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Can I arrange an Equity Release Mortgage without an adviser?

Can I arrange an equity release mortgage without an adviser?

So, you’ve conducted internet research, decided equity release is the right fit for you and discussed your plans with friends and family.

You are now ready to find an equity release provider and take the plunge, right?

Wrong. If you are considering freeing up the wealth attached to your property, it is important to know that you can only make an application to most equity release providers via a qualified equity release adviser. They will ensure your individual personal circumstances have been fully considered and you have been provided with advice and an appropriate recommendation.

In this blog post, we discuss the reasons why having an equity release adviser is so important:

Protect your beneficiaries

You may be concerned about how equity release will impact what you are able to leave behind for your loved ones. If leaving an inheritance is at the top of your priority list, you need to discuss this with a qualified equity release adviser who will be able to find a lender that gives you the option to add an inheritance protection guarantee to your equity release plan. It is important to note that inheritance protection will have an impact on the maximum loan amount that you are able to take out.

Avoid negative equity

It is essential that the lender you choose is approved by the Equity Release Council. Lenders that are approved are required to offer a no-negative-equity guarantee – this means that you will never pay back more than what your home is worth.

A qualified equity release adviser will be able to recommend responsible providers that are authorised by the financial regulator to provide equity release plans.

Get the right product for your circumstances

Another reason that you should get support from an equity release adviser is because of the extensive knowledge that they have of different equity release schemes available. As later-life lending is becoming increasingly popular, new products and features are appearing, making the market more difficult to navigate. An equity release adviser will be able to explain the differences between the main equity release schemes: lifetime mortgages and home reversion plans and offer advice on how these will affect your finances.

equity release adviser talking to elderly couple

Discuss alternatives

Equity release is not for everyone. A qualified equity release adviser will discuss alternatives with you, such as downsizing, using savings and retirement interest-only mortgages, to help you live a comfortable retirement.

At North East Equity Release, we are members of the Equity Release Council and are committed to offering personal and professional service to each and every client. We have your best interests at heart and there is never any obligation to go ahead with a plan.

For a free informal chat, contact us here.