The ERC Code guarantees that you have the right to stay in your home for life, as long as it remains your primary residence. Should you choose to move, the Code also allows you to transfer your plan to another suitable property, subject to lender approval, without any penalties. This flexibility offers you peace of mind as your needs evolve over time.
One of the most important safeguards in place through the ERC is the No Negative Equity Guarantee. This ensures that you will never owe more than the value of your property when the equity release plan is repaid. Your family and beneficiaries will not be left with any outstanding debt beyond the value of your home.
The ERC Code requires that all paperwork is clear, transparent, and easy to understand. You will be provided with a detailed breakdown of all setup costs, any potential fees for moving house, and how changes in property value may affect your plan. At Smart Choice Equity Release, we ensure that every document is fully explained so you can make well-informed decisions.
To ensure you fully understand the terms and risks associated with your equity release plan, the ERC Code mandates that you receive independent legal advice. Your solicitor, whom you are free to choose, will provide a certificate confirming that all aspects of the plan have been clearly explained before you proceed. Kevin Woods at Smart Choice Equity Release will work closely with you and your solicitor to ensure everything is clear and understood.
Many equity release plans offer flexible repayment options. While lifetime mortgages do not generally require monthly payments, some plans now allow voluntary repayments of interest or capital without incurring penalties, depending on the lender’s terms. Kevin Woods can help you explore these options to suit your financial needs.
As a member of the Equity Release Council, Smart Choice Equity Release complies with the regulatory framework set by the Financial Conduct Authority (FCA). This ensures that every equity release plan is fully compliant with legal and financial regulations, offering you protection and peace of mind.
Why not take a look at the Consumer guide to equity release from the Equity Release Council
Download NowWhen you choose Smart Choice Equity Release, you are not only benefiting from the expertise of Kevin Woods, a trusted adviser, but you are also protected by the comprehensive safeguards of the Equity Release Council. We are committed to providing the highest level of service, ensuring your equity release journey is safe, transparent, and tailored to your needs.
Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back
Equity release will reduce the value of your estate and may also affect your entitlement to means-tested benefits. You should always think carefully before securing a loan against your home.
Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed advice fee of £1,295 is only payable on completion of a plan.
A lifetime mortgage is the most popular form of equity release, and is a loan secured against your home that’s typically repaid when you pass away or go into long-term care.
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