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Equity Release

The Mortgage Credit Directive (MCD) came into effect on the 21st March 2016. Lenders are required to make substantial systems and process changes across a wide number of areas to comply with the MCD requirements.  The sales process has changed, as have the disclosure documents which lenders are obliged to give to consumers.

The MCD also makes specific requirements for buy-to-let (BTL) mortgages. Member states must introduce either the MCD requirements or an “appropriate national framework”. The UK government has chosen the latter course of action.

From the 31st July 2023, all products and services must be fit for purpose and offer fair value under the Consumer Duty.  In addition, all communications and customer support must enable consumers to make, and act on, well-informed decisions.

Subsequently all documents contained within this section meet those requirements. Within this section you will find documents to assist you with advising and arranging Lifetime Mortgages, Home Reversion Plans and Home Purchase Plans.

Equity Release Advice Process Manual

As Equity Release customers are labelled vulnerable, they are not able to opt-out of advice.  This ensures that every customer receives advice in the first instance and are given the time and support needed.  Vulnerability features explicitly as a factor within the Consumer Duty; therefore we have updated our manual to reflect this.

This manual outlines the advice and sales process to be followed in the course of recommending a Lifetime Mortgage, Home Reversion Plan or Home Purchase Plan.  It also provides guidance on how to handle advice that has been rejected by the customer.

You can purchase now or join our member’s club and gain access to all our documents, manuals, policies and templates.

Equity Release Templates Bundle

This bundle provides firms with a selection of documents and examples that are used when providing advice to equity release customers.  The example Initial Disclosure Document (IDD) now known as Disclosure Documents (DD) provides two different ways of disclosing a firm’s information to a customer.  Depending on your firm you may wish to choose the second example which puts key information into circles so that they stand out to the customer.  Whichever, you choose is up to you, but we like to offer something different to the norm.  The rest of our documents can be used to provide advice and then follow that up in a letter.

You can purchase now or join our member’s club and gain access to all our documents, manuals, policies and templates.

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