Go Compare Equity Release & Lifetime Mortgage Review in 2024
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- Go Compare equity release is a UK comparison site that presents different equity release plans from various providers, allowing users to compare rates, features, and terms.
- The benefits include access to a multitude of plans, competitive rates, and easy comparison between different equity release providers.
- Go Compare equity release is known for its reliability in the UK due to its extensive database of providers and transparent comparison methodology.
- Risks can include potentially high interest rates, the impact on inheritance, and the possibility of negative equity depending on the chosen plan.
- To apply, simply visit their website, fill out the required information about your property and age, and you can start comparing equity release plans.
Could a Go.Compare equity release comparison help you find the best deal?
Record numbers of homeowners are considering equity release, and £3.13bln was released from UK homes in the first half of 2022.1
With many equity release schemes to choose from, researching all of them yourself would be a daunting task.
We are here to help!
Go.Compare works with the whole equity release market, not just a few lenders, so it is guaranteed to know where to find the best equity release deals.
In This Article, You Will Discover:
To make it even easier for you, our team of equity release experts at Every Investor has compiled this guide on how the process works.
NOTE: Every Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Go.Compare. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Go.Compare.
Who Is Go.Compare?
Go.Compare is an independent, unbiased comparison site that helps consumers choose financial products, energy plans, and insurance policies.2
Go.Compare was the first UK price comparison website to list policy details and not just prices.3
That means Go.Compare can help you find the best equity release deal by presenting you with an independent comparison of the UK's top equity release providers.
Based in Newport, South Wales, it is the only comparison site with an Insurance Fraud Bureau membership and BIBA accreditation.4
A division of international media group and leading digital publisher Future Plc, Go.Compare also acts as a broker for a wide range of insurance products and financial services offered by third-party underwriters.
What Does It Mean To Release Equity?
For those over 55, equity release is a way to tap into the wealth locked in their home.
The best way to release equity transforms the value of your property into accessible cash, without the necessity of selling.
Equity release is distinct in its repayment plan; the amount borrowed, with interest, is paid from the home's future sale, often after the homeowner's major life changes.
What Is the Best Way to Compare Equity Release Options in the UK?
The ideal way to compare equity release options in the UK starts with understanding the two main types: lifetime mortgages and home reversion schemes.
Evaluating their terms, including interest rates, flexibility of repayment, and potential impact on your estate is recommended.
It's also crucial to consider the impact on your eligibility for means-tested benefits and how it might affect your tax position.
Diving deeper, we advise consulting with an independent financial adviser who specialises in equity release.
They can provide tailored advice based on your specific circumstances, helping you make an informed decision.
comparison website can also be useful, but remember they might not cover all providers.
Lastly, don't forget to check the provider's reputation and whether they're a member of the Equity Release Council, which ensures certain standards for consumer protection.
Why You Should Consider Go.Compare
You should consider Go.Compare because it is always impartial and prioritises finding the best provider for your needs.
Go.Compare only works with companies it can rely on and, since opening its doors in 2006, has managed to build up a strong network of partners it can trust.5
Privacy is crucial, so the company adheres to strict security procedures when disclosing your personal information.
What Services Does Go.Compare Offer?
The services Go.Compare offers are unbiased and authorised and regulated in the UK by the Financial Conduct Authority (FCA),6
It's primary focus is providing comparison details for financial products such as car insurance, pet, home insurance, and breakdown cover.
It also provides comparison services for gas and electricity, loans, broadband, credit cards, equity release, and other financial products through preferred providers such as Experian.
Does Go.Compare Offer Equity Release or Lifetime Mortgages?
No, Go.Compare does not offer equity release, but it does offer equity release comparison services through it's website.
Go.Compare's Equity Release Schemes Comparison
Go.Compare's equity release schemes comparison is offered via BridgingCompare.com.
To receive a comparison, you need to answer a few basic questions about your home and how much equity you wish to release.
The site will then compile a list of quotations based on your answers.
It does not offer advice or recommendations but will provide information to help you decide.
