is equity release safe
Anyone considering sourcing wealth from their property can rest assured that equity release is fully regulated by the Financial Conduct Authority. For example, if you borrow £100,000 at an interest rate of 4%, after 18 years, the total amount to be repaid will have doubled to £200,000. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both. The purpose of this site is to explain in simple terms how Equity Release works. Just like any mortgage or other form of borrowing, both the amount you initially borrow plus the accruing interest must be repaid at some point in the future. Their rules and safeguards ensure you always own your home and have flexibility to move. We need your correct email address and telephone number so that we can answer your question. Equity Release Supermarket is a long-standing member. You can ask any questions and we’ll be able to let you know how much you could borrow. It’s important to talk to your adviser about any means-tested benefits you might be claiming as the sum you receive from equity release could have an impact on your entitlement. Click on the button below to complete a short form and we'll call you back within 30mins. Our lifestyle calculator will advise how much you could release. Understand what they are and how much you can borrow. Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. Learn how you could borrow more, or lower your rate here. Equity release products are safe as they’re regulated by the Financial Conduct Authority (FCA) and governed by the Equity Release Council (ERC). However if you are prepared to look at Equity Release, then be assured that there are many Safeguards and Guarantees in place to protect you. All equity release products are regulated by the Financial Conduct Authority (FCA) with all lenders being members of the Equity Release Council . Equity release is much safer than it used to be. All these solicitors offer a home visit if required and a competitive pricing structure, backed up by a 'no completion, no fee' guarantee. For example, most plans don’t require any repayments and, as such, you cannot get into arrears, default or have your home repossessed for non-payment. Find out how much money you could release with a drawdown lifetime mortgage. Is Equity Release safe? If you’re not claiming benefits now, your future ability to claim benefits could be affected. Means-Tested Benefits. In addition, all FCA and ERC governed lifetime mortgages come with a no negative equity guarantee. If you’re not sure whether any of our other products are suitable for you, it’s worth speaking to an independent financial adviser (IFA). What does being regulated mean? Other providers often charge a percentage of the loan, meaning it’s not always obvious how much you’ll end up paying. Equity release plans are regulated by the Financial Conduct Authority (FCA), and most providers are members of the Equity Release Council , a trade body that sets the standards and best practices for equity release companies and independent financial advisors. OneFamily Advice Limited is registered in England and Wales at 16-17 West Street, Brighton, BN1 2RL registered number 09188369 and is authorised and regulated by the Financial Conduct Authority. Please read our Privacy Policy for further details. The SAFE investor receives the futures shares when a priced round of investment or liquidity event occurs. That’s because, if you are claiming a number of benefits, borrowing a significant amount of money as a lump sum could take you above the eligibility limits. At Retirement Solutions, we will only recommend Lifetime Mortgages that are approved by the Equity Release Council. If we don’t think equity release is right and a good option for you, we will say so. 6 Safeguards and Guarantees. Is equity release safe? As an industry, it is now regulated by the Financial Conduct Authority which ensures the safety of the plans on offer. A SAFE (simple agreement for future equity) is an agreement between an investor and a company that provides rights to the investor for future equity in the company similar to a warrant, except without determining a specific price per share at the time of the initial investment. Please read our Privacy Policy for Mortgages that continue into retirement based on income and affordability. Downsizing protection which means that you can repay your equity release plan penalty free and move home once your plan been in place for at least 5 years. Plans with fixed interest rates for life, meaning you'll always know how much you must repay in the future. There are many benefits you could enjoy but, as with any financial product, you may be wondering how safe it is. Also, there is a governing body called the Equity Release Council which sets out must-have features that provide an extra safety net. Plus, all equity release plans come with a no negative equity guarantee. The downsides are that the inheritance you leave will be reduced and if you claim means-tested benefits, these could be affected. This can give them support when it’s possibly more beneficial and they are most able to enjoy it or put it to good use. View Cookies Policy. Despite past concerns, equity release is now considered to be a safe and effective way of raising funds. Get more information on our website: https://www.keyadvice.co.uk/equity-release How safe is equity release? So while, equity release may or may not be right for you financially, dealing with a Ship provider means it should be safe. Read the OneFamily Privacy Notice. What should you be thinking about before taking the next step? Releasing equity in your home is a major financial decision. This equity release scheme involves selling a percentage of your home. They can make sure you clearly understand every stage of the process, how each product works and how they could impact the financial future of you and your family. Protecting your interests. Many factors determine the size of your equity release loan. We charge a simple fixed fee of £750, no matter the size of the loan. You can be certain that you won’t be forced into making any decisions that aren’t right for you or your family. 