Equity Release Council Standards

You can choose to have lenders that are subscribed to the Equity Release Council, which will mean they must adhere to the Equity Release Council's code of conduct.

Adhering to the code of conduct will mean the lender must have certain guarantees in place, which are there to safeguard you and to help offer you peace of mind.

These guarantees include:

• ‘No Negative Equity’ Guarantee — you will never owe more than the value of your home, leaving no debt to loved ones

• You will not lose your home and can remain there for as long as you want to, providing it remains your main residence.

• If you need to move house in the future, you will have the guarantee that you can transfer your lifetime mortgage to another property (subject to the property being acceptable to the lenders lending criteria - no static caravans, house boats etc).

• All customers taking out new plans which meet the Equity Release Council standards must have the right to make penalty free payments, subject to lending criteria

• You will receive independent legal advice from a solicitor of your choice

Please click on the image below to find us on The Equity Release Council’s online registry

https://www.equityreleasecouncil.com/company/smart-equity-release/

Explanation of your equity release plan

You will be provided with a fair, simple and complete presentation and explanation of your equity release plan. The benefits and limitations of the plan will be clearly set out, together with your obligations under the terms of the contract. You will be given information about:

  • all the costs that you will have to bear in setting up the plan;

  • the tax implications;

  • what will happen if you wish to move to another property; and

  • how changes in house values may affect your plan.

Independent legal advice

You may choose your own solicitor to carry out the legal work in connection with your plan. Before the plan is completed, your solicitor will be provided with full details of the plan, including the rights and obligations of both parties (you and your product provider) under the contract, should you choose to go ahead. Both you and your solicitor will be required to sign a certificate confirming that these rights and obligations have been explained to you and that you wish to enter into the plan.