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Nationwide joins the Equity Release Council
The council has said that Nationwide’s decision to join showed the building society’s commitment to robust industry standards, rules and guidance.
These include product safeguards – such as guaranteed fixed or capped rate of interest – a ‘no negative equity guarantee’, homeowners’ right to remain in their property for life with no obligation to make regular payments and the right to independent legal guidance.
Nigel Waterson, chairman of the Equity Release Council, said: “We are delighted to announce Nationwide has become a member of the council, and welcome its commitment to the standards and safeguards that are fundamental to consumer confidence in today’s market.”
Nigel said that Nationwide’s membership would help to raise general awareness about equity release among UK homeowners as a mainstream option.
“A decades-long commitment to promoting high standards of products and advice has established a safe and reliable equity release market, where homeowners can access their housing wealth for a wide range of purposes,” he added.
“The changing landscape of retirement in the UK increasingly calls for a joined-up approach across different areas of financial services, so people can make decisions based on all their available savings and assets.
“We welcome this latest sign of closer links between the residential and lifetime mortgage markets.
“Housing equity is often people’s greatest asset and should be on everyone’s checklist to consider as a potential source of finance in later life.”
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