Before entering into any equity release arrangement, all lenders will insist equity release advice has been received beforehand. This is to ensure that a qualified adviser has assessed your situation & provided you with best advice.
To find an equity release adviser local to you, please complete the ‘find an adviser’ submission below. Your equity release specialist from London will contact you as soon as we receive your details.
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Reaching retirement can be a daunting financial prospect for many. Should a shortfall in income and/or capital arise then one retirement solution can be equity release. However, this decision is not to be taken lightly & the full ramifications & impact that equity release can have on your estate & beneficiaries must be known.
This is why professional equity release advice MUST be obtained & is a requirement of any lifetime mortgage & home reversion lender in the market today.
Your adviser will be regulated by the FCA & all schemes recommended will be members of the Equity Release Council (formerly SHIP). All our London advisors will also have passed their relevant mortgage & equity release examinations.
The Equity Release Council is the trade body overlooking the equity release industry. They set a code of conduct that your equity release adviser must follow & provides you with the confidence of knowing that you are in safe hands & best advice is being provided.
Plans must include the following to qualify for membership: –
- A no-negative equity guarantee – meaning that should the equity release loan amount be higher than the property value, the lender can only ask for the value of the property as a maximum.
- Right to lifetime occupancy – all equity release schemes must allow for the mortgagor to remain in their property for life. This applies to both lifetime mortgage & home reversion plans
- Ability to transfer to a new property – should there be a need to move, the equity release mortgage must be transferable to a new property, subject to property criteria.
- Independent solicitor – the Equity Release Council’s stance is that both the provider and the customer must have separate legal representation
Choosing a release of equity from your home is an important decision in your life. Therefore, LondonEquityRelease.com would recommend you discuss releasing equity with your family and beneficiaries prior to proceeding.
There are alternative options available and by finding an equity release adviser, they will discuss these options with you to see whether they offer a better financial solution.
Some of the questions you may like to ask your London financial adviser could be…
- Will I still retain ownership of my home?
- How much equity will remain once the house is sold?
- Which is the best equity release scheme – lifetime mortgages or home reversions?
- What are the equity release alternatives?
- Can I repay the interest, either monthly or voluntarily to control the balance?
- What are the early repayment charges should I wish to pay off early?
- How much are the charges to set up an equity release scheme?
These are equity release schemes including lifetime mortgages & home reversions. To understand the risks & features, ask your London financial adviser for a personalised Key Facts Illustration.