Using members of the Equity Release Council is essential to ensure your equity plan gives you the guarantees you need. Without the Equity Release Council, you could be putting yourself at risk with an unreliable plan.
Essex Equity Release are members of the Equity Release Council. We will always offer unbiased advice as we try to find the best possible plan for your needs.
What Is The Equity Release Council?
The Equity Release Council (ERC), was originally launched in 1991. After equity release had been commonly mis-sold, the purpose of the council was to safeguard equity release products in order to help all homeowners who decided to use an equity plan.
Working with the UK government, the ERC has worked to make equity release a more reliable and mainstream product. Any members of the ERC will also follow their requirements for any equity release plan. This makes members a reliable option when you are considering equity release.
Choose Equity Release Council Members
With all equity release plans that come from equity release members, there are several guarantees you should receive which will end many of your worries. This includes a No Negative Equity Guarantee, ensuring the repayment you make once your house is sold never outweighs the amount of money your property is sold for. This ensures when your house is sold, you are never left in debt and not liable for any outstanding repayment.
Whilst some of the other features are subject to the criteria of the plan, you should also be able to move home in the future and continue with your monthly plan. You can also remain in your current home as long as necessary and will have the choice between monthly payments and a final lump sum. Monthly payments will never be a necessity with any plan.
Guarantees Of The Equity Release Council
When any company becomes a member, its equity release products must comply with the Statement of Principles. This will ensure that all customers are fully protected, regardless of the final equity release plan you choose. The Statement of Principles includes:
- Ensure That All Their Actions Promote Public Confidence in Equity Release As A Potential Retirement Solution
- Act At All Times in Utmost Good Faith
- Communicate High Expectations for Equity Release Outcomes in All Their Dealings
- Ensure Conflicts of Interest Are Managed Fairly and Reduced to the Lowest Practical Level
- Exercise Due Skill, Care and Diligence In All That They Do
- Uphold the Standards Set Out By Their Professional Bodies At All Times
- Always Act With The Best Interests of Their Clients Being Paramount, Treating Customers Fairly In All Their Actions
All members of the Equity Release Council should comply with the Statement of Principles, ensuring all customers receive the best possible plan for their own needs. With both lifetime mortgages and home reversions available, it is important you choose a member of the Equity Release Council, so you have the best possible advice regarding every equity release plan.
Essex Equity Release ensure every client receives completely unbiased advice. As the plans we offer come from many different providers, you should have complete trust in our advice service. We will always find the best plan for your specific needs.
For more information regarding equity release plans or why you should use approved members, get in touch with Essex Equity Release. We will always provide the advice you require and can book a full consultation and appointment to discuss your needs. Make an enquiry and call us on 01268 799211 or fill in our contact form today.