equity release

[perx]

whats the best company for equitr release for the over 55's

[Dewi]

Try the Pru.
They have just laucnched a new mortgage for just those circumstances.

[STAH]

Hi there Perx.

Are you sure that equity release is the best option for you? I work in in the banking industry, and as part of my bank exams I had to to a project on this exact subject whilst analysing various different providers (Norwich Union notably).

In all honesty, I did not feel comfortable with how things were conducted. I felt that the consumer was left short-changed and treated unethically.

This was a couple of years ago now, and their acts may well have cleared up. If I were in your position, I would consider down-sizing if it were an option. That way your capital would be released, but you are safe in the knowledge that you do not owe anyone a penny.

I hope that you do not mind me putting my two penny worth in, but I would certainly urge you to seek all avenues before you decide on anything. And, if you do decide that equity release is the right option for you (I am not saying that it isn't), I would strongly advise you to get independant legal advice from your local solicitor. Spending a few pounds and having them look through the documents may save you a small fortune with some clause in the very small print.

All good wishes, and good luck!

Scott

[EverClean]

Equity release can be great for the right person and the right circumstances. See a mortgage broker and get them to explain the whole thing to you. Make sure they have access to the whole of the market so they can find you the best deal.

[dans1977uk]

I agree entirely with EverGreen, but choose your advisor carefully. Recently there have been new exams introduced for Equity Release specialists (I think it's CF6 or CF7, can never remember which one) so query whether your advisor has this qualification as Equity Release is a different discipline to basic mortgages (I'm a mortgage advisor and have been for years, but wouldn't consider myself qualified to offer Equity Release advice).

Whatever happens, make sure the product you choose abides by the Safe Home Income Plan (SHIP) guidelines as this guarantees that you (or your family) will never owe more than the value of the property along with other safeguards.

Mortgage Express, Legal & General and Northern Rock have reasonable product ranges but do seek advice before jumping in.

You can check whether the advisor is offering really good advice by whether they tell you to cosult a solicitor before completing the paperwork as it is best advice that you take independant legal advice and involve your family in the process.

If you're in South Wales try Hugh James in Cardiff - I don't work for them or with them but know they have a strong Equity Release section.

Hope I helped!

Dan

[nelson2008]

try homebuyers of chorley lancashire they do equity release and have good advisors that will explain in non gargon