equity release council checklist

Equity release lets anyone over 55 to draw on the value of their own home, tax free, without having to move. As a member of The Equity Release Council (ERC), Crown Equity Release Limited abides by the ERC Code of Conduct. The Equity Release Council (ERC) has updated its checklist for advisers to include extra focus on vulnerable and remortgaging customers as well as those consolidating debt. October 27, 2020 At AskERIC, we are committed to always giving unbiased advice to everyone who reaches out to speak to us. https://www.ukpropertyfinance.co.uk/.../types/equity-release The content is based on our own experience of assessing vulnerability and helping advisory firms review their processes in this area. You can use the money for whatever you want - a project, holiday, car or to supplement your retirement income. Equity Release Marketing Hub A variety of materials and content which will help you stay up-to-date with the latest trends in the lifetime mortgage market. Our equity release solicitors are able to offer this service at a fixed fee of £650 plus VAT , for more information contact us on 01616 966 229 for a free, no obligation initial chat with one of our legal advisors. Equity Release Council – Checklist for Advisers Best Practice Guide 09 Dec 2020 / in News & Training / by Nicola Malone The new guide can be read by clicking on the below link. Top tips when considering equity release … Checklist for Advisers APPENDIX C 1 Appendix C – Equity Release Council - V9.2 – May 2020 This updated guide is designed to provide you with direction when you are advising customers on equity release. 22/10/2013 • 0; The Equity Release Council’s recent move to reinforce consumer protection from January 1 is the culmination of many months of hotly debated meetings in consultation with members. Council publishes Best Practice Guide for advisers. If you're close to 55, you may feel like you're in a position where you can wait until then. We are authorised and regulated by the Financial Conduct Authority (FCA) and members of the Equity Release Council. If you decide that equity release is right for you, choose a provider that’s a member of the Equity Release Council (ERC) as they will have to abide by a Code of Conduct, ... Use our equity release checklist to help you decide if taking out a scheme is right for you. It can be highly beneficial, but comes with numerous financial and legal implications and considerations that must be taken into account before committing to any specific financial scheme. These initiatives will help to ensure they can continue to access the right advice and support to … 9 Dec 2020. Ashfords' Equity Release Team specialises in advising clients on the legal implications of lifetime mortgages and reversion plans, ... Ashfords has been inaugural members of the Equity Release Council and take a prominent role in the Consumer Protection Working Group, ... Legal checklist for equity release clients. Adviser members must now complete an extended checklist, which has been increased from 12 to 24 points. The To Do List states everything to be considered before the property move. Equity release is an option increasingly favoured by those aged over 55 years old (with property worth at least £50,000). Development Application Forms and Checklists. The Equity Release Council has launched a Best Practice Guide to complement its Checklist for Advisers and support firms when… - Read More The Equity Release Council has made an update to a key safeguard that highlights some of the most important factors to consider during the advice process and ensures its standards are met. Equity release is a specialised area of conveyancing law that allows homeowners to convert equity tied up in their property into disposable income. Homebuyhub provides a Moving Countdown Checklist for 1 Month before the move. But most importantly it offers important safeguards, such as a no negative equity guarantee and the ability for equity release borrowers to stay in their own home for as long as they live. The Equity Release Council has updated a key safeguard that highlights some of the most important factors to consider during the advice process. Bower has always supported the aims of The Council and the associated SHIP safeguards which our membership offers, ... Home / Retirement Planning / Your checklist … A new Checklist for Advisers has been issued to adviser-members following a review by the Council’s Standards Board which was informed by conversations with major stakeholders over several months. Client Checklist . 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. Equity Release Council The Old Rectory Church Lane Thornby NN6 8SN You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both. 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 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. The lender ranked the top 10 reasons for an application decline. You should choose a product from a company that is a member of the Equity Release Council. All firms advising on or selling equity release have to be regulated by the Financial Conduct Authority (FCA). Equity release checklist will safeguard consumers – Simon Chalk by: Simon Chalk. The Equity Release Council has expanded its checklist for advisers on what to consider during the advice process and the assessment of a client’s suitability for equity release. This provides protection, security and access to the Financial Services Compensation Scheme if you ever need it. After all, releasing equity from your home is a huge decision that will impact the rest of your, and your families lives. The checklist contains 20 suggested factors to consider when meeting a client and a red/amber/green rating to easily highlight any potential issues. Equity Release Council We’re a member of the Council and therefore offer additional features to safeguard our lifetime mortgages. Equity release. Industry news. The updated checklist was issued to adviser members following a review by the council’s standards board, informed by conversations with major stakeholders over several months. Equity release refers to a range of products letting you access the equity (cash) tied up in your home if you are over the age of 55. More about the Equity Release Council. Equity release is only available to those aged 55 and over. It covers the most significant points to consider in … Use companies that subscribe to Equity Release Council code of practice. This guarantees that members provide high quality products and services to customers. Below is a list of forms and checklists to help you prepare a development application (DA). Putting our equity release clients first . At 55 Plus Equity Release, we always act in our clients’ best interests; we will only recommend equity release if we believe it is a good option for them, and we scour the market to find a product that most closely matches their personal circumstances. Equity release mortgages are now more robust than ever following the Equity Release Council’s decision to expand its checklist for mortgage advisers – a guide to help mortgage brokers decide whether or not an applicant is suited to an equity release product – from 12 to 24 points. A copy of the Code is available on the Council’s ... to release to you under the terms of the equity release offer. The Updated Equity Release Council Checklist Gives Customers More Safeguards. Find out more. However, if you're a homeowner in more pressing need, it's worth speaking to a mortgage broker about the possibility of remortgaging, or even contacting a financial adviser if your situation is particularly complicated. If you're not sure which forms to use, get in touch with us for development advice.. Every development application (DA) needs to include a … The Equity Release Council has launched a Best Practice Guide to support firms when discussing and documenting customer needs. David Burrowes, chairman of the Equity Release Council, said: “The option to unlock property wealth has become an increasingly common item on older homeowners’ checklist to consider. The Equity Release Council (ERC) has updated its adviser checklist, highlighting some of the most important factors to consider during the advice process to ensure its rigorous standards are met. The Equity Release Council has published a ‘best practice’ guide for advisers to ensure consumers receive a quality service and that case files capture sufficient details. Only available to those aged 55 and over free, without having to move release lets over! Your retirement income equity from your home is a member of the equity Council! To supplement your retirement income a development application ( DA ) provides protection, security and access to Financial... In several smaller amounts or as a combination of both this area the to Do list states everything be! 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