Money Saving Expert Equity Release And Lifetime Mortgage Review in 2024

Do You Want to Learn About Equity Release From Money Saving Expert? Find Out Here if Money Saving Expert Can Help You Answer Any Equity Release Questions You May Have. Read On…
  • Last Updated: 02 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • According to Money Saving Expert, the best way to approach equity release is to thoroughly research options, consult a financial adviser, and consider alternatives like downsizing or borrowing from family first.
  • They suggests using equity release as a last resort after considering other financial options, and only if you're certain you understand the costs involved and the potential impact on your estate and eligibility for means-tested benefits.
  • The pros and cons of equity release, according to them, include accessing a tax-free cash lump sum (pro) but potentially reducing your estate's value and affecting your eligibility for state benefits (cons).
  • Their tips for equity release emphasize the importance of obtaining independent legal advice, understanding the costs and risks involved, and considering the impact on your estate and potential inheritance.
  • They explain that equity release for over 65s can provide a lump sum or steady income, but comes with risks such as compound interest and potential impact on your estate and eligibility for means-tested benefits.

If you are a retiree looking for excellent financial and equity release advice, you may want to look into Money Saving Expert.

Make sure you do not get caught and pick an unscrupulous lender because this could potentially cost you money in the long run. 

We are here to point you in the right direction and ensure you have all the relevant facts to choose the best provider for your needs.

In This Article, You Will Discover:

    Our economic experts work tirelessly to bring you the most up-to-date market information about leading providers. That way, you have the facts to help you make an informed decision.

    Therefore:

    NOTEEvery 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 Money Saving Expert. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Money Saving Expert.

    Who Is Money Saving Expert?

    Money Saving Expert is one of the top consumer websites in the UK and focuses on helping it's users cut their costs and bills.

    The site has more than 16mln visitors1 monthly who turn to Money Saving Expert to find out where to find great deals, how to save on bills, and how to fight for their economic rights.

    Money Saving Expert was founded in 2003 by Martin Lewis, a well-known financial journalist. The site joined the MoneySupermarket Group in September 2012 and secured it's future.

    What Is An Equity Release Scheme?

    Homeowners aged 55 or older can opt for an equity release scheme to financially benefit from their property's value.

    It's a route to access home equity without disposing of the asset.

    Equity release's distinct feature is its 'no immediate repayment' structure.

    The total amount, with interest, is paid from the house sale, typically post the owner's death or care admission.

    What Is the Best Way to Release Equity for Money Saving Experts?

    The most effective way for money-saving experts to release equity is through home equity loans or home equity lines of credit (HELOCs).

    These options allow homeowners to tap into their property's value, converting equity into cash for investment or expense purposes.

    Remember to borrow responsibly and understand the terms of the loan, thereby ensuring our financial stability.

    Alternatively, consider a reverse mortgage, especially if you're a senior homeowner.

    In this setup, the lender pays you a regular income or a lump sum, allowing you to stay in your home while converting your equity into ready cash.

    This strategy can be excellent for achieving financial flexibility, but be sure to consult with a financial advisor first to ensure it fits your long-term plans.

    Why You Can Consider Money Saving Expert

    You can consider Money Saving Expert because the advice it provides is reviewed by leading journalists and is widely trusted by it's followers.

    Furthermore, Money Saving Expert claims that financially sophisticated users could save 25% of their income monthly by following its tips and advice.

    The site has won multiple awards, which include2:

    • Most Useful Website of The Year 2003.
    • Bradford & Bingley Personal Finance New Media of the Year (2005).
    • 2010 Hitwise Award for best business information website.
    • Brand of the Year in 2018 from Drum Online Media Awards.

    The accolades and equity release awards speak for themselves and are just some of the many reasons you could consider Money Saving Expert.

    What Services Does Money Saving Expert Offer?

    The services Money Saving Expert offers include presenting unbiased research on various financial topics and tips on how consumers can save money.

    Companies can not buy space or advertising on Money Saving Expert, and all the information the site provides is presented purely by virtue of thorough journalistic research and expert reviews.

    Money Saving Expert is focused on improving the consumer finance sphere and championing economic justice on behalf of the public.

    Does Money Saving Expert Offer Equity Release or Lifetime Mortgages?

    No, Money Saving Expert does not offer equity release, as it is not a financial institution.

    However, the site reviews equity release and offers advice on releasing equity in its articles and on a dedicated forum.

    What is more, the site advises you to speak to an adviser and pick a lender approved by the Equity Release Council.

    Money Saving Expert can give you information that may help you choose the best equity release company for you or a specific equity release product.

    Money Saving Expert’s Advice on Equity Release Schemes

    Money Saving Expert does not offer equity release schemes.

    The site offers information and general advice on equity release and the schemes available.

    Equity interest rates start from 5.20% to 6.30% AER*.

    You can view the most recent equity release rates here.

    *While we regularly review our rates, these may have changed since our last update.

    What Are Money Saving Expert’s Fees?

    Money Saving Expert is a free consumer website, and you can sign up for its weekly email with cost-saving tips at no charge.

    How Did We Review the Information on Money Saving Expert?

    We spent many hours researching and unpacking the information on Money Saving Expert and then presenting them to you in this easy-to-read article.

    NOTE: This article is an unaffiliated, third-party, independent review of Money Saving Expert and / or Martin Lewis.

    Money Saving Expert Customer Reviews

    Here are some reviews on Money Saving Expert:

    Money Saving Expert Complaints

    To lodge a complaint with Money Saving Expert, you can send your complaint via email to the following email addresses:

    If you are not satisfied with your complaint’s feedback, you can refer it to the financial ombudsman at enquiries@financial-ombudsman.org.uk 

    Money Saving Expert FCA Details

    Trading Names

    • MoneySavingExpert.com
    • MoneySavingExpert.com Limited

    Regulators

    The Financial Conduct Authority (FCA)3

    Registration Numbers

    • FCA Ref Number: 587302
    • Companies House Number: 03157344

    FCA Link

    Money Saving Expert Contact Number and Address

    • +44 203 846 2796.  
    • furtherhelp@moneysavingexpert.com
    • One, Dean Street, London, W1D 3RB.

    Common Questions

    What Is the Best Way to Approach Equity Release, According to Money Saving Expert?

    How Does Money Saving Expert Suggest Using Equity Release?

    What Are the Pros and Cons of Equity Release According to Money Saving Expert?

    What Are Money Saving Expert's Tips for Equity Release?

    How Does Money Saving Expert Explain Equity Release for Over 65s?

    Is Money Saving Expert a Member of the Equity Release Council?

    Who Owns Money Saving Expert?

    How Can I Apply for a Job at Money Saving Expert?

    Does Money Saving Expert Offer Equity Release?

    In Conclusion

    If you are considering sourcing information about equity release and want to do some market research, then Money Saving Expert's equity release information is an excellent place to start.

    Money Saving Expert runs an equity release discussion forum where consumers can share equity release info and stories.

    We always recommend that our readers seek financial advice from an accredited adviser before making any decisions.

    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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