1286 reviews, We use cookies to offer the best website experience. Learn how these lifetime mortgages work. They must also ensure that you will never owe them more than the total sale price of your home, even if its value drops. Lifetime lease Key Equity Release can help you discover if equity release is right for you. Find out how much money you could potentially release with an interest-only lifetime mortgage. It’s also worth mentioning that the value of houses typically increases over time and in this example, your home will probably be worth a lot more in 18 years than it is now – which could offset the final amount to be repaid. Are equity release schemes regulated? You could release money from your buy-to-let investment portfolio. Equity release has come a long way since the plans of the 80s and 90s which were relatively unsafe. Key are authorised and regulated by the FCA, and we pride ourselves on ensuring all of our processes and recommendations are clear, fair and not misleading to our customers. More details here. Although equity release products are like traditional mortgages in several ways, there are some crucial differences that can benefit the customer. Equity release is a big decision, so it’s important that you have all the facts. The choice of equity release products available has never been greater, with an increasing range of features to suit individual needs. Alternatively, we can call you. You must be over 55 and a homeowner. The industry is now regulated by the Financial Conduct Authority (FCA), the financial services watchdog and regulator in the UK. Is equity release safe? Any equity release company that has the Equity Release Council logo on their material must ensure you can still live in your home until you die or move into permanent care. If the sum you want to borrow is small and you can meet repayments out of retirement income, it might be cheaper to take out an unsecured personal loan. These can help you manage the future balance of your lifetime mortgage by reducing the balance on which interest is charged. Equity release offers safeguards that traditional mortgages don’t and it’s a good idea to understand what these are while you are thinking about taking out an equity release plan. We offer an impartial, whole-of-market service to find the best plan for you. 4.9 out of In addition, being regulated by the FCA means that consumers have adequate and appropriate protections in place. You can release money from your second or holiday home. Mortgage extensions . Discover how much money you could release across all the available equity release plans. Having a joint equity release plan is important because it means that your spouse or partner won’t have to move out of the home if they outlive you, or if you have to move into permanent long-term care. This means that all lenders, brokers and advisers must have the permission (authorisation) of the FCA to lend and/or give financial advice. Drawdown is the most popular lifetime mortgage. Born from an expansion of the remit of SHIP (formerly Safe Home Income Plans) the Equity Release Council represents the providers, qualified financial advisors, lawyers, intermediaries and surveyors who work in the equity release sector. Plans allowing you to make ad-hoc voluntary payments which could help to manage the future balance. Find out what’s involved and how long it takes. Equity release is safe as it’s regulated by the Financial Conduct Authority (FCA) and overseen by the Equity Release Council (ERC). Find out how much money you could borrow when taking out a lifetime mortgage against your buy-to-let property. You are able to unsubscribe and so not receive any more emails from us at any time. This means you can repay a plan without penalty within three years of a partner dying or going into long-term care. Their code of conduct states that: Equity release products can only be taken out after receiving advice from a specialist, regulated adviser. Because the FCA regulates equity release products, all advisors, brokers and lenders must get permission from the FCA to conduct their business. Secondly, if you are considering equity release, it’s also a good idea to speak to your Equity Release Supermarket adviser about any means-tested benefits you may be claiming as you could potentially lose them. If you are releasing equity via a lifetime mortgage, so long as you comply with the conditions of the mortgage your home will remain yours and any increase in its value is yours. For homeowners over 55 that want to access the money tied up in their home. In this guide we’ll look more closely at the ins and outs of releasing equity from your home, to help you understand the topic better and make an informed choice. These include: Equity release is an advised financial product, which simply means that you cannot take out a plan without having taken appropriate financial advice from a suitably qualified professional. "It's a huge concern that is immediately put at ease". Rest assured that all the Equity Release Supermarket’s advisers are listed as qualified members of the Equity Release Council. Learn how these lifetime mortgages work. Equity release refers to a range of products letting you access the equity (cash) tied up in your home if you are over the age of 55. What are the Safeguards – Is Equity Release Safe? Learn more about the pros and cons of equity