Seeking Independent Advice On Equity Release in 2023
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Seeking Independent Advice On Equity Release in 2023
Seeking independent equity release advice is crucial to ensure you can compare options on an impartial basis and secure the correct solution for your specific needs.
Later Life Finance provides a whole of market, independent broker service for equity release lifetime mortgages.
As experts in equity release, we discuss how to obtain independent advice and explain why it’s important when considering all your options.
We specialise in lifetime and retirement mortgage lending from the best equity release companies available.
What is independent advice on equity release?
What does independent advice mean, and how do you access it?
Independent advice on equity release refers to receiving unbiased and impartial guidance from a qualified adviser who is not tied or affiliated with any particular equity release provider, or a limited number of providers.
This means that the adviser is not providing restricted advice, ensuring you have access to the full range of plans, and ultimately the level of flexibility available.
An independent adviser will conduct an objective analysis of all equity release options, including their costs, risks, and benefits, and help the homeowner make an informed decision that best suits their individual circumstances and financial goals in on a long-term basis.
Independent advisers are typically regulated by the Financial Conduct Authority (FCA) and may also be members of the Equity Release Council (ERC).
Independent VS Tied Advice
We review how independent advice and tied, or restricted advice can impact on the choice of plans you have access to .
Having independence entails the freedom to select a financial product that aligns specifically with your requirements.
Conversely, a tied adviser, as the name suggests, is associated with one particular (or a restricted number of) financial organisations and is restricted to providing advice solely on that organisation’s products.
In this scenario we explore the difference in outcome, cost and flexibility depending on whether independent equity release advice or restricted advice is provided.
Case study- Moving home and repaying equity release early.
Tied/Restricted Advice- No downsizing protection
Mr & Mrs Bannister were exploring their options with equity release.
On a tied basis, a plan without downsizing protection could mean high early repayment charges being applied for moving home and repaying the plan if the plan did not provide the flexibility they required for downsizing and repaying the mortgage early.
Independent Advice- Downsizing protection
On an independent equity release basis advice basis, a plan offering downsizing protection is recommended by our adviser.
This means after 5 years the plan can be repaid with no early repayment charges for downsizing.
By seeking an independent equity release adviser, exit fees were avoided which saved the customer a 5% penalty for early repayment when moving home.
This emphasises the importance of independent equity release advice to ensure the whole market can be accessed and avoid early repayment charges.
Later Life Finance are an independent and whole of market broker with access to the whole equity release market.
Independent Adviser Service
Later Life Finance provide expert advice to homeowners across the UK.
Dealing with an Independent financial adviser with access to the whole equity release market will enable you to access all companies and schemes available, which will help match your requirements with the most appropriate solution available and the best provider and plan for your needs, on an impartial basis.
Request an equity release calculation and book a free consultation to discuss your options to help you decide if equity release is suitable for your requirements, or simply read our free guide.
Finding Independent Equity Release Advice Near You
In order to release equity from your property, you’ll need to speak with a qualified independent equity release adviser at a specialist broker to ensure you can access all types of equity release and a full range of provider options available, including lifetime mortgages and the alternative options such as the home reversion plan.
When looking for equity release advisers near you, Advice can now be provided by telephone, video call, or in person.
Later Life Finance provide expert advice to homeowners across the UK.
Request an equity release calculation and book a free consultation to discuss your options to help you decide if equity release is suitable for your requirements, or simply read our free guide.