Equity release is regulated by the Financial Conduct Authority (FCA) as an ‘advised product’. This means that all companies offering equity release must provide advice either via the lender themselves, an Independent Financial Adviser (IFA) or an equity release broker.
Anyone offering advice on equity release must be qualified to do so. By choosing a specialist adviser who is a member of the Equity Release Council (ERC), you will be taken through a structured financial advisory process, which should answer any questions you have and include a review of your personal circumstances. It should also explain the benefits and risks as well as any alternative forms of funding available to you. As Martin Lewis always says about equity release, it’s important to consider all of your options before making any decisions.
Be aware that some advisers will only be able to advise you on the products they offer. Whereas a suitably qualified IFA or specialist mortgage broker will be able to compare equity release plans from a range of providers, not just individual companies, giving you a much broader view of what's available and what products may be best suited to you.
It’s also important to choose a lender who's a member of the Equity Release Council to ensure you're protected by their safeguards and rules. So, avoid equity release companies who don’t have their seal of approval.
To help you understand more about equity release and answer any questions you may have, we work in association with Age Partnership. They offer free initial advice with no obligation and have agreed exclusive plans with leading lenders you may not be able to get elsewhere. Alternatively you can find details of other specialist brokers, IFAs and providers on the Equity Release Council’s website.
If you have any questions and or would like advice, please call us on 0800 133 7656 or request a call back – you're under no obligation to go further and there's no cost to you for this advice*.
Answers to your questions on equity release