Equity release safeguards
Retirement Solutions UK
Providing specialist advice for homeowners 55+, about equity release products to help them live retirement, their way.
As a member of the Equity Release Council, we only recommend equity release products that meet all the Equity Release Council’s product standards. The Equity Release Council represents the equity release sector and exists to promote high standards of conduct and practice. In the provision of and advice on equity release which have consumer safeguards at its heart.[1] Let’s take a look at Equity release safeguards.
A fixed (or capped) interest rate for life
For Lifetime Mortgages?interest rates must be fixed or, if they are variable. There must be a ‘cap’ (upper limit) which is fixed for the life of the loan.?
The right to remain living in your home for life
You must have the right to remain in your property for life or until you need to move into long-term care. Provided the property remains your main residence and you abide by the terms and conditions of your contract.?
“My house had been up for sale for some time with no interest. The truth was I never wanted to sell it in the first place. I had spent lots of money on it over the years. The garage was set up as my workshop and it was my home. Paying off the mortgage has made me stress free now. I have extra spare money to spend as I want. It has lifted a weight off my shoulders, left me much more at ease to get on with my life.” – Mr L
A no negative equity guarantee
The product must have a ‘no negative equity guarantee’. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider. Neither you nor your estate will be liable to pay any more.?Equity release safeguards are designed with you in mind.
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The right to move the plan to another property (lender criteria dependent)
You have the right to move to another property. Subject to the new property being acceptable to your product provider, as continuing security for your equity release loan.?
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About Retirement Solutions (UK) Ltd - We are a UK-based firm that specialises in equity release and retirement planning. Established in 2007, we provide independent, whole-of-market advice, meaning they aren't tied to any specific providers. This allows us to offer tailored solutions to our clients, focusing on various retirement products, including equity release and estate planning.
We are a proud member of the Equity Release Council, which sets standards for equity release products and advice, ensuring client protection and transparency.