Equity Release Council
About The Equity Release Council
The Equity Release Council aims to protect you, the customer, by putting safeguards and guarantees in place so that you have a better knowledge, you are treated fairly and you are able to confidently decide whether Equity Release is right for you
Property
The Code of Conduct asserts that customers have the right to remain in their property for life.
The customer also has the right to move the plan to another property without penalty if they should wish to do so subject to the usual terms and conditions e.g. loan to value.
These undertakings are to provide confidence and flexibility in the Equity Release products to provide customers with peace of mind.
Paperwork
The Code states that customers must be provided with clear concise paperwork.
This is to include all set up costs, expenses and changes in house values.
The customer’s legal work will always be carried out by a solicitor of their choice.
The solicitor is required to sign a certificate stating that the plan and its risks have been fully explained.
Protection
The Code of Conduct requires Equity Release to carry a guarantee of no negative equity and the Equity Release Certificate to state the cost to the client’s assets and estate.
These requirements offer valuable protection to the inheritance that can be left to their beneficiaries.
