Equity release | Complaining about equity release plans

Mortgage Guide
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Equity Release UK Guide
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What if Im not happy?

Complaining about equity release plans

Hopefully, if you decide equity release is right for you, you will be happy with the plan you eventually choose, whether it's a lifetime mortgage or a home reversion scheme.

If you're not, getting out of it could be very costly, as you will have to pay back the money youve borrowed, plus interest if it's a lifetime mortgage, and may also face a penalty payment of several thousand pounds.

Do I have any redress?

If you choose a plan on your own and later realise youve made a poor decision, unless you can prove the provider lied about what you were getting into (and this is very unlikely), you'll have no one to blame but yourself.

But if you use an independent financial adviser (IFA) and later decide you were badly advised, you may be able to make a case that you were mis-sold and receive compensation.

Grounds for complaint

You can't claim you were mis-sold simply because you don't like the terms and conditions of your particular plan, or you come across one you like better.

To claim mis-selling, you must show you were misled in some way or sold a product that was unsuited to your needs.

Who to complain to

Both lifetime mortgages and home reversion schemes are now regulated by the Financial Services Authority (FSA).

This means any IFA advising on them has to be properly qualified and on the FSA register.

If you have a complaint and your adviser doesn't deal with it satisfactorily, you can go to the Financial Ombudsman Service.

If it upholds your complaint, you may be eligible for a payout from the Financial Services Compensation Scheme.

For more information about this, or to check an adviser is registered, contact the Financial Services Authority helpline on 0845 606 1234.

If you are interested in finding out how much equity release you could get for yourself, the calculator below will give you a rough idea of what is possible.

To get a more precise figure the best thing to do is to talk to an Equity Release Specialist. To contact a recommended one simply click the "Next" button - after entering your figures - then fill out the quick contact form. You will be contacted soon for a free, no obligation quote.

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Equity Release

Age of the youngest homeowner?
Estimated value of the property?
Total outstanding mortgage or secured loan on the property?

Approx. amount available via equity release: Minus any outstanding mortgage or loan:	£ - £
Potential Cash Available: (May vary based on personal circumstances)	£
Equity release is only available if the youngest homeowner is 55 or over. The best option for those under 55 is a remortgage. Click here now to get remortgage advice and a quote
There is not enough equity available in your property for Equity Release. Your best option is a remortgage. Click here now to get remortgage advice and a quote
There is not enough equity available in your property for Equity Release.

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Step 2 of 2

Your details

First name:	Last name:

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E-mail address:	Best time to call you:


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