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0 You’ll need to consult a licensed equity release advisor before applying for either a home reversion or lifetime mortgage. The Financial Conduct Authority requires this.
An advisor who is qualified will have the ability to compare equity releases from all over the market. You’ll receive the best possible advice, and products will be suggested that are tailored to suit your needs. Consider using an advisor who is also a part of the Equity Release Council. Ask these questions before selecting an advisor:
Is there a consultation free? Not necessarily. But it is worth asking.
– Are there any fees? How much do you charge? The average fee for an advisor is between £1,000-£2,000. However, some do not charge any fees at all.
Do you have access to equity release offers from any lender? The answer you want is a “yes”. Some advisors are only able to work with a small panel of lenders or are even confined to one lender.
Note that financial advisors are not qualified to provide advice on equity releases. For Equity Release Solicitors Near Me, visit tivoli.legal/equity-release-solicitors-near-me
You should speak to a Mortgage Broker before remortgaging. However, general mortgage brokers will not be able to provide advice on equity release.
Speak to a broker about a RIO if that’s what you want. (Not all mortgage brokers are knowledgeable on this, so ask before making an appointment).
You should only use equity release from providers who are approved by the Equity Release Council. The Equity Release Council works with lenders to provide the best possible service to their borrowers. The majority of lenders who belong to the ERC carry the TrustMark and offer equity release.
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