{"id":7103,"date":"2022-07-19T12:08:44","date_gmt":"2022-07-19T11:08:44","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=7103"},"modified":"2022-07-19T12:08:45","modified_gmt":"2022-07-19T11:08:45","slug":"equity-release-product-standard-update","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/07\/19\/equity-release-product-standard-update\/","title":{"rendered":"Equity release product standard update"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>All equity\nrelease plans sold to new customers from 28 March 2022 must feature\npenalty-free partial loan repayments, enabling customers to reduce their loan\nsize and save money on interest.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>The new\nstandard introduced by the Equity Release Council (ERC) could save customers\nmillions of pounds. While ERC standards aren\u2019t legally binding, almost 700\nfirms selling equity release products have promised to abide by them.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Other standards\ninclude the obligation to either offer fixed interest rates or capped variable\nrates, the right to remain in the property for life, and a \u2018no negative equity\nguarantee.\u2019<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Chairman of the\nEquity Release Council David Burrowes spoke about the recent changes, <em>\u201cUpdating\nour standards to lock down the ability to make partial repayments on lifetime\nmortgages \u2013 an innovative feature that has become increasingly common in recent\nyears \u2013 provides flexibility for consumers and ensures the sector continues to\nevolve to meet changing demographic needs.\u201d<\/em><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>As a\nmortgage is secured against your home or property, it could be repossessed if\nyou do not keep up mortgage repayments. Equity release may require a lifetime\nmortgage or a home reversion plan. To understand the features and risks, ask\nfor a personalised illustration.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>All equity release plans sold to new customers from 28 March 2022 must feature penalty-free partial loan repayments, enabling customers to reduce their loan size and save money on interest. The new standard introduced by the Equity Release Council (ERC) could save customers millions of pounds. While ERC standards aren\u2019t legally binding, almost 700 firms [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":7104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7103"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=7103"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7103\/revisions"}],"predecessor-version":[{"id":7105,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7103\/revisions\/7105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/7104"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=7103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=7103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=7103"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=7103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}