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We are authorised and regulated by the Financial Conduct Authority (FCA) and members of the Equity Release Council.
Bower has always supported the aims of The Council and the associated SHIP safeguards which our membership offers, such as its commitment to impartial advice.
We completely understand that if you’ve never heard of equity release – let alone looked to a company to help you with obtaining a plan – then you’ll have lots of questions to ask.
So below we’ve collected the most commonly asked questions we think will help you the most.
Afterwards, if you need further information, or you can’t find the answer to your question in the selection below, then just contact our friendly team at Bower. We’ll be happy to help you.
It’s the value of the assets you own (in this case, your property) minus any debt such as a mortgage....Read More
Equity release enables you to access some of the wealth tied up in the value of your home without the need to move house or sell your property. The money you release is tax-free and yours to spend however you choose... Read More
If you are aged 55 or over (youngest age if a couple) and own your own home in the UK then you could be eligible for an equity release plan. Your property should be valued at £70,000 or over... Read More
The money you release with an equity release plan is yours to spend in any way you choose, which may include topping up your income, clearing debts or gifting some of the money to loved ones...Read More
Equity release is not right for everybody, which is why it is so important to seek independent specialist advice from an expert in retirement lending. An impartial adviser will be able to tell you if a plan is a good option for you or not...Read More
There are a number of alternatives you may wish to consider before taking out an equity release plan. Options include downsizing to a smaller property or moving to a less expensive area, using savings or borrowing in the form of a loan or by asking a relative or friend...Read More
The Equity Release Council Standards Board makes sure that all lenders and advisers adhere to a strict code of conduct that includes a number of safeguards for customers..Read More
The Financial Conduct Authority is a financial regulatory body in the United Kingdom, it exists to protect the financial integrity of the UK’s financial system. Advisers and providers of equity release plans must be regulated by the Financial Conduct Authority...Read More
The Equity Release Council (ERC) is the industry body for the equity release sector, representing lenders, advisers and other participants in the equity release market. The ERC sets standards and safeguards which protect and reassure consumers, and plans provided by ERC members offer an important set of guarantees. Read More
An independent adviser will search the entire market of equity release plans to find the best deal for your needs. You will also have better protection; the Financial Conduct Authority states that should you opt not to take independent financial advice and go on to choose an unsuitable equity release scheme then you will have fewer grounds for complaint...Read More
Your equity release scheme will usually carry on unaffected if care is provided in your own home or if one of you moves to a residential or nursing home. If you both move into a care home, the plan will usually come to an end and the property will be sold... Read More
No, your arrangement cannot change from the original contract signed with your solicitor... Read More
If you wish to move house you can transfer your equity release plan to your new home, providing the property meets the criteria of your equity release plan provider at that time. If you wish to repay your loan early you may have to pay an Early Repayment Charge, which your adviser can discuss with you... Read More
Yes, there are four different types of regulated equity release (view ‘read more’ for further information) – each of which will be fully explained to you during your free, no-obligation consultation with your local Bower specialist... Read More
Bower Retirement are independent whole of market equity release advisers, this means we can deal with all equity release product providers and have access to all available plans... Read More
Bower Retirement Services has a team of independent equity release advisers covering all of England, Scotland, Wales and Northern Ireland. Wherever you live in the United Kingdom, we would be delighted to offer you a free, no-obligation home appointment with one of our friendly specialists... Read More