How to Find UK Equity Release Providers
Whether you’re looking for a lifetime mortgage or a home reversion equity release plan, it’s essential to choose your provider and plan with great care. This is a once-in-a-lifetime decision and you want to get it right.
Your Choice of Providers
There are currently more than 20 equity release providers in the market, offering 30-plus different plans between them.
Most deal purely in lifetime mortgages or home reversion schemes, while a handful operate both types of plan.
Make sure they’re Ship-shape
The vast majority are members of the trade body Ship (Safe Home Income Plans) and it’s generally a good idea to confine your search to these, as they are bound by its code of practice.
This includes a no negative equity guarantee.
You can get a list of Ship members and their contact details from its website: www.ship-ltd.org.
Get the Facts
You can contact the providers direct or get an independent financial adviser (IFA) to shop around on your behalf.
It shouldn’t cost you to use an IFA, as they will be paid for their services in the form of commission from the plan provider you eventually choose.
Your IFA should give you an initial disclosure document, showing the services he or she will provide, and a key facts illustration for each plan you’re considering to help you compare them.
Going to an IFA for advice also gives you valuable protection.
(For more on this, read What if Im not happy with my equity release plan?)
But Before You Commit Yourself
Read all the paperwork with great care and ask about anything that isn’t clear.
When it comes to protecting your financial future, there’s no such thing as a stupid question.
For further information, go to Choosing an equity release plan and Questions to ask equity release providers.