In the guide extra focus is put on customers who may be vulnerable such as having physical or mental health issues, bereavement, divorce, emotional or financial issues, poor literacy or numeracy. 2. 9. It means that the borrower is protected if there is a downturn in the housing market, the house reduces in value, and the amount of the mortgage is higher than the amount it would sell for at the time of repayment. The Equity Release Council have appointed five new members to its board after their recent Annual General Meeting. Much like a traditional mortgage, equity release is fully regulated by the Financial Conduct Authority, their role is to protect consumers and ensure the financial market operates with integrity. We're Members of the Equity Release Council Protect your beneficiaries The figures are an indication of the amount available, subject to full assessment and underwriting. Being members of the Equity Release Council gives these individuals access to knowledge, training and events for the Equity Release sector; ensuring the most up to date expertise. What is an Immediate or Deferred Care Plan? Represent over 180 member firms and over 500 individual members in the equity release industry, from financial advisers and lenders, to solicitors and surveyors. Discover how much tax-free cash you could release with the Telegraph’s easy free equity release calculator. With a lifetime mortgage the money you release is borrowed against the value of your home, and the mortgage (plus interest) is repaid when you die or go into long-term care, usually through the eventual sale of the home. Originally launched in 1991, the Equity Release Council (ERC) is an organisation that is supported by the leading providers of equity release within the UK. Equity Release Council The Old Rectory Church Lane Thornby NN6 8SN Responsible Equity Release is a trading style of Responsible Life Limited. We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future. This trade body's members must promise a 'no negative equity' guarantee, so your estate will never owe more than your home is worth. It’s becoming increasingly common for those who are asset-rich but cash-poor - i.e. The Equity Release Council has made the double appointment of a membership and business development manager and public affairs manager. Some choose to clear an existing mortgage or buy a second home whilst others release the money to spend on helping younger members of their family pay for education, weddings or mortgages of their own. This provides protection, security and access to the Financial Services Compensation Scheme if you ever need it. 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 Equity Release Council say analysis of industry data by shows its provider members accounted for 95% of all equity release lending during Q1 2016, totalling £393.9 million. When considering an equity release plan we recommend customers talk to a specialist member of the Equity Release Council. The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. With a home reversion scheme you would have sold your home ‘in advance’ but continue to live there rent-free, and when you no longer live in the property, it will be sold and your provider paid off with the proceeds. Equity Release Council Members FJG have five members on the Equity Release Council; Susanne Grimwade , Andrea Godfrey , Amy Burton , Sarah Rankin and Claire Martin . Its job is to do the following: Equity release is much safer now thanks to a number of policies introduced by the Equity Release Council. Which types of equity release schemes are right for you? It was created to promote safe equity release products and to safeguard the interests of homeowners. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205. 3. Members display the Equity Release Council’s logo on their literature as a guarantee to their customers that they observe the code of practice. This depends on your age and the value of your home. Equity release may impact Pension Credit, Council Tax Discount and Universal Credit EQUITY release may be an appropriate option for those who are hoping to obtain some extra cash, but it … The Equity Release Council’s market statistics are compiled from member activity, including all national providers in the equity release market. * If you are in poor health you may be entitled to better terms with an … All advisers and providers for lifetime mortgages and home reversion schemes are regulated by the FCA (Financial Conduct Authority), and there are rules about what providers have to tell you about equity release in their literature. The Equity Release Council has published a Best Practice Guide to complement its checklist for advisers and support firms when discussing and documenting customer needs. Your advisor will be happy to recommend a specialist solicitor. Either way, your residency is guaranteed. There are two main types of equity release product; lifetime mortgages and home reversion schemes. Information approved for adviser use only. The product must have a “no negative equity guarantee”. We rely on advertising to help fund our award-winning journalism. Ralph and Bob are members of the Equity Release Council, the industry body for the UK equity release sector. Can equity release help? Claire Barker, who is managing director at Equilaw and director at Thomas Legal Group, was recruited to the role of co-opted board member for 2020/21 following a ‘competitive’ selection process. The No Negative Equity Guarantee makes sure that the amount of the mortgage, plus any accumulated ,interest, can never be higher than the value of your home. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. Each member of the Council that provides equity release products is signed up to the Equity Release Council's Code of Conduct which puts in place a number of safeguards and guarantees for consumers. Nigel Waterson, former chairman of the Equity Release Council, said: Is equity release right for you? The Equity Release Council. The Equity Release Council has appointed several senior politicians to its newly formed Advisory Board. Equity release is when older homeowners decide to free up some of the financial value in their home to allow them tax-free cash to spend on whatever they wish. The Telegraph Equity Release Service is provided by Responsible Equity Release. For more information on Telegraph Financial Solutions click here. The Equity Release Council. As a result, by taking money out of your property now, a lifetime mortgage may reduce the value of your estate. Please refer to one of our specialist advisers. Are you a customer? Each member of the Council that provides equity release products is signed up to the Overarching Principles, to ensure that their customers are offered the best protection. AM Mortgages (NE) Ltd are proud members of the Equity Release Council we offer trusted advice on all aspects of equity release. It “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.” Without the Equity Release Council, you could be putting yourself at risk with an unreliable plan. What if I can’t pay off my interest-only mortgage? Originally known as Safe Home Income Plans (SHIP), the Equity Release Council was relaunched in 2012 and extended its reach from equity release to financial advisers. Lorraine Cox (pictured left) takes up the role of membership and business development manager to further support and add value to the organisation’s membership. Welcome to the official website for the Equity Release Summit The inaugural Equity Release Summit 2020 took place on Thursday 12 March 2020 at the grade II listed Church House Westminster conference centre. Consumers can convert the cash they release into a guaranteed lump sum, or a regular income, or a combination of both. It was created to promote safe equity release products and to safeguard the interests of homeowners. