equity release council lenders
equity release council lenders

When considering an equity release plan we recommend customers talk to a specialist member of the Equity Release Council. In the guide extra focus is put on customers who may be vulnerable such as having physical or mental … Aviva Equity Release; Canada Life Equity Release; Hodge Equity Release; Legal and General Equity Release; Liverpool Victoria Equity Release; More to Life Equity Release; Pure Retirement Equity Release; Just Retirement Equity Release; One Family Equity Release Skip to the content. Equity release is a way of unlocking some of the value of your home and turning it into a tax-free, cash lump-sum. The Equity Release Council is a not for profit organisation that is recognised as the industry body for equity release. A provider is a firm which is authorised by the financial services regulator to provide regulated lifetime mortgages and/or home reversion plans. The traditional equity release lenders such as Canada Life and Legal and General have been joined by high street names such as Nationwide Building Society, Santander, TSB and Lloyds Bank. Once instructed by the client or broker, the solicitor acting on behalf of the client will send out an initial questionnaire requesting further information. 3) Personal Information Required for J-HAP Application. Equity release will affect potential inheritance and your entitlement to … The Council specifies Product Standards with which it requires its members’ products to comply. Stephen Lowe, group communications director at Just Group, also said his firm had adjusted its lending criteria so that it could carry out remote desktop valuations. The Scottish Widows lifetime mortgage has been designed to help customers unlock an initial lump sum with the option of drawing down further sums at later dates. Lifetime mortgage providers. Just Retirement Equity Release. We have selected some of the latest and most relevant Equity Release news from across the sector for you to read. *Equity Release Council … The Equity Release Council has published a Best Practice Guide to complement its checklist for advisers and support firms when discussing and documenting customer needs. We have a network of local, professional advisers across Scotland. Member of the Equity Release Council. No negative equity guarantee. Legal and General Equity Release. “These will be done by an independent valuer, using publicly available information to assess the value of clients’ homes,” added Claire Singleton, CEO of Legal & General Home Finance. Responsible Lending will provide financial support to … For example, you may want money for home renovations, medical expenses or to help with living costs. Equity Release Loans. It'll reduce the amount of inheritance you can leave, and may affect your tax position and access to welfare benefits. Taking good care of your clients is our priority. Jim Boyd, CEO of the Equity Release Council, commented: “The equity release market remains open and is supported by careful measures for the safe provision of advice and valuations, with providers offering desktop valuations, to comply with social distancing guidelines.”, The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice: www.ft.com/editorialcode. Company No. Equity Release Loans is a trading style of Equity Solutions Limited. The Equity Release Council has expanded its senior ranks to support the trade body’s growing membership. Most lenders are members of the Equity Release Council and abide by their rules, which includes the no negative equity guarantee. Equity release calculator . In the guide extra focus is put on customers who may be vulnerable such as having physical or mental … She is now thinking of releasing some equity to help with her quality of life and health issues and we were advised to look into the possibility of Equity Release. The Equity Release Council points out that equity release is one of the most regulated financial products in the UK and the industry is regulated by the FCA. We provide a service tailored to your specific needs and will search the whole of the UK equity release market with lenders approved by the Equity Release Council to find the best plan for you, taking into account your individual circumstances. We have selected some of the latest and most relevant Equity Release news from across the sector for you to read. The Equity Release Council also promotes the safe guidance of these products. OVER 200 YEARS EXPERIENCE. 12708681 Data Protection No: ZA768479. The council has recruited Lorraine Cox as membership and business development manager. Prior to FCA regulation, many lenders signed up to Equity Release Council (ERC) formerly known as Safe Home Income Plans ( SHIP ), a voluntary code of conduct that provides a number of guarantees. Equity Release may involve a lifetime mortgage or Home Reversion An award-winning specialist UK financial services company created by the merger of Just Retirement Group and Partnership Assurance Group. Equity Home Loan Rate in Carthage on YP.com. Our Equity Release Knowledge Hub is full of reports and documents from both the Council and the wider Sector. All lifetime mortgages offered by Compare the Market’s FCA-authorised equity release partner Responsible Equity Release are from lenders approved by the Equity Release Council. Additionally, there is an Aviva Equity Release. Let’s look at the lifetime mortgage lenders. Aviva equity release, one of the most established equity release plan providers in the UK, have … View full details. © The Financial Times Ltd 2020 "FT", "Financial Times" and "FTAdviser" are trademarks of The Financial Times Limited and their associated companies. 