release. Require monthly interest and or capital repayments. Lifetime mortgages that allow you to release tax-free cash as a single lump sum payment. Find out the maximum amount of money you could borrow with equity release. It’s a Financial Conduct Authority requirement that you get appropriate advice before taking out equity release. Learn how they work. OneFamily Advice is the trading name of OneFamily Advice Limited. Learn more here. Equity release is different from other forms of borrowing because you don’t have to make any monthly repayments unless you want to. Releasing equity is fully regulated by the Financial Conduct Authority, and we can offer further protection as we are a member of the Equity Release Council. Learn about how they work and the range of flexible plans available. The loan amount will need to pay off any existing mortgage secured against the same property. The figures are not guaranteed and do not constitute an offer to lend. Although this wasn’t always the case, all equity release products and practitioners are now regulated by the UKs financial services watchdog, the FCA. The Equity Release Council is the industry body for the equity release sector. I don't recommend that you consider Equity Release until you have looked at all other possible options to raise funds. They make monthly payments direct to your bank account to spend as you wish. Learn how they work. Equity release can actually be used to gift your children, or grandchildren, an early ‘living’ inheritance. Although in the past equity release has received some negative press, the industry has come a long way over the last 15 years to keep you and your home safe. They must also follow the FCA’s strict codes of conduct. RIO Mortgages continue into retirement based on income and affordability. There are though many ways that you can manage the balance, through the lifetime mortgage plan and the features you choose. Helps you understand how much money could be left as an inheritance when your lifetime mortgage ends. The protection starts very early on. receive any more emails or calls from us at any time. If you choose to pay off your plan in full or in part, you can incur early repayment charges. Find out the maximum you could borrow with a retirement interest only mortgage (RIO) – a residential mortgage, based on income that allows you to borrow on an open - ended basis into retirement. Health conditions can improve the offer from your lender. It’s always a good idea to talk through these with your equity release adviser but these include -. Equity release may not be your only solution. Any form of equity release is regulated by the Financial Conduct Authority (FCA). If equity release isn’t right for you, we’ll tell you. Fill in the form and one of our advisers will call you within 30 minutes between 9am – 6:30pm, Monday – Thursday and 10am – 2pm on Saturday. While they cannot give you financial advice, your solicitor will ensure that all your paperwork is in order and any legal pitfalls are avoided. And lastly, some equity release plans do come with large early repayment charges and so if you think that you may want to repay your plan at some point in the future, then talk to your Equity Release Supermarket adviser about this. Rest assured, you’ll be in safe hands. Lifetime Mortgage Advisers Anna and James discuss how the industry has changed over the last 15 years to the benefit of consumers. The product information on this website is provided to help you make an informed decision about whether our products are right for you. The Equity Release Council now sets even higher standards of conduct and practice for its members, who are mostly specialist lenders and advisers. Equity release plans are safe because they are regulated and offer certain protections. If you are releasing equity via a lifetime mortgage, so long as you comply with the conditions of the mortgage your home will remain yours and any increase in its value is yours. We need your correct email address to send you your factsheet. With business mobiles the cost will depend on your phone provider. How safe is equity release? Equity release is now safer than ever and progressively becoming a valuable tool for anyone aged over 55 who needs fast access to cash. Is Equity Release Safe ? There are protections and safeguards in place to ensure that equity release is safe. Lifetime mortgage where regular interest repayments help control the final balance to be repaid. Is Equity Release Safe? The main drawback to equity release is that it will reduce the inheritance you leave your family. Learn all about equity release. Our friendly team of advisers are ready to help you, so why not spare a few minutes for a free initial consultation? For many UK homeowners 55 and over, equity release is a useful way to supplement income, repay debts or make life easier for their loved ones. Like any of life’s big decisions, it’s only natural for you to have reservations about equity release. By providing your details you are giving us consent to contact you with Equity Release information. Find out how much money you could save your estate by making ad-hoc payments to reduce your final balance. Income periods of between 10 - 25 years are available to meet your retirement income needs. You can do this via a number of policies which let you access – or 'release' – the equity (cash) tied up in your home, if you're 55+. Require monthly interest only repayments. There are several ways to find an adviser- in fact, OneFamily Advice offer a lifetime mortgage advice service with considerable benefits. Fixed early repayment charges, knowing exactly what the penalty may be, if you wish to repay your plan early. Equity release products are safe as they’re regulated by the Financial Conduct Authority (FCA) and governed by the Equity Release Council (ERC). A flexible cash reserve allows you to receive money in smaller amounts. You must receive financial and legal advice. It’s that simple. We won't share it with other companies. 