An equity release allows you to borrow a large sum of money against the value of your property, with no obligation to make repayments until your home is sold. A great option for those looking to open up new opportunities for themselves and their loved ones, choosing to release equity could ensure that you receive a regular source of income to aid a comfortable retirement or receive a lump sum intended for a special purchase. Equity release plan providers are now fully regulated in the UK, and must all adhere to the standards and best practices outlined by the FSA. Now that every single company’s activities are monitored in this way, you can be sure that your money will be in safe hands, whichever scheme you choose. However, every established provider should also be a member of the Equity Release Council, an organisation formerly known as SHIP. This body works to make sure that all products offered by associated equity release providers are safe and protected from. Each company will also be required to offer a no negative equity guarantee, which ensures that customers will not leave any element of debt to their estate.
Equity Release Advice from UK ProvidersAny equity release provider in the UK will encourage its customers to think long and hard about the implications of raising cash in this way. It has to be noted that releasing equity from your property could hold a number of disadvantages. If you plan to leave your friends and family a substantial amount of inheritance when you pass away, then equity release may not suit you, as the plan demands that all monies are repaid on death (or if you enter long-term care). Remember, in many cases there are other ways to raise the money you need, perhaps through re-investment into more lucrative areas, so it’s always worth getting professional independent advice as you’re deliberating the benefits of equity release. Equity release is a huge commitment, but Cost.co.uk can help you reach the right decision when it comes to the best financial solution for your own circumstances. Use our online comparison service to track down the best schemes and rates from providers from across the country and filter your search based on your individual requirements. It only takes a couple of minutes to complete our web-based form and you can be sure you’ll receive results that have been totally tailored to the info you’ve provided.
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