Find Your Local Equity Release Adviser
Prior to proceeding with an equity release interest servicing plan, any proposed lender would need to evidence the fact that equity release advice has been received from an authorised financial adviser to provide equity release & interest only lifetime mortgage advice. Regulation of the equity release market has been built upon a compliant checklist of factors which has rekindled popularity & confidence within this vulnerable sector of society.
To make contact with an interest only lifetime mortgage adviser in your locale, please complete the Find An Adviser contact form below. Upon receipt
of your submission a qualified equity release specialist will contact you as soon as possible to discuss your requirements.
Please submit your details below…
Why Equity Release Advice is so Important
Knowing where to turn for in-retirement financial advice can be frustrating given the importance of this period of your life. Afterall, the decisions made in retirement are usually final & if made incorrectly do not have much time to rectify. Therefore, gathering all relevant information & in time getting the best financial advice is paramount.
This is where InterestOnlyLifetimeMortgages Find an Adviser service works wonderfully. Rather than having to trawl the internet searching for the right equity release adviser & not knowing their full credential, you can let us do the work for you.
In providing independent equity release advice you will meet the requirements of all lifetime mortgage & home reversion companies who insist on all applicants having received equity release advice beforehand. This is to ensure the industry’s image of providing fair & equitable products is maintained after a long time in improving its own industry image.
Mandatory Requirements For Adviser Selection
Any adviser we put forward will have met the stringent criteria the industry lays down. This will be a minimum of membership of the Financial Conduct Authority (FCA) and additional part of the Equity Release Council (aka SHIP) which lays down the minimum standards for equity release advice. To be qualified all ‘Find an Adviser’ consultants put forth will have gained their lifetime mortgage & home reversion examinations.
This is important given that the Equity Release Council (ERC) is the trade body covering this industry & has a code of conduct which all members & lenders must follow to maintain membership. The aim of this code is to lay the foundations of confidence to consumers in knowing that you are in safe hands & the best equity release advice will be provided.
For membership & qualification of the ERC all its plans must include the following to qualify: –
- No-negative equity guarantee – security of knowing that the maximum balance an equity release balance can ever become is exactly the same of the homeowners property, & no higher. Therefore, should house prices fall or the occupants live many years beyond the average life expectancy, the balance could theoretically become more than the house value. In such circumstances, the lender will write off anything in excess of the property value upon sale or moving into care.
- Independent legal representation – one of the Equity Release Council’s codes of conduct state that the provider must have a totally independent equity release solicitor than that of the clients. This ensures impartiality & best practice. Prior to signing this legal paperwork you must have talked to your children as a matter of principle as this will undoubtedly affect their inheritance.
- Right to a lifetime tenancy – every equity release mortgage will provide this security of tenure which means the clients should never be turfed out of their home for equity release reasons.
- Porting the plan to a new property – again part of the Equity Release Council demands is for transparency & accuracy with the clients nest intentions at heart. This includes the mandatory ability to be able to transfer this plan to a new property; on the condition it meets their lending criteria.
To find your local equity release adviser, please contact the form above or alternatively ring the team on 0800 689 0925