In the bustling UK equity release market, where a record £716 million was unlocked in 2023’s third quarter,¹ choosing the best equity release advisors is not just smart—it’s essential. 

This guide simplifies your journey to tap into your home’s value, showcasing the importance and benefits of expert guidance in a thriving sector.

At EveryInvestor, our focus is on empowering UK homeowners to navigate their equity release options with clarity and confidence. Dedicated to this goal, we’ve meticulously gathered the most up-to-date research on the finest companies in the field. 

Our commitment is to provide you with informed choices, ensuring your journey in equity release is both rewarding and secure.

We’ve done the groundwork; now, let’s explore your options with confidence.

What Is An Equity Release Mortgage?

Equity release is a financial arrangement designed for homeowners, typically aged 55 and older, allowing them to access the equity (cash value) tied up in their property without the need to sell it.

This can be achieved through schemes like lifetime mortgages, a type of equity release mortgage, or home reversion plans, providing a source of funds for various purposes during retirement.

Learn More: Types of Equity Release Schemes Available in 2024

What Is An Equity Release Adviser?

An advisor is a professional who provides guidance and expert advice in a specific area, such as finance.

In the context of equity release, a financial advisor is someone who specializes in helping individuals navigate the complexities of equity release plans.

They assess individual circumstances, provide information about available options, and offer personalized recommendations to help clients make informed decisions regarding their financial goals and equity release choices.

Seeking advice from a qualified advisor is crucial to ensuring that individuals understand the implications and make sound financial choices tailored to their needs.

The Role of Equity Release Advisers

Equity release advisors are professionals who can help you understand the pros and cons of these plans, compare different products and providers, and find the best deal for your circumstances. 

They can also advise you on the legal, tax, and inheritance implications of equity release, and help you complete the application process.

Equity release advisors are crucial in the process because they can:

• Assess your eligibility and suitability for equity release, based on your age, health, property value, and personal goals.
• Explain the features and risks of equity release, such as interest rates, compound interest, early repayment charges, negative equity, and impact on benefits and estate.
• Search the whole market and recommend the most suitable product and provider for you, taking into account your needs and preferences.
• Provide you with a personalised illustration and a key facts document, which outline the costs and benefits of the equity release plan.
• Liaise with the equity release solicitor, provider, and valuer on your behalf, and ensure that the process is smooth and efficient.
• Answer any questions or concerns you may have along the way, and provide ongoing support and advice.

Criteria for Choosing the Best Advisers

To ensure you choose the best advisor, it’s important to evaluate them based on their experience, qualifications, regulatory compliance, independence, and fee structure. 

Each element plays a vital role in determining the advisor’s ability to provide sound, unbiased advice tailored to your unique financial situation. 

Let’s take a closer look at each of these criteria. 

Experience

Seek an advisor with a strong background in the equity release market. 

Their experience should be evident through their knowledge and successful case studies. 

To assess their expertise, review their online credentials, client testimonials, and any available reviews. Alternatively, consider personal referrals from friends or family who have benefited from their services.

Qualifications

Ensure your advisor is professionally qualified to offer equity release advice. 

They should hold a certificate or diploma from a reputable institution, such as the London Institute of Banking and Finance (LIBF) or the Chartered Insurance Institute (CII). 

Confirm their qualifications by checking the respective organisation’s website or by requesting to see their certificates.

Regulatory Compliance

The advisor must be authorised and regulated by the Financial Conduct Authority (FCA), ensuring adherence to strict rules and standards.

This also provides you access to support from the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS) in case of disputes. 

Verify the advisor’s FCA registration on the official FCA register or request their registration number.

Independence

Choose an independent advisor who can provide unbiased advice from the entire market, rather than being limited to specific providers or products. 

This ensures they act solely in your interest, free from any external commission or incentive biases.

Fees

Understand the different fee structures offered by advisors. Fees can vary, including upfront charges, a percentage of the loan amount, or a blend of both. 

Some advisors may offer a complimentary initial consultation or a no-obligation quote. 

Request a clear, written breakdown of their fee structure and ensure you have a written agreement before proceeding.

By carefully considering these factors, you can make an informed decision in choosing an advisor who best suits your needs and ensures a transparent and effective equity release process.

Top 4 Equity Release Advisery Firms

Based on our research and analysis, we have selected the following firms as the top equity release advisory firms in the UK:

• Age Partnership
• Bower Home Finance
• Key Later Life Finance
• Responsible Life

Learn more about these leading firms below. 

Age Partnership

Age Partnership is a leading equity release advisor in the UK, founded in 2005.

It has won several awards, including the Best Financial Adviser with over 20 Employees at The Equity Release Awards in 2022.² 

It does not offer equity release directly but helps you find the best plan for your situation from a panel of lenders.

It is regulated by the FCA and is a member of the Equity Release Council (ERC). 

Bower Home Finance

An independent and award-winning equity release advisor, with over 10 years of experience and a network of local advisors. 

They offer advice on plans across a range of providers and provide free valuation and legal services. They also offer a no-obligation quote.³

Key Later Life Finance

The UK’s largest equity release advisor, with over 20 years of experience, provides advice on various later-life products for a fixed fee, and helps customers find the best solution for their needs. If none of the products suit them, Key explains the reasons clearly.⁴ 

Key offers products such as lifetime mortgages, retirement interest-only (RIO) mortgages, retirement repayment mortgages, Wills, and Lasting Power of Attorney. 

