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Loan charges: Equity release 'needs careful assessment'

Homeowners who are having trouble with loan charges should carefully consider the decision to take equity release.

Paul Rumbold, independent financial adviser at Wayne Austin IFA, an Independent Financial Adviser company, explained that once equity is released, it cannon be reversed without repayment, plus interest and fees.

He said there are number of things to take into consideration before taking this option and offered the major things to think about.

"What are the alternatives? Is moving to a smaller/cheaper property a viable option? What are the credentials of your adviser? What are the costs?" he said.

"All fees payable to the adviser, solicitor, valuer and lender need to be considered, because the amount of equity released can be quite small, these fees can seem high."

Mr Rumbold added that people should "walk away" if the lender or provider is not compliant with the SHIP (Safe Home Income Plans) code of conduct.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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