Who is the best Equity Release Lender?

Choosing the right equity release lender is crucial for securing your financial future while tapping into the equity of your home. With so many options available, it’s important to find a lender that is trustworthy, transparent and offers the best value. Here’s how you can identify the best equity release lender to meet your needs. 

How does Equity Release work 

Before we delve into choosing a lender, let’s quickly review what equity release is. Equity release allows homeowners aged 55 and over to access their property’s value for cash, which they can use for anything from supplementing retirement income to funding home improvements. 

Choosing a lender is a minefield, and there are several aspects which you should keep your eye out for. Here at North East Equity Release, we are here to advise you and help you find the best lender and product for you. 

Check their reputation and trustworthiness 

It is essential to find a company that is a member of the Equity Release Council. This is a body which sets the standards for the equity release industry, ensuring that its members adhere to a strict code of conduct. This adds a sense of trust and reliability about the company if your lender isn’t a member of the council, they could be giving you false information and charging you more than is necessary.  

We would always suggest reading the reviews and testimonials from other customers to gauge their experiences throughout the process. Remember to take these with a pinch of salt and look for an overall sense rather than focusing on the negative reviews.  

Check their interest rates and fees: 

Compare the interest rates and setup fees of different lenders because they all charge different amounts. Paying a product fee to obtain a lower rate can significantly affect the total amount you owe over time. Another thing to keep an eye out for is ensuring there are no hidden fees, transparent pricing is crucial when choosing a lender. We would suggest getting quotes from three or more lenders and finding the best company for you.  

Check their flexibility options: 

All equity release lenders are obliged to offer customers the ability to make voluntary payments towards the interest, which can help manage the effect of rolled up interest on the equity in your home. 

Another good idea is to look  for options like drawdown facilities, which allow you to release your money in stages rather than all at once which can also help to mitigate the effect of interest roll up on your equity by just accessing your money on an as and when needed basis.   

We are here to help you understand all the variable options available with different lenders and help you make an informed decision,  as it can become very technical and often lenders use jargon which can be confusing. 

Check their customer service: 

Excellent customer service is essential. You want a lender who provides clear, understandable information and who supports you throughout the whole process, not just the beginning. You must consider how easy it is to get in touch with them and whether they offer personalised advice to your direct situation.  

So, to summarise, the “best” equity release lender is the one that most suits your personal financial situation, not only taking into consideration your circumstances now but also in the future. 

Take your time, do your homework, enlist the help of a qualified financial advisor who specialises in equity release and don’t hesitate to ask questions. After all, this is about securing your financial comfort in retirement. 

Here at North East Equity Release, we prioritise you and your situation with access to the whole of market and personalised advice whenever you need it.  

Please reach out to us today to find out how North East Equity Release can help you.