Safeguards and Regulations
Protection is key to providing peace of mind with regards to equity release schemes.
Equity Release mortgages have now been in force since 1965, and been through much
change & regulation. People over age 55 can be considered more vulnerable members
of society. All equity release plans recommended by Compare Equity Release advisers
will therefore meet the standards laid down by SHIP & the FSA.
Equity Release - Ensuring Your Safety
Lifetime mortgage schemes were regulated by the Financial Services Authority (FSA) in October 2004, with
home reversion schemes following in April 2007. This ensures rules are followed & equity release schemes
fully protected. Should a future complaint arise then you can seek redress from the Financial Ombudsman.
Safe Home Income Plans - SHIP
Protection for the equity release industry started in 1991, with the launch ofSHIP (Safe Home Income Plans).
SHIP provides extra safeguards by ensuring equity release providers adhere to a voluntary code of conduct.
- No negative equity guarantee – you can never owe more than the value of your property
- Lifetime tenancy – provide the right to remain in the property for life
- Choice of solicitor – the legal work can be carried out by a solicitor of your choice
- Portability – freedom to transfer the equity release loan to a new property
Equity Release Advisers
should be fully qualified and must hold the relevant equity release examinations. Depending on the
examination body (CII or IFS) these will include the core lifetime mortage qualifications:-
- Certificate in Mortgage Advice and Practice (CeMap)
- Certificate in Regulated Equity Release (CeRER)
- CF1, CF6 and ER1
Check the FSA register to ensure your adviser is authorised in lifetime mortgage & home reversion plans.
Equity Release Solicitors
are required to conduct the legal aspect of any application. To meet SHIP guidelines they must always be
independent of the lifetime mortgage lenders solicitor. To ensure speed & quality of transaction we would
always recommend a solicitor who is a member of ERSA (Equity Release Solicitors Alliance).
ERSA offers access to specialist solicitors who take the applicant through the equity release process.
Compare Equity Release can offer competitive fixed costs with these specialist equity release solicitors: -
Goldsmith Williams - Mersey Chambers, 5 Old Churchyard, Liverpool. L2 8GW.
t: 0845 373 3737
Equilaw Ltd - Brunswick House, Gloucester Business Park, Gloucester. GL3 4AA.
t: 01452 657999
For details on the exclusive fixed solicitor fees, please call the equity release helpline on 0800 678 5169.
Further Information About Equity Release
The Financial Services Authority produces booklets providing advice and factsheets about equity release.
Click here to download the Moneymadeclear - Just The Facts About Equity Release Schemes.
This is an equity release plan. To understand the features and risks ask for a personalised illustration.
