Equity Release Advice
Why Choose a Whole of Market Equity Release Adviser?
Choosing an equity release plan is a major financial decision. A whole of market equity release adviser can compare suitable options from a broad range of lenders and help you understand the costs, risks and alternatives before you decide what to do.
What Is a Whole of Market Equity Release Adviser?
A whole of market equity release adviser is a qualified specialist who can research equity release plans from a broad and representative range of lenders.
This is different from a restricted adviser who may only be able to recommend products from one provider or a limited panel of lenders.
Having access to a wider range does not automatically mean one particular plan will be right for you. It does, however, give the adviser more scope to compare interest rates, fees, lending criteria and product features before making a personal recommendation.
The advice should begin with your circumstances rather than with a particular lender or product.
What an Adviser Will Consider
Why you want to release money and what you hope it will help you achieve.
Your income, savings, debts, regular spending and possible future needs.
Its value, type, condition, location and any existing mortgage secured against it.
Moving home, making repayments, funding care and protecting an inheritance.
What Does an Independent Equity Release Adviser Do?
An independent equity release adviser helps you understand your options without starting from the assumption that one lender or one plan is automatically best.
They will usually begin by asking why you are considering equity release. You may want to repay an existing mortgage, improve your home, help family members, top up your retirement income or pay for a major expense.
Once they understand your goals, they should review your wider financial position and explain whether equity release appears suitable.
A good adviser will also help you understand what could happen in the years ahead, rather than focusing only on the amount you may be able to release today.
Speaking to an adviser does not commit you to taking out equity release. It is an opportunity to understand your options and ask questions before making a decision.
Why Whole of Market Advice Can Matter
Equity release plans can look similar at first glance, but there may be important differences between them.
Even a small difference may affect the amount owed over the lifetime of the mortgage.
Some plans allow regular or occasional voluntary repayments without a charge.
Drawdown, inheritance protection and downsizing protection may be available.
Providers may take different approaches to age, property type, health and location.
The lowest headline rate is not always the most suitable option. A plan with useful flexibility may be more appropriate for your circumstances, even where another lender advertises a slightly lower rate.
Should You Go Directly to an Equity Release Lender?
Some homeowners contact a familiar lender first. The lender can explain its own products, but it will not usually compare them with competing plans from other providers.
This means you may not find out whether another lender offers a more suitable rate, greater repayment flexibility or criteria that better match your property and circumstances.
A whole of market equity release adviser can take a wider view and explain why a particular recommendation may be suitable for you.
Wider market access does not guarantee that an application will be accepted or that equity release will be suitable. Your adviser should explain the available options and any restrictions clearly.
Alternatives Your Adviser Should Discuss
Good advice is not about recommending equity release to everyone. Before suggesting a lifetime mortgage, an adviser should consider whether another option could meet your needs.
Existing savings or investments may cover some or all of the amount you need.
Moving to a less expensive property could release money without taking out a lifetime mortgage.
A later life mortgage or another type of borrowing may be worth considering.
You may be entitled to support that reduces the amount you need to raise.
Is Equity Release Suitable for Everyone?
No. Equity release is not right for everyone.
The most common type of equity release is a lifetime mortgage. It is a loan secured against your home and is usually repaid when you die or move permanently into long-term care.
You normally remain the owner of your home, but interest may be added to the loan. This means the amount owed can increase over time.
Equity release may reduce the value of your estate, affect the inheritance you leave and influence your entitlement to means-tested benefits. It may also involve advice, legal, valuation and arrangement costs.
Check What “Whole of Market” and “Independent” Mean
Before choosing an adviser, ask them to explain the range of lenders and products they can consider.
The phrase “whole of market” does not always mean that every product from every provider is available. There may be lenders or plans that are not included in the adviser’s service.
You should also ask about qualifications, fees, commission and any restrictions that could affect the recommendation.
The adviser should explain this information clearly before you agree to proceed.
How My Later Life Can Help
At My Later Life, we understand that equity release can feel complicated. Our aim is to make the process easier to understand and give you time to consider your options properly.
We will take the time to learn why you are considering equity release, how much you may need, your wider financial position and what matters most to you in the future.
Where equity release is suitable, we can research appropriate lifetime mortgage options from the range available to us and explain the reasons behind our recommendation.
Where it is not suitable, we will explain why and discuss other options that may be worth considering.
Whole of Market Equity Release Adviser FAQs
What is a whole of market equity release adviser?
A whole of market equity release adviser can consider suitable products from a broad and representative range of equity release lenders rather than being limited to one provider or a small panel.
What does an independent equity release adviser do?
An independent equity release adviser reviews your circumstances, discusses alternatives and recommends a suitable plan where equity release is considered appropriate.
Is an adviser better than going directly to a lender?
An adviser may be able to compare suitable plans from several lenders, while a lender will normally only discuss its own products. This can provide a wider view of the available options.
Does whole of market mean every lender is included?
Not necessarily. Ask the adviser to explain which lenders and plans they can consider and whether there are any exclusions or restrictions.
How much does equity release advice cost?
Fees vary between firms. The adviser should explain any advice fee, when it becomes payable and whether the firm may receive commission from the lender.
Can an adviser recommend that I do not proceed?
Yes. A responsible adviser should not recommend equity release where it is unsuitable or where another option may better meet your needs.
Will equity release reduce my inheritance?
It usually will. The lifetime mortgage and any accumulated interest are generally repaid from the sale of the property, leaving less value in your estate.
Would You Like to Explore Your Equity Release Options?
Use our free calculator to explore how equity release could work, or speak to My Later Life for clear, specialist guidance based on your circumstances.
Use Our Interest Calculator Call 0207 100 4255Final Word
Choosing a whole of market equity release adviser can give you access to a wider comparison of suitable plans and help you understand how different rates, fees and features may affect you.
More importantly, good advice should help you decide whether equity release is right for you at all.
At My Later Life, we are here to explain the options clearly, answer your questions and support you throughout the process.
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N.B “This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.”
