What safeguards does the Equity Release Council offer?

The Equity Release Council Standards Board makes sure that all lenders and advisers adhere to a strict code of conduct that includes a number of safeguards for customers.

Members of the ERC can guarantee that their customer’s products and services conform to the best practices of the sector, ensuring they are fully informed and continually protected.

Bower is a member of the Equity Release Council and only recommends Equity Release Council 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 — this means 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
• For lifetime mortgages, interest rates must be fixed or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan
• You can move to another suitable property (subject to the new property meeting the lender’s acceptable property criteria)
• It is your right to seek independent legal advice from an equity release solicitor of your choice