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equity release council lenders

Though useful in many cases, this is seldom the best option for releasing cash and should be considered only after taking advice. 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. How home equity release works 'Equity' is the value of your home, less any money you owe on it (on your mortgage). The Equity Release Council is a not for profit organisation that is recognised as the industry body for equity release. 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 … 12-14 Shaw’s Road Altrincham England WA14 1QU. 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. Taking good care of your clients is our priority. Like the traditional mortgage market, surveyors play a key role in the equity release market valuing properties on behalf of product providers/lenders. Let’s look at the lifetime mortgage lenders. Our Equity Release Knowledge Hub is full of reports and documents from both the Council and the wider Sector. Equity release calculator . 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. 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. Equity release will affect potential inheritance and your entitlement to … We search the whole of the UK equity release market with lenders approved by the Equity Release Council to find the best plan for you. Provider More2Life is similarly using semi-automated valuations for most of its product range, combining the local knowledge of a RICS surveyor. 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 … 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. © The Financial Times Ltd 2020 "FT", "Financial Times" and "FTAdviser" are trademarks of The Financial Times Limited and their associated companies. The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. 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 the industry body for all things relating to equity release, and is a self-regulated, non-profit organisation. Pure Retirement Equity Release. The Equity Release Council are a consumer centric trade body. Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. Unlike many advisers we are not ‘tied’ to a specific lender at any one time. Under Equity Release Council standards, different solicitors must be employed on behalf of the client and the lender. “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. 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. 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. A Group of Companies who provide, manage and own Home Reversion Plans. Members of the Equity Release Council, which represents around 90% of the market, attach a ‘no negative equity’ guarantee to the plans they sell. OVER 200 YEARS EXPERIENCE. When considering an equity release plan we recommend customers talk to a specialist member of the Equity Release Council. Other lenders that are offering desktop valuations while surveyors are unable to visit properties include Hodge, Pure Retirement and LV. 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. 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. Equity Release Council publishes best practice guide for advisers. It's important to understand the features, costs and risks of a lifetime mortgage. The Equity Release Council has expanded its senior ranks to support the trade body’s growing membership. 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. Nationwide is the world's largest building society and a top-three provider of savings and mortgages in the UK with around 15 million members. 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 ... And, as a member of the Equity Release Council, your protection is our priority. These include a maximum property value of £1m in Greater London and £750,000 elsewhere, and listed properties are no longer accepted. 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. Here we provide a comprehensive list of all the equity release providers from high street names to the smaller specialists. 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