5 by Feefo.com based on The Equity Release Council is the industry body for the equity release sector. We’ll explain all the benefits, as well as the potential downsides and any pitfalls. Equity release is just like any other mortgage, in that the sum borrowed must be repaid with interest at a future date. Equity release allows individuals aged 55 and over to release money from the property they live in without having to make any monthly repayments. LEARN MORE. The most popular equity release scheme. Find out how much money you could borrow when taking out a lifetime mortgage against your second/holiday home. That all those taking out equity release have at least one face-to-face meeting with an independent solicitor. Born from an expansion of the remit of SHIP (formerly Safe Home Income Plans) the Equity Release Council represents the providers, qualified financial advisers, lawyers, intermediaries and surveyors who work in the equity release sector. Learn how home reversion schemes work here. Compassionate early repayment charges, allowing penalty-free repayment of a plan within three years of a partner dying or moving into long-term care. Learn what the other qualifying criteria are for equity release. If you’re thinking of taking an equity release plan, you can rest assured that our advice is fully regulated by the Financial Conduct Authority and the plans we recommend meet the Equity Release Council standards. Important: The loan amounts above are an illustration of the amount you could borrow. What is Equity Release? Learn more about the various types of later life lending plans available to homeowners over the age of 55. By continuing to use the site you are agreeing to our use of cookies. As the interest is compounded, then the total amount to be repaid could increase significantly over time. The FCA also has strict codes of conduct and rules that equity release … Make ad-hoc repayments which can help manage your final balance to be repaid. Free to use, equity release calculator range. Plus, all equity release plans come with a no negative equity guarantee. The facts and the myths. Always know how your balance will increase throughout the mortgage term. If you'd like to know more, please ask your provider. All of our advisers follow strict rules and guidelines, ensuring you receive the right recommendation for you. Find out how much equity you could release with our lifetime mortgage calculator and download your free guide to equity release for more information. All equity release products are regulated by the Financial Conduct Authority (FCA) with all lenders being members of the Equity Release Council. What is the equity release process? You are able to unsubscribe and so not These plans come with the following guarantees Once your plan has been in place for 5 years, you can repay it early without penalty if you sell your home and move to another property. And as the loan increases so does their fee, even though the advice process stays the same. *Open Monday to Thursday 9am to 6:30pm, Friday 9am to 5pm and Saturday 10am to 2pm. You can learn more about this in our article How much does equity release cost? Safe Equity Release since 1991. It earned a bad reputation due to the debt complications which arose between the 1980s-1990s which resulted in many losing their homes. Why not find out how much money you could release with our equity release calculator? The most popular plan is a lifetime mortgage - where the homeowner retains ownership of the property but the property is charged with the repayment of a loan or mortgage, which accrues rolled-up interest over the period of the homeowner's lifetime. Equity release schemes are relatively safe as the equity release providers who provide the equity release schemes are regulated by the financial conduct authority and most equity release providers are members of the equity release council which provides them … With lifetime mortgages, you always own your home and any increase in its value is yours. Why is it important to have expert financial advice when taking out an equity release plan? However, equity release isn’t entirely risk-free. If you are unsure if your adviser is one of them, it’s a good idea to check the Equity Release Council’s member’s directory to make sure they are. Advisers must have taken special qualifications to become equity release advisers. Calls to freephone numbers are free from UK landlines and personal mobile phones. Find out how much you could borrow by selling a percentage of your property for a cash lump sum. The many alternative options available to you are discussed here. Lifetime mortgages carry a no negative equity guarantee to ensure your estate won’t have to pay back more than the amount received from the sale of your home - provided the terms of the mortgage are being met. is a common question that I get. About Us. further details. The UK equity release market is basically made up of two types of equity release plan. Retirement Solutions are members of the Equity Release Council, the industry body for the UK Equity Release sector. As well as getting to know you and talking to you about your financial circumstances, your adviser will look at the whole equity release market and recommend the best product for you. Learn more about the pros and cons of equity release, You must receive financial and legal advice, All products must have a ‘no negative equity guarantee’, All those taking out equity release must have at least one face-to-face meeting with an independent