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. The most common ways are lifetime mortgages and home reversion schemes. As part of its new structure, the Council has instituted an Advisory Board, which comprises experts drawn from a wide range of sectors, including policy, academia, and communications. You also have the option of moving, and transferring the equity release plan without paying financial penalties due to various downsizing protections. A lifetime mortgage may also affect your entitlement to means-tested benefits, but an adviser can walk you through the impact of this before you decide to proceed. The Equity Release Council has appointed the first legal member to its main board in a bid to broaden its representation across the industry. Membership at Equity Release Council Our Membership Hub represents the interests of 90% of the Equity Release sector. Using members of the Equity Release Council is essential to ensure your equity plan gives you the guarantees you need. Equity release interest rates hit record lows in 2020, How to pay off a mortgage early using equity release, Provide all the information that you might need about equity release and related products, Safeguard and protect the interests of consumers who are considering equity release, or in the process of releasing equity, Raise awareness for equity release as a retirement income option. Members are only allowed to tell their clients that a product meets these product standards if it meets all of them. The one-day Summit is the landmark equity release event in the industry’s calendar, growing and developing year-on-year in terms of impact, recognition, … Home Read More » In addition to being regulated by the Financial Conduct Authority, Plus Equity Release are also members of the equity release council. 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. 1. The ERC Code of Practice. This means that people who use equity release products offered by Equity Release Council members can have confidence in the products they use and the information they receive. This latest edition was produced in July 2020 using data from customer activity during the second quarter of this year (April to June). The five industry figures the council’s membership voted in are: Bernie Hickman, Managing Director of Individual Retirement at Legal & General; Dave Harris, Managing Director of More 2 Life; Deian Jones, Managing Director of Hodge Lifetime; Paul […] Information correct at date of publication. Try our free equity release calculator now, How to pay off a mortgage using equity release. If clients are offered or are considering a product that does not meet all of the standards, the product literature must explain which standards are not met, and give an illustration of the types of risk that this might pose for them. The Equity Release Council’s code of practice ensures that all member companies provide a full and easy to understand presentation of their plans. Represent over 180 member firms and over 500 individual members in the equity release industry, from financial advisers and lenders, to solicitors and surveyors. Essex Equity Release are members of the Equity Release Council. The Overarching Principles specify that members will: These Overarching Principles offer you and your clients peace of mind, and means your clients can use equity release products in confidence, knowing that they will be able to remain in their home for the rest of their lives, or until they enter long-term care. How has the Equity Release … Think carefully before borrowing money to invest Ensure your chosen solicitor has equity release experience and ideally agree a fixed legal fee before proceeding. Seek to deliver suitable outcomes for customers from initial sale through every point of contact during the life of the product. Under the Equity Release Council’s rules, both you and your partner have the right to live in your home for as long as you want to - usually for life, or until you move into permanent long-term care. Ensure that all their actions promote public confidence in equity release, Act at all times in utmost good faith, with the best interests of their customers being paramount, by treating customers fairly in all their actions, Ensure conflicts of interest are identified swiftly and managed fairly. 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. Members of the Equity Release Council. With a lifetime mortgage, the UK’s most popular form of equity release, interest is charged on how much you borrow - and the longer you live, the more the compound interest grows. You should choose a product from a company that is a member of the Equity Release Council. She brings over 30 years of financial services experience in marketing … The Equity Release Council has launched a Best Practice Guide to support firms when discussing and documenting customer needs. All Equity Release Council-approved equity release providers require you to seek independent legal advice. Originally launched in 1991, the Equity Release Council (ERC) is an organisation that is supported by the leading providers of equity release within the UK. In 2020 the council enjoyed membership growth of 16 per cent and approaches 1,400 individual members based in more than 560 firms. Get advice before you do it. All firms advising on or selling equity release have to be regulated by the Financial Conduct Authority (FCA). those you wanted to benefit from the sale of your home when you die or go into long-term, end-of-life care. 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, 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. they own a valuable property but have a low income - to release equity from their home, giving them greater financial freedom as they get older. The No-Negative-Equity Guarantee ensures that no lifetime mortgage or home reversion debt can be left behind as a liability for your dependents, i.e. 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. Equity Release Hartlepool & Surrounding Areas. Find a Member. Jim Boyd, chief executive of the Equity Release Council, said: “I am thrilled to welcome Simon and Lorraine to the team. Ensure you use a company that's a member of the Equity Release Council. You have the right to move to another property subject to the new property being acceptable to your product provider. Six elements of an effective retirement proposition, Helping clients experiencing vulnerability, Changes to lending criteria and maximum LTVs. Visit wearejust.co.uk to find out more. The ERC works with the UK government to help make equity release a mainstream product, working to change the overall consumer outlook on the equity release market and driving membership of the ERC, which is open to advisers, valuers, and any industry professional that has an interest in the equity release market. Advisor will be happy to recommend a specialist member of the product aspects of Equity Release Council we offer advice! 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