Equity Release Council (ERC) Standards
The ERC’s Standards Board exists to ensure that equity release plans are safe and reliable for consumers. Members are able to guarantee their customers that they offer products and services which conform to the best practices of the sector, ensuring customers are fully informed and increasingly protected.
Proud Equity Release Council Members
Bower Home Finance is a member of the Equity Release Council and only recommends Equity Release Council equity release plans or those with the same set of guarantees. These guarantees are in your best interests and include the following promises:
- No Negative Equity Guarantee — you or your family will never owe more than the value of your home
- You retain the right to remain in your home for life providing it remains your main residence and you keep to the terms and conditions of the plan.
- No debt left to your loved ones
- You can move to another suitable property (subject to the new property meeting the lender’s acceptable property criteria).
- You retain the right to seek independent legal advice from an equity release solicitor of your choice
IMPORTANT TO KNOW
At Bower Home Finance, we will understand your unique circumstances and advise you to ensure you are receiving the best plan to meet your objectives. There are plans that allow you to make voluntary repayments and move home, subject to lender criteria. However, early repayment charges may apply in certain circumstances.
Bower Home Finance provides independent, impartial whole of market equity release advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,695 be payable.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long-term care. Equity release will reduce the value of your estate and your entitlement to means-tested benefits now or in the future, and impact long-term care funding. If you are considering equity release, we strongly recommend that you read our Equity Release page carefully and talk to one of our specialists before deciding if you wish to proceed.
To find out more about any of the products and the service we provide, please call us on freephone 0800 411 8668, request a call back, email us, or use our live chat on our website.
Please be aware that equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. All features and risks are thoroughly explained in your free personalised illustration.