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.
Read
enough? Just want a quote? To get
your best mortgage quote quickly and easily we can
put you in contact with a recommended mortgage adviser. It's free,
completely confidential and there's no obligation at all. Simply
fill out the form below
