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EQUITY RELEASE COUNCIL

The Equity Release Council are a consumer centric industry trade body for the UK Equity Release sector. They are focussed on making sure that all parties – which include advisers, lenders, funders and solicitors are abiding by the highest standards.

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Theyl could not do this without help from its membership and this is where Viva come into our own.

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We have worked with the Council over the years to help raise standards for the whole industry and give clients more protection.

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In recent years Viva have:

 

Helped in the set- up of the Competency Framework – giving all advisers the help become excellent at what they do

 

Been instrumental in the move forward to the 5th Council Standard – giving all clients the opportunity to make payments on their plans. This particular addition has had rave reviews!

 

We are very proud to have members of our staff as active contributors, dedmonstrating their high standards of conduct in the industry..

Paul Saroya

Paul Saroya

Member of the Equity Release Council Standards Committee

liz murley

Liz Murley

Member of the Equity Release Council Adviser Panel

Equity Release Council

The Five Standards of the Equity Release Council Are:

  • For lifetime mortgages the rate must be fixed for each release or, if variable, the rate must be capped for the life of the loan.
     

  • You must have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.
     

  • You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your loan.
     

  • The product must have a “no negative equity guarantee”. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more.
     

  • All customers taking out new plans must have the right to make penalty free payments, subject to lending criteria.

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