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Do I Need A Financial Adviser To Take Out Equity Release?

Taking out equity release can be life changing for some people, and seeking expert financial and legal guidance is paramount. In this article, you’ll learn how financial advice and legal advice works in the context of equity release.

Can a financial adviser help with equity release?

If you’re considering taking out equity release, it is compulsory that you have financial advice with a qualified and Financial Conduct Authority (FCA) authorised equity release adviser, first. They will assess your situation and explore all options available. Seeking a whole of market adviser is best and one that is a member of the Equity Release Council to gain advice from the whole market. Should you decide to proceed, your equity release adviser should provide you with a tailored recommendation that aligns with your specific circumstances and needs.

Do you need a financial adviser for equity release?

Equity release is an important decision that requires careful consideration.

Equity release is regulated by the FCA and plans will vary, based on your individual circumstances. Misinformed decisions could lead to financial losses, so understanding the available options first is important from an appropriate financial adviser. Professional advice by a qualified adviser will assist you in making an informed decision and explore all your options before you decide to go ahead. They may even recommend an alternative option or that you do not proceed with equity release.

Do you need a solicitor and legal advice for equity release?

Equity release will require you to take independent advice from a solicitor before you go ahead. The solicitor will check for your full understanding of the plan that you are taking out and also is there to protect you. Professional advice by a qualified solicitor who is a member of the Equity Release Council will assist you in making an informed decision and explore all your options before you decide to go ahead.

How much do equity release advisers charge?

Bower Home Finance is a member of the Equity Release Council. Our initial consultation is provided free of charge, with no commitment required. Our standard advice and administrative fee of £1,495 would only become payable if you decide to move forward with our whole of market service and your plan reaches completion. For further information or if you have any questions, please feel free to get in touch on 0808 169 8316. Alternatively, you can request a callback, send us an email, or message us through the live chat on our website.

Who is best to advise on equity release?

When consulting with an equity release adviser, firstly, you should ensure that they and the company is authorised and regulated by the Financial Conduct Authority (FCA) and your adviser has the required CeRER certification as recognised by the FCA. Equity Release Council membership is important too as recommended by many consumer bodies.

It is good to note that some advisors are tied to a panel of lenders, or to a specific lender that may limit your choice of lenders and the best available product on the market. If any issues arise with your plan, you require more money, you want to look at moving your plan to a different product, perhaps with a cheaper interest rate, your initial point of contact should be your original adviser so selecting a company that you feel you can have an ongoing relationship with is important.

Where can I get advice on equity release?

A Bower equity release adviser will give tailored advice that matches your specific requirements. If equity release is recommended, they will provide a comprehensive suitability report of the implications, costs and any risks relating to your equity release plan, and invest time in dealing with your unique circumstances prior to providing their recommendations. You can contact Bower’s equity release team on 0808 169 8316, or you can request a callback, send an email, or use our website’s live chat.