No negative equity guarantee. It can affect your benefits. GATEWAY SURVEYORS. 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. For example, some lenders won’t let you transfer your plan to a retirement property. Equity Release Council sets out guidance to deliver more ‘personalised’ advice 9th December 2020 Leave a comment 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. 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. Website: www.gatewaysurveyors.co.uk. 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. Featured Articles. There are two types of equity release; Lifetime Mortgages and Home Reversion plans. Here we provide a comprehensive list of all the equity release providers from high street names to the smaller specialists. 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 . Make sure you choose a lender that is a member of the Equity Release Council. Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. Speak to an independent mortgage broker or financial adviser with an equity release qualification to find the best deal. 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. LV Equity Release. 23 Dec 2020. Equity release. 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 … The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. The Equity Release Council also promotes the safe guidance of these products. For example, you may want money for home renovations, medical expenses or to help with living costs. The Equity Release Council is a not for profit organisation that is recognised as the industry body for equity release. Under Equity Release Council standards, different solicitors must be employed on behalf of the client and the lender. Canada Life has also moved to remote valuations for one of its product ranges, ‘Lifestyle Options’, while it works with its funding partners to reach a solution on its other ranges. Skip to the content. Responsible Lending was founded as it saw a space in the market for an innovative lender that focuses on the issues faced by those aged 55 and over. 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+. 'Home equity release' lets you access some of your equity, while you continue to live in your home. 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. 2) J-HAP Frequently Asked Questions. 12-14 Shaw’s Road Altrincham England WA14 1QU. The council has recruited Lorraine Cox as membership and business development manager. Equity Release Council publishes best practice guide for advisers. 3) Personal Information Required for J-HAP Application. 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. From today (April 29) Aviva will be offering remote valuations for certain initial loan applications and additional borrowing for its equity release products. A spokesperson for Aviva said it would be communicating full details of the remote valuation process to advisers on the day. My 80-year-old widowed Mother-In-Law purchased the property outright in 2002 and lives off the basic state pension. Equity release calculator . Lenders. 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. 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