Responsible Life

Responsible Life is an equity release advisor that was founded in 2010. It works with a panel of lenders, such as Just, LV=, and Aviva, to offer lifetime mortgages and home reversion plans to its customers. 

It is registered with the FCA and a member of the ERC. It provides free advice, valuation, and legal services, as well as a no-obligation quote and a free initial consultation. 

It has won several awards, including the Best Broker for Equity Release at the 2022 Mortgage Strategy Awards.⁵

Read More: New Life Equity Release Review

How Did We Select the Top Equity Release Advisery Firms?

To find the top equity release advisory firms, we employed a rigorous selection process focused on key criteria.

The criteria we considered included:

• Expertise and Qualifications: Prioritised firms with highly qualified advisors holding relevant certifications.
• Independent Advice: Chose firms offering unbiased advice across the entire market, not limited to specific providers.
• Client Reviews: Evaluated positive client feedback and satisfaction levels.
• Transparency: Selected firms known for clear communication about fees and options.
• Regulatory Compliance: Ensured all firms are regulated by the Financial Conduct Authority (FCA) for client protection.
• Service Range: Considered the breadth of services, including initial consultations, ongoing support, and a range of equity release products.
• Customer Support: Looked for firms offering exceptional pre and post-advice customer support.

This methodical approach ensured the selection of top firms, recognised for their expertise, client satisfaction, and commitment to providing comprehensive and transparent advice.

Interest Rates and Fees Comparison

View the current equity release interest rates, fees, or lifetime mortgage rates.

Provider	Scheme Name	Monthly (Rate)The amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed.	Annual Equivalent (Rate)The percentage of interest on a loan or financial product if compound interest accumulates over a year during which no payments are made.	Annual Percentage (Rate)The number that represents the total yearly costs of borrowing money, expressed as a percentage of the principle loan amount.
Canada Life	Age Partnership Ultra Lite Fixed ERC	5.51%	5.65% AER	5.65% APR
Just Retirement	Age Partnership J1 Lump Sum Fixed ERC	5.55%	5.69% AER	6.20% APR
Canada Life	Capital Select Ultra Lite Fixed ERC	5.55%	5.69% AER	5.69% APR
Just Retirement	Age Partnership J2 Lump Sum Fixed ERC	5.59%	5.74% AER	6.20% APR
Canada Life	Age Partnership Ultra Lite Plus Fixed ERC	5.60%	5.75% AER	5.75% APR
Canada Life	Capital Select Ultra Lite Plus Fixed ERC	5.64%	5.79% AER	5.79% APR
Pure Retirement	Age Partnership Sovereign Flex Lump Sum Fee) (AP) (Single)	5.66%	5.81% AER	5.81% APR
Just Retirement	Age Partnership Classic Flexible Lump Sum 1	5.67%	5.82% AER	5.82% APR
Just Retirement	Age Partnership J2 Lump Sum 1% Cashback Fixed ERC	5.69%	5.84% AER	6.30% APR
Canada Life	Age Partnership Super Lite Fixed ERC	5.70%	5.85% AER	5.85% APR

Updated: 03/10/2024

Scenario: 60-year-old single male with a £300,000 property value, who wants to release £30,000.

How Much Does Equity Release Advice Cost?

The cost of equity release advice can vary significantly depending on several factors, including the complexity of your financial situation, the advisor’s experience and qualifications, and the specific policies of the advisory firm. 

Here are some common fee structures you might encounter:

• Fixed Fees: Some advisors charge a fixed fee for their services. This can range from a few hundred to several thousand pounds. Fixed fees are advantageous as they provide clarity on the total cost upfront.⁶
• Percentage-Based Fees: Other advisors might charge a fee based on a percentage of the amount of equity released. This percentage typically ranges between 1% to 2.5%. For larger equity release amounts, this can result in a significant fee.
• Combination of Fixed and Percentage-Based Fees: In some cases, advisors may charge a smaller fixed fee along with a reduced percentage of the equity released.
• No Upfront Fees: Some advisory services may offer initial consultations or advice without upfront fees. However, they might charge fees later in the process or may receive commission from the equity release provider if you proceed with a plan.⁷
• Additional Costs: Besides the advisor’s fee, there might be other costs involved in the equity release process, such as application fees, valuation fees, and legal fees.⁸

It’s important to ask for a detailed breakdown of all fees and costs before proceeding with any service. 

Additionally, comparing fees from different advisors can help you find the most cost-effective and valuable service for your needs. 

Remember, the cheapest option is not always the best; the quality of advice and the advisor’s expertise are crucial factors to consider in addition to the cost.

Common Questions

In Conclusion

Selecting the best equity release advisor is a crucial step for homeowners considering unlocking the value of their property. 

It’s not just about finding someone with the right qualifications and experience, but also about choosing an advisor who is regulated, independent, and transparent about their fees. 

A good equity release advisor will not only guide you through the various options available but will also tailor their advice to your unique financial situation, ensuring that you make a decision that aligns with your long-term goals and needs.

By carefully considering your options and selecting the best equity release advisor, you’re taking a significant step toward securing your financial future.

The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.