The Equity Release market of today is safer than it has ever been.
Both Lifetime Mortgages and Home Reversion Plans are now protected by the industry watchdog the Financial Conduct Authority (FCA).
Financial Advisers who advise on Equity Release must now also have specific qualifications in this specialist field.
The market is also protected by an industry body known as SHIP (Safe Home Income Plans). Set up in 1991, SHIP is dedicated entirely to the protection of plan holders and promoting only Safe Equity Release Plans. Their Code of Practice has been welcomed by Age Concern.
Bankfield considers the safety of its customers as paramount. As such, we will only recommend a plan that has met all the standards and guarantees set by SHIP.
Some of these guarantees are as follows:
- The right to remain in your home for as long as you choose.
- The freedom to move to another property without financial penalty (subject to lenders’ criteria).
- That you will never fall into negative equity no matter what happens to house prices in the future.
- Independent Legal Advice from a solicitor of your choice.
N.B. Equity Release will result in a loss of some or all of the inheritance payable to your heirs.
Bankfield only employs highly qualified and experienced Independent Equity Release advisers. They will provide you with impartial advice and will explain all the facts in simple terms, so you can decide whether Equity Release is right for you.
To discuss your situation in complete confidence and with no obligation, call us now on 0116 253 5600 or complete the enquiry form.
Equity release may require a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.
For equity release, the fee for our advice will depend on your circumstances; we may charge a fee on application (non-refundable) plus a percentage of the loan amount. We will also be paid commission by the lender. For example: an initial fee of £250 payable upon application plus a fee of 3% of the loan amount payable on completion. On a release of £50,000 the fee will be £2,000 made up of £250 + £250 + £1,500 (3% of £50,000).