an amazing designer swimming pool was nowhere near my dreams. A friend convinced me to give you guys a try and it is one of the best decisions I have ever made. The swimming pool not only fitted, but it has also greatly enhanced the aesthetics of my home! 

Is the Halifax Retirement Home Plan Still Available?

If you are wondering if the Halifax Retirement Home Plan is still available, the answer is yes and no. This plan was withdrawn to new borrowers in the market on August 17th 2011. It was a very successful home equity release plan where older borrowers are concerned. Through this plan, older borrowers were given the opportunity to borrow money without having to make any repayments except for the monthly interest charged on the loan. The money borrowed would actually come from the home. The Halifax Retirement Home Plan was a lifetime plan in that it ran until the borrower died or left his home permanently.

The reason why this plan is no longer available to new borrowers is down to Halifax itself. The company did not view the plan as a core product. It was seen as a very small revenue stream. This was probably due to the fact that the company did not really understand the needs of the retired market which was the target market for the Retirement Home Plan.

Another issue that Halifax had with this plan was that it did not meet the requirements of SHIP which is the Safe Home Income Plan. All equity release providers need to be a member of SHIP if they want to win the trust of retired home owners. This organization protects the rights of home owners who engage in home equity release. One of the conditions that needed to be met in order to obtain SHIP membership is providing a no-negative equity plan. This simply means that the home owner should not be allowed to borrow more than the value of their property.

Through the Retirement Home Plan, home owners were allowed to borrow up to seventy-five percent of the value of their property which means that if the property would drop with twenty-five percent, the borrower would be heading for negative income. The seventy-five percent that they borrowed would be all that the property is worth. Also, what used to happen was that if the home owner was not able to pay the interest payments, the home was repossessed and the home owner evicted.

Since that, this plan is no longer available. Home owners are now turning to three of the most current interest only lifetime mortgage plans on the market which are the Stonehaven Interest Select Lite Plan, the Holmesdale Building Society Plan and the More2Life Interest Choice Plan.

However, the garden is still rosy for existing Halifax Retirement Home Plan customers who managed to jump onto the bandwagon before it was withdrawn. They are still able to maintain their existing plans into retirement as well as taking further advances and porting their deals across to a new property should they move home in the future. Additionally, should their tracker or fixed rate deal have expired, then they will be able to still take out a new deal or revert to the Halifax standard variable rate, whichever is more favourable.

Even though the Halifax product has been removed, this is not altogether a bad thing. If you consider the troubles it could cause and the new products on the market, you are actually better off finding a home equity release under the current providers.

You will discover there are protections in place for the home owner under these new release plans. Instead of being evicted, forced to pay a monthly repayment of interest, or even have to worry about repossession you have options. You can choose an Interest Select plan where the interest has to be twenty-five pounds per month, but this does not mean the interest is paid in full. Under this type of plan, whatever interest is accrued that does not get paid in a month will roll up into the principle balance.

In this way there is no threat of eviction or repossession troubles even if the home becomes undervalued. There are negative-equity-clauses put into these new home equity plans. It states that a home owner does not need to come up with additional funds beyond what the house is currently valued at. Beneficiaries, if they are repaying the loan by selling the house after the homeowner, you, dies will not be subject to any further payment.

With protections in place home equity release becomes a better choice than what existed before from Halifax. For those who are still under the old plan, the time to look around and possibly change to a plan with more cover is now. Protect your home here and your inheritance to your beneficiaries by ensuring you have the best possible lifetime mortgage or home reversion scheme in place.