New Equity Release Council announces an updated code of conduct.
Home-owners considering equity release are being promised safeguards in the form of a newly launched regulatory body.
Recent figures reveal that retired home-owners have access to a combined property wealth in excess of £700 billion, and the newly formed Equity Release Council formerly the trade body Ship, has advised that it aims to strengthen its code of conduct for members.
Membership will now include financial advisers, solicitors and equity release companies and it is hoped that this will mean increased protection for older home-owners releasing cash from their home.
The council chairman is Nigel Waterson who is a former Conservative MP and pension spokesman. He has said that an increasing number of people are now using property as part of their planned retirement finance, which could mean downsizing or releasing equity.
It is estimated that over 65% of home-owners are expecting to use property as part of financial planning later in life according to the Equity Release Council. The maximum amount that can be generally taken through equity release is around 25% of the property value but only around 1 in 7 take the maximum equity release advance.
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