Go.Compare's Equity Release Scheme Features Information
Go.Compare's information on equity release scheme features gives you an overview of what to expect from most lenders.
The site aims to help you make better-informed decisions when releasing equity from your home by providing an overview of the features you could expect from most plans on the market, and by finding the best one to suit your needs.
Does Go.Compare's Provide Information on Equity Release Interest Rates?
Go.Compare provides general information on equity release interest rates and notes that you could choose to pay the interest on your loan or let it accrue.
Equity release interest rates currently range from 5.20% to 6.30% AER*.
*While we regularly review our rates, these may have changed since our last update.
What Are Go.Compare's Fees?
Go.Compare will not charge you any fees.7
Go.Compare will only get paid if you buy a product or service from a third-party via it's website.
The provider you have selected will pay the commission directly to Go.Compare.
It's services are unbiased, so it does not accept advertising or sponsored listings.
Does Go.Compare Have an Equity Release Calculator?
No, Go.Compare does not have an equity release calculator, but you can use our free online calculator below to find out approximately how much equity you could release from your home now.
What Are the Advantages and Disadvantages of Using Go.Compare?
The advantages of using Go.Compare include that you will have a wide variety of providers to choose from by using it's services.
You will, however, be deprived of that personal touch you receive when working directly with a provider.
The pros of Go.Compare include:
- Money-saving. Go.Compare provides quotes from all the providers enabling you to choose the most affordable one.
- Convenience. The Go.Compare site is quick and easy to use and offers loads of information. It allows you to compare a vast number of quotes instantly, instead of you having to fill in individual application forms.
The cons of Go.Compare are:
- A lack of personal touch. When working directly with a supplier, you will often be given a point of contact, someone you can go to with your questions and who will ensure that the product is exactly what you are looking for. Unfortunately, this is not the case when using a comparison site such as Go.Compare.
- Not all providers are on the site. Although most providers are listed with Go.Compare, there are a couple that you will not find, such as Direct Line or Aviva. You can find out more about their plans by contacting them directly.
How Did We Review the Information on Go.Compare?
We reviewed the information on Go.Compare by researching it's services and comparing those to it's competitors.
We have also taken into consideration the advantages and disadvantages of using the site, as well as online customer reviews.
Note that this is an unaffiliated, independent review of Go.Compare.
Go.Compare Customer Reviews
You can find Go.Compare reviews here:
If you have a complaint or wish to make a complaint on behalf of someone, you can either use the site's online contact forms or contact Go.Compare in one of the following ways:
- Online: Complaints form
- In Writing: Gocompare.com Limited, Imperial House, Imperial Way, Newport, Gwent, NP10 8UH, UK.
- Telephone: 0163 365 4060
Go.Compare’s FCA Details
- gocompare.com Limited
FCA Permitted Services
- Arranging and making arrangements with a view to transactions in general insurance.
- Financial Conduct Authority (FCA)
- FCA Ref Number: 465053
- Companies House Number: 05799376
FCA and Companies House Link
Go.Compare's Contact Number and Address
- +44 163 365 4060
- Imperial House, Imperial Way, Newport, Gwent, NP10 8UH.
What Is Go Compare Equity Release and How Does It Work?
What Are the Benefits of Using Go Compare Equity Release?
How Reliable Is Go Compare Equity Release in the UK?
What Are the Risks Involved with Go Compare Equity Release?
How Do I Apply For Go Compare Equity Release?
Is Go.Compare a Member of the Equity Release Council?
Who Owns Go.Compare?
Are You Looking For a Job at Go.Compare?
Does Go.Compare Offer Equity Release?
Is Go.Compare Equity Release Safe?
Price comparison sites such as Go.Compare are great for time-poor people who know what they are looking for.
It is quick, easy, and offers plenty of information.
However, choosing to release equity from your home is a big decision.
You need to understand all the risks before deciding to go ahead.
Make sure to speak to a financial adviser before committing to equity release.
If you are looking for a Go.Compare equity release comparison and want the best rate, use the form below.
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.
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