Your Safety comes first
Safe Home Income Plans (SHIP)
Although most equity release products are now regulated by the Financial Services Authority ( FSA), SHIP was a voluntary organisation supported by leading providers of Equity release schemes to provide certain guarantees to the borrowers. Set up in 1991, SHIP continues to promote safe equity release schemes and all members and schemes will offer you the following important benefits
- Members agree to provide a fair, simple and complete presentation of their plans
- Your legal paperwork will always be performed by a solicitor of your choice.
- No “negative equity” guarantee meaning you or your family will never owe more than the value of your home.
- You have right to live in the property for the whole of your life.
- You will receive either a cash lump sum, regular income or both.
- The freedom to move to suitable alternative property.
Please be aware not all schemes are SHIP approved and sale and rent back schemes currently have no regulation at all. If a deal seems too good to be true then it probably is. Look for the SHIP name or logo when discussing equity release for further re-assurance. You can also visit their website www.ship-ltd.org to learn more aboiut how they work.
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Financial Services Authority
The Financial Services Authority recognises the complexity and long term nature of equity release products. On 6th April 2007 all products became regulated to promote the following benefits
- Provide minimum levels of protection and measures to compensate against unfair terms or misselling.
- To be clear, fair and not mislading to help customers achieve a fair comparison & make clear choices
- Achieve a minimum standard for advisers and firms to uphold in the dealings with clients.
All advisers through this service are regulated under the FSA
Please note - "sell and rent back" schemes ARE NOT regulated by either body and you will have little or no comeback if you decide to purchase this type of deal. Sale and rent back will offer you more money for the purchase of your home but you have no guarantees and should view these schemes with caution.
