There is a simple answer to this question: No!
Protecting your equity
The Financial Conduct Authority (FCA) oversees the equity release industry, and many other aspects of the financial consumer market. It is their job to protect consumers. They have ruled that as equity release schemes are primarily aimed at a potentially vulnerable age group, anyone looking to make use of this service must receive full and impartial advice before they can go ahead.
As such, companies such as Equity Release Supermarket will always provide a full equity release advisory service, meeting all the rules and regulations and seeing that they are implemented. In addition, ERSupermarket only recommends schemes from companies that are members of the Equity Release Council (ERC).
Giving you peace of mind
Taking out something like an equity release scheme on your home can be a daunting task. You don’t want to make a simple mistake and end up locked into a deal which financially damages yourself or your loved ones. That is why all independent brokers will work closely with both the FCA and the ERC to provide the assurance that you will receive the standard legally required to give you security and peace of mind.
Working with you in mind
The benefits of arranging your equity release deal through an independent advisor are that you do not have to worry about them having any ulterior motives. When buying direct all the advice you receive, while matching all the legal requirements, will always lean towards getting you to buy that company’s products.
Knowing that the advice you receive meets with the regulations set down by the FCA is important, but you also want to know that it is inclusive of all your options. No one wants to have that nagging feeling that there might have been something better out there. Once you have shopped around and found the independent advisor with the best reputation, you can trust that the deals that they provide for you are going to be the absolute best for you and drawn from the entire market.
Don’t accept second best
When it comes down to it, equity release firms are required to give you all the necessary advice to ensure you know what you are doing. You might as well make sure that the company you choose has absolutely no prejudices, and will be able to get you the best possible deal out there.