There are a variety of safeguards that are in place to ensure that when entering into an equity release plan you are fully protected.
The Financial Conduct Authority (FCA) regulates Lifetime Mortgages and Home Reversion Schemes (equity release schemes uk) which means there are clear rules on how we treat our customers fairly and ensures that there are full complaints and compensation procedures in place. All lenders and providers are regulated by the financial services authority for the Lifetime Mortgage and Home Reversion Schemes which ensures that you are fully protected.
To guarantee your safety The Right Equity Release will only recommend Equity Release Schemes from providers who follow the Safe Home Income Plans code of practice.
The SHIP now known as Equity Release Council code includes:
• A “no negative equity guarantee” which means that you will never owe more than the value of your home and that the debt dies with you so the payment of any negative equity can not be left to your estate.
• You will be provided with a Equity Release Council certificate clearly stating the main cost to the householder’s assets and estate.
• The clients’ legal work will always be performed by the solicitor of his or her choice.
• The members of Equity Release Council will only provide a fair, simple and complete presentation of their plans.
Before you enter into a lifetime mortgage it is important that you are aware of all of the implications before entering into a plan. Our specialist advisers will fully discuss all options regarding the equity release schemes uk that are available to you.