solicitor. Equity Release Supermarket can provide a panel of qualified equity release solicitors to choose from, who can handle your application. You don’t need to have fully paid off your mortgage to do this. Since 1991, the industry has also been overseen by its governing body – the Equity Release Council (ERC). is rated We also appreciate that taking out equity release is a big financial decision and that’s why our patient and experienced advisers provide quality advice from the whole of the market, with no pressure. Many modern equity release plans offer features such as: This means you can’t get into arrears, or risk defaulting or having your home repossessed as a result. Learn what they are. The Equity Release Council was founded in 1991 to protect customers from malpractice. If you choose to repay your lifetime mortgage early. No lender, broker or adviser can operate in the UK without FCA authorisation. However, because the interest is compounded, the outstanding balance can increase significantly over time. Income plans allow you to supplement your retirement income. Equity release is a big financial decision. This is an area of critical importance when you’re planning to release money from your home. Our OneFamily advisers are qualified, experienced and salaried – not working on commission. Why not use our free calculator to understand the potential value of your estate when your plan is repaid? Many years ago, the equity release schemes that were available were not regulated. Is equity release safe? Equity release could present a few financial risks that you should be aware of. The actual amount may vary depending on your individual circumstances. Recipients of these ‘gifts’ may have to pay inheritance tax in the future. to learn more about the protections that are in place that make equity release a safe way to borrow. Is Equity Release Safe? You also have the right to ask a solicitor to check all the documents before signing up to a scheme. The good news is that there are ways to mitigate this. There are several alternatives to equity release that may be more suitable, depending on your circumstances: Unsecured loans. Learn more here. Why not download our free ‘Is equity release safe?’ factsheet Today, however, equity release products (including lifetime mortgages) are regulated by the Financial Conduct Authority (FCA), so you cannot lose your home through equity release. To help customers decide whether equity release is right for them, a number of companies provide a free equity release calculator to show a rough estimate of the amount of equity th… Information and qualifying criteria on these lifetime mortgages here. Equity release plans run until the money is repaid, or until the last borrower moves into permanent long-term care or dies. Yes, both types of equity release scheme, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority (FCA). We won't share your details with other companies. As mentioned above, you must have at least one face to face meeting with an independent solicitor during the equity release process. Equity release schemes are forecast to soar in popularity as the elderly fall back on the value tied up in their homes to top up dwindling pensions. The new breed of plans also come with a wide range of features and options, which you can tailor to create a plan that is right for you, both now and in the future. OneFamily only supply advice on lifetime mortgage products. The dangers of these schemes were that they didn’t offer the legal protections of modern-day plans. The way equity is released these days is so much more flexible than it was only a couple of years ago, it can be structured just like a conventional mortgage if that’s what you want. That all products must have a ‘no negative equity guarantee’ – which means that your loved ones will never repay more than the value of your home. While there are no potential dangers or pitfalls as such, the you should understand that equity release will reduce the inheritance you leave for your family. Calls may be recorded and monitored for training purposes. Find out what you could potentially save by switching to a new plan. For many homeowners over the age of 55, equity release could be a good option to borrow money to supplement their incomes, repay debts, enjoy some of life’s luxuries or financially help loved ones. The ERC has a strict Code of Conduct which is designed to protect consumers and keep you financially safe. Your solicitor will ensure all paperwork is in order and help you avoid any legal issues. With this in mind, safeguards and flexible features should be built into any equity release plan, such as: The option of a compassionate repayment charge that allows for penalty-free repayment if your circumstances change. Health conditions could help you borrow more money. Their primary role is to protect customers and enhance the financial market’s integrity. With lifetime mortgages, you always own your home and any increase in its value is yours. Find out the maximum monthly income you could receive on this special type of lifetime mortgage. As mentioned previously, the Equity Release Council requires that you have at least one face-to-face meeting with a solicitor as a compulsory part of the equity release application process. Equity release plans are designed to last a lifetime, which means that as the years pass, the market evolves and changes. If you’re already in receipt of benefits, your entitlement may be affected. We are the industry body for the UK equity release sector; representing the providers, qualified financial advisers, solicitors, intermediaries. In the past, this was different as the schemes weren’t regulated. Already have a lifetime mortgage? 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