Disclaimer: Our website and publications aim to give you general information to help you make financial decisions. It is not advice, nor can it take account of your own particular circumstances. For advice with a view to making decisions about your own circumstances you should consult a financial or other professional adviser.

© The Financial Services Authority.

Getting help

Firms that give financial advice have to be regulated by us, or be the agent of a regulated firm. Regulated firms and their agents are placed on our Register and have to meet certain standards. Always make sure that the firm you use is on our Register and is allowed to give financial advice before handing over your money. If they aren’t regulated by us and things go wrong, you won't have access to complaints and compensation procedures. To find out if a firm is on our Register, see Check our Register.

An adviser should only recommend an equity release scheme that is right, and suitable for you based on the information you give them.

You don't have to take advice before choosing an equity release scheme. But remember this is a complex area and you should seek independent legal and financial advice if you’re not sure about anything.

Bear in mind that if you don’t take advice and the scheme you choose turns out to be unsuitable, you will have less grounds for complaint.

For more detailed information please see our factsheet Raising money from your home at Publications, where you can also download it online.

Getting the Keyfacts

Step 1

When you contact a provider or intermediary they must give you details of the service they offer. These will be in a Keyfacts logo about our equity release services document. This will tell you whether:

  • it offers lifetime mortgages, home reversion plans, or both;
  • it offers equity release schemes from the whole market, or from a limited range of providers;
  • it will give you advice and a recommendation, or just ask you some questions to narrow down the selection of schemes it will offer you; and
  • it will charge you a fee for its service.

Use this document to shop around to get the service you want at the price you’re happy with.

Step 2

Once you've discussed what you need, the provider or intermediary will give you a second document called Keyfacts logo about this lifetime mortgage or home reversion plan. You'll get this whether you're getting advice or not. It will be a personalised illustration for you and will set out things like:

  • the service you're getting;
  • what you've told them about how much you want to release and the type of scheme you're interested in;
  • a description of the scheme, who the provider is – and for a lifetime mortgage the interest rate deal;
  • the overall cost of the scheme, as well as any fees you’ll have to pay;
  • in the case of lifetime mortgages, how much your payment would be if interest rates went up - so you can see whether you think you could cope with the increase; and
  • any additional features.

Make sure you get this and that you read and understand it. Ask the provider or intermediary to explain anything you don’t understand.

Use this document to shop around and compare similar schemes from other providers.

Other organisations that can help

Several agencies and charities provide information and advice to help you:

  • sort out debt problems;
  • check your entitlement to State benefits;
  • arrange grants for people aged 60 or more for keeping your home warm;
  • arrange home improvements and find out what financial help is available; and
  • find equity release schemes to fund repairs, improvements, or adaptations to your home.

For full contact details see Useful links or download our factsheet Raising money from your home at Publications, where you can also order it online.

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