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How to find Equity Release Advice

If you need advice on equity release, then read on. You’ll find everything you need to know here.

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 26th June 2019* | Published: 27th February 2019

Perhaps you want to know more about equity release, and how it works. Or maybe you’re seriously considering releasing some equity from your home.

As you likely know, equity release is not something to be taken lightly, and as such, it’s important to get impartial, professional advice before making any major decisions.

If you’d like a little friendly guidance, just speak to one of the independent equity release advisers we work with. They’re experts on the market and can give you no-obligation advice, tailored to your unique circumstances.

In this article, you’ll learn:

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Why should I get professional advice on equity release?

Below we’ll outline why it’s essential to get professional guidance before considering an equity release on your home. If you’re still unsure, you can contact one of the equity release experts we work with and have an obligation free chat about your needs. .

Reason 1: Equity release may not even be right for you

As we said earlier, equity release is a big financial decision. It carries significant repayments over time, whilst possibly affecting your entitlement to means-tested benefits.

There may be other ways to raise funds that are better suited to your circumstances. For example - downsizing your home, accessing cash tied up on savings and investments, or coming to an arrangement with family.

The Equity release specialists we work with know the ins and outs of the process - its benefits and drawbacks. They can help you to better understand what the whole procedure may entail, and if it’s right for you. They can also suggest alternatives that you may not have considered.

Reason 2: You could  save money and find a better product for your needs

Although with a Council affiliated lender you’re at no risk of losing your home or anything in your estate, equity release can still be a costly process. The administration fees and repayments can add up - but one of the expert advisors we work with can help you to keep costs as low as possible.

There are now well over 100 equity release products on the market, each of them offering different features and terms. An advisor can help to determine what you want (and don’t want) out of an arrangement  - so that you don’t pay extra for things that you don’t need.

They can also help you explore features that you might not know you needed, such as a ‘drawdown’ facility that allows you to pay interest only on the money you need.

Reason 3: You can protect your beneficiaries’ inheritance

In most equity release schemes, the lender sees a return on their investment only when you no longer need the house. In this way, you’re assured tenure for as long as you are healthy enough to use the home.

However, after many years of accrued interest, there may not be much left to pass onto your family. Some equity release products allow you to protect a certain amount for your beneficiaries.

An advisor can help you to find a product that allows you to do this this, whilst help you explore other ways to maximise the value of your estate. This means passing on more to your family when all is said and done.

Reason 4: It can make the whole process easier

The equity release advisors we work with know the market and the process intimately. They regularly help people, just like you, to get what you want out of the equity release process.

As an expert - they can guide you through the maze of product offerings, helping you decide between home-reversion and lifetime-mortgages, consider whether repayments are right for you, cut through the overwhelming choice and make a shortlist of the most suitable options for your unique circumstances. And once you do decide, they can help you navigate all the paperwork, legal considerations and inevitable hurdles that you’ll face.

He or she can also help to reassure you, guide you, and answer any questions you may have all through the process. Equity release can be complex, but you don’t have to do it alone.

What to look for in equity release mortgage brokers

Firstly, it is important to seek advice about equity release from a broker who is whole of market. That way, you will have access to all of the best deals that you qualify for.

Secondly, be wary of brokers who charge hefty up-front fees. The best equity release advisors only charge upon success and will refund any upfront charges if they fail to secure you a deal from a lender.

Finally, the best equity release brokers only recommend lenders who adhere to trade body the Equity Release Council’s guidelines, which are in place to protect the rights of homeowners like you. In a nutshell, this minimises the risk of equity release borrowers losing their home, going into negative equity, or compromising your estate.

The advisors we work with are whole of market, only charge on success and will only connect you to lenders who are  members of the Equity Release Council, so you can rest assured that they will give you the right advice and introduce you to the lender best positioned to help.

How to get the best advice on equity release

This is simply a case of making an enquiry with us here. The whole-of-market advisors we work with can offer bespoke advice on all things equity release, and if you choose to proceed with it, they can introduce you to the lender best positioned to offer favourable rates to a borrower with your needs and circumstances.

Where can I get equity release advice in Scotland?

There may be fewer lenders offering equity release deals in Scotland, but finding the best advice north of the border is also a simple case of making an enquiry here. Since the brokers we work with are whole of market, they have access to an array of specialist lenders in Scotland and can offer you bespoke advice on which one to approach, as well as any other topics related to equity release and Scotland.

Want to find out if equity release is right for you? We can introduce you to the experts

We’ve helped over 82,000 people find the right mortgage, in fact our customers consistently rate us 5 stars on Feefo, mainly because we provide outstanding service and access to leading brokers who:

  • Are equity release specialists
  • Being OMA and LIBF Accredited, regularly helping people like you to navigate the process
  • Cover the whole market
  • Have relationships with all of the leading equity release providers
  • Only work with lenders that are approved by the equity release council

If you have questions and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0800 304 7880 or make an enquiry here.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances.  – We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

Updated: 26th June 2019
OnlineMortgageAdvisor 2019 ©

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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Equity Release