'Home equity release' lets you access some of your equity, while you continue to live in your home. Equity release allows individuals aged 55 and over to release money from the property they live in without having to make any monthly repayments. Plus, the Equity Release Council has a code of conduct for safeguarding customers that goes over and above FCA Regulations. The Equity Release Council is a not for profit organisation that is recognised as the industry body for equity release. Please be aware that this will add to your legal fees, so we recommend that you shop around to obtain a quote" *. Equity Release Council The Old Rectory Church Lane Thornby NN6 8SN Merry Christmas and a Happy New Year from everyone at the Council. James Blair & Co charge an advice fee of £900 and will receive a commission from the lender, if you take out an equity release through James Blair & Co . There are two models, face to face and telephone advice, both aimed at protecting the interests of the customer leading to the most appropriate and correct solution for each individual enquiry. Equity release lending criteria are based on the value of the property increasing over time and they focus on issues that could affect the value or saleability. However, older people may wish to release equity from their homes to pass on money to grandchildren before their death, and it can be a useful tool in inheritance planning. Restrictions on physical property valuations during the first lockdown saw equity release lenders adapt to remote valuations. This means that, if the value of the property falls below the level of the debt, the company takes the hit and won’t pursue you or your estate for the shortfall. Plus, the Equity Release Council has a code of conduct for safeguarding customers that goes over and above FCA Regulations. BRS Equity Release is a completely independent organisation. Skip to the content Freephone Scottish Team 0808 … Website: www.gatewaysurveyors.co.uk. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. 4) J-HAP Zone Map to determine if prospective home location is within the J-HAP Zone as well as provide further information regarding environmental restrictions. *Equity Release Council Spring Report, March 2019. 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+. Other lenders including Aviva, LV=, Pure Retirement and more2life only have roll-up mortgages, although some capital repayment is allowed. Our partner, Responsible Life, will only advise on Lifetime Mortgages from lenders who are members of the Equity Release Council. Equity Release Council publishes best practice guide for advisers. NN6 8SN. Aviva. Members of the Equity Release Council, which represents around 90% of the market, attach a ‘no negative equity’ guarantee to the plans they sell. These include a maximum property value of £1m in Greater London and £750,000 elsewhere, and listed properties are no longer accepted. There are also no required monthly payments and lifetime mortgages from Equity Release Council-approved lenders come with multiple safeguards. It can affect your benefits. From today (April 29) Aviva will be offering remote valuations for certain initial loan applications and additional borrowing for its equity release products. The rapid adoption of technology by lenders and advisers has been the “biggest milestone” of the year within the equity release market, according to a … More2Life Equity Release. 23 Dec 2020. A spokesperson for Aviva said it would be communicating full details of the remote valuation process to advisers on the day. The Equity Release Council is a not for profit organisation that is recognised as the industry body for equity release. Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. Pure Retirement Equity Release. My 80-year-old widowed Mother-In-Law purchased the property outright in 2002 and lives off the basic state pension. By admin in Later life lending 9th December 2020 0. Rates and charges are always clear. For example, some lenders won’t let you transfer your plan to a retirement property. An award winning equity release provider, we’ve helped more than 200,000 customers unlock over £7 billion from their homes. The concept of the Equity Release Council is to manage and supervise the Equity Release Industry, setting up agreements, rules and regulations that are fair to both the lender and the homeowner. These firms all offer “no negative equity” guarantees – which mean the … One of these, the No-Negative Equity Guarantee (NNEG), ensures you’ll never owe more than your home’s value. Those lenders that are members of the Equity Release Council offer a no negative equity guarantee, meaning borrowers will never end up owing their lifetime mortgage lender more than the value of the property. Q My mother took out a lifetime mortgage for equity release in 2011. You can find one at Unbiased.co.uk, VouchedFor or the Equity Release Council. 4. Equity Release Supermarket is an award winning independent advisory firm at the forefront of the rapidly expanding equity release market. Here we provide a comprehensive list of all the equity release providers from high street names to the smaller specialists. The Equity Release Market Report is designed and produced by Instinctif Partners on behalf of the Equity Release Council. Lorraine Cox (pictured left) takes up the role of membership and business development manager to further support and add value to the organisation’s membership. ... And, as a member of the Equity Release Council, your protection is our priority. Contact Details: [email protected] 01332 693100. Under Equity Release Council standards, different solicitors must be employed on behalf of the client and the lender. Equity release provider OneFamily meanwhile is using surveyors with knowledge of an applicant’s area to carry out desktop valuations. We provide a service tailored to your specific needs and our partners will search the whole of the UK equity release market with lenders approved by the Equity Release Council to find the best plan … The Equity Release Council has launched a Best Practice Guide to help advisers ensure they cover all bases when speaking to clients and documenting their needs. Award-winning retirement solutions designed to suit a wide