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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.
Theyl could not do this without help from its membership and this is where Viva come into our own.
We have worked with the Council over the years to help raise standards for the whole industry and give clients more protection.
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. We have signed a charter to agree to abide by the Equity Release Council Standards.
Paul Saroya
Member of the Equity Release Council Standards Committee
Liz Murley
Member of the Equity Release Council Adviser Panel
The Six Standards of the Equity Release Council Are:
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Interest rates must be either fixed or, if variable, have a fixed cap. Both of which must be fixed for the life of the mortgage.
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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.
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You have the opportunity to move to a suitable alternative property and transfer their lifetime mortgage (subject to lending criteria at the time of move) as long as they abide by the terms and conditions of their contract.
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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.
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Customers must have the ability to make repayments without incurring any charges, subject to lending criteria of the provider.
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If a customer needs to move permanently into long-term care—whether in a care home (commercial, NHS, or local authority) or with relatives providing care— any early repayment charge will be waived by the Lender upon receipt of a medical practitioner’s certificate and the terms and conditions of the loan have been met.