The place to come for unbiased independent Equity Release advice.

Northwest Equity Release

Northwest Equity Release

Northwest Equity Release

Northwest Equity Release

Northwest Equity Release

Regulation

Lifetime Mortgages are regulated by two separate bodies. The Financial Conduct Authority (FCA) and the Equity Release Council (ERC).

To be able to provide advice on Lifetime Mortgages the FCA states an adviser has to be specifically and specially qualified. Most independent financial advisers (IFAs), solicitors, accountants and bank managers don’t have the required qualifications.

The ERC, apart from providing oversight, also give three guarantees for plans that they cover as follows:

  • The right to stay in your home for life.
  • The right to move home if you want to and take your mortgage with you, subject to terms and conditions.
  • A no negative equity guarantee.

The right to stay in your home for life
Let’s be clear, with a Lifetime Mortgage you don’t sell your home. You remain the owner, just as you did if you had a mortgage earlier in your life. The lender, or provider, takes a first legal charge over the property, exactly the same as your earlier life mortgage. The Lifetime Mortgage comes to a natural conclusion when your home becomes empty, on the event of the second person (if a joint application) going into long term care or passing away. At this point, your beneficiaries would sell the property and repay the outstanding balance. Or it could be bought by a family member and the loan repaid in that way. Any surplus proceeds go back to your estate for distribution as per your will instructions.

The right to move if you want to
You can move home in the future and take the existing mortgage to your new home. However, the amount outstanding must “fit” within the new property value, and the new property must be acceptable to your lender as security.

No Negative Equity Guarantee
Simply put, you won’t leave a debt for your beneficiaries. When the property’s sold, if there’s insufficient value in your home to repay the mortgage in full, the lender absorbs the difference.

Finally, Equity Release has the protection of the Financial Services Compensation Scheme (FSCS). With all the regulation in place and the fact you must take independent legal advice as part of the process, you can rest assured you’re in safe hands.

Mortgage Experience Limited have no control over and are not responsible for the content of other sites.

Mortgage Experience Limited is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority.

Mortgage Experience Limited is registered in England and Wales. Company No.10428355. Registered Office: Renaissance House, 4 East Terrace Business Park, Euxton Lane, Chorley, PR7 6TB.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.

There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £1,795.00.