range of needs. Equity release is a means of retaining use of a house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house.. All products that your Responsible Equity Release adviser will recommend will come from Equity Release Council-approved lenders, so you will benefit from all the safeguards that this assures. The amount borrowed was nearly £100,000 (about half the value of her … All Rights Reserved. The guide has been produced by the council’s standards board, drawing on decades of experience from expert adviser members representing a variety of firms in the market. As one of the UK's most established and trusted equity release lenders, with over 20 years' experience, we've helped over 250,000 people release more than £8 billion. However, this will always be subject to the new property meeting the providers lending criteria as well assessing the value of the new property. There are also options to protect a minimum sum for the purposes of inheritance. According to figures from Equity Release Council, the equity release product rate sat at 4.48 per cent in January 2020, while two in five products offer rates of 4 per cent or lower. Use our calculator to see how much money you could release from your home with our lifetime mortgage. Our Equity Release Knowledge Hub is full of reports and documents from both the Council and the wider Sector. Lifelong banking customers are fed up of their treatment after they have reached a certain age. The lender ranked the top 10 reasons for an application decline. A specialist lender with more than 50 years’ experience in later life lending. In the guide extra focus is put on customers who may be vulnerable such as having physical … We have a team of FCA regulated nationwide equity release advisers who are all members of the Equity Release Council. Any members of the Equity Release Council (ERC) must also adhere to their standards. The concept of the Equity Release Council is to manage and supervise the Equity Release Industry, setting up agreements, rules and regulations that are fair to both the lender and the homeowner. Nationwide Building Society lifetime mortgage . Hodge Lifetime Equity Release. Lenders. Meanwhile, Legal & General is offering desktop valuations on all of its lifetime mortgages. Equity Release Council Lenders We Work With. Unfortunately, due to lenders tightening their lending criteria on mortgages in retirement they will either have to downsize to a smaller property to clear the mortgage, or transfer the debt to a new lender whom accepts repayment of interest &/or capital. Retirement Advantage Equity Release. ... A specialist lender with more than 50 years’ experience in later life lending. Industry-leading value,financial strength and exceptional service. Equity release. Though useful in many cases, this is seldom the best option for releasing cash and should be considered only after taking advice. Paul Bridgwater, head of lending proposition at OneFamily, said the lender wanted to enable applications for its lifetime mortgages despite current restrictions, and adjusted its processes so that customers can complete its lifetime mortgages “completely remotely.”. Equity release lenders are changing their valuation processes as a result of restrictions on physical property valuations during the lockdown. LV Equity Release. 2) J-HAP Frequently Asked Questions. Church Lane Thornby The Equity Release Council are a consumer centric trade body. When considering an equity release plan we recommend customers talk to a specialist member of the Equity Release Council. Interestingly, the available product options now exceed 300, a 42 per cent increase in the last year as reported by the Equity Release Council in their April 2020 report. The Equity Release Council is urging to advisers to ‘respectfully and robustly’ challenge clients’ motivations when looking for lending solutions in its new Best Practice Guide, published today. Metro Bank sells £3bn mortgage portfolio to NatWest, Brokers welcome lenders’ return to 90% LTV, High LTV borrowing costs rise 'substantially', House price growth accelerates despite lockdown. The guide, which complements its Checklist for Advisers, is designed to … Providers may offer products which do not comply with all of the Standards, so long as they explain this clearly to the customer. These policing entities oversee the rules of equity release schemes and the lenders who provide them. Many lenders also insist that the occupier has independent legal advice, which will need to be with a different solicitor to the one that you have instructed to act for you. The Equity Release Council has launched a Best Practice Guide to help advisers ensure they cover all bases when speaking to clients and documenting their needs. The concept of the Equity Release Council is to manage and supervise the Equity Release Industry, setting up agreements, rules and regulations that are fair to both the lender and the homeowner. 12-14 Shaw’s Road Altrincham England WA14 1QU. No part of this publication may be reproduced or used in any form without prior permission in writing from the editor. L&G specialises in retirement with L&G Home Finance Limited having a history of offering award winning equity release products. They are offered by big brand names that are best known for their insurance products or pension plans and specialists that have grown to become leading lifetime mortgage lenders. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. Fca Regulations of the Equity Release Council ( ERC ) must also to. On Equity Release Council promise to follow our stringent Statement of Principles for your added peace of mind years experience. Make sure you choose a lender that is a self-regulated, non-profit organisation member of the client and wider... The latest and most relevant Equity Release Knowledge Hub is full of equity release council lenders and documents from both Council... 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