So, if you’re a homeowner aged 55 to 95, and want to find
out more about equity release, it’s easy - just ask ERIC.

Terms of Business

• The Equity Release Information Centre is Authorised and regulated by the Financial Services Authority (FSA) and are bound by its rules.
• We are not tied to the Equity Release products of one company: We source the whole of the market for suitable Equity Release solutions and, act impartially when giving advice.
• Where a conflict of interest arises between you and any other party involved with ERIC, we will provide written notification and obtain your consent before proceeding.

• We will provide a detailed written recommendation report before proceeding with any Equity Release transaction on your behalf.
• When we have arranged your equity release plan for you we will be happy to provide ongoing advice and information upon request.
• You or your appointed agent can inspect upon request documents relating to your equity release plan. All our records will be retained for a minimum of three years. We reserve the right to provide copies where the original documents would allow access to information of other client’s transactions.

• We have to comply with the Money Laundering Regulations 2007 and as such we need to verify your identity and may therefore ask you to provide us with documentation such as passport or driving license. We may refuse to accept certain instructions if, when requested, documentary evidence is not provided. We will not be liable for any financial loss occurring to delays in such verification.

• ERIC only charges a fee if you complete on your Equity Release loan. The typical fee is 1.5% of the amount released.
• VAT is not chargeable on lifetime mortgage application fees, it is chargeable on home reversion plan application fees but any fees applicable with be deemed inclusive of tax.

• You, or we, may terminate your authority for us to act on your behalf at any time, without penalty. Notice of termination must be given in writing and will take effect from the day of receipt. Termination is without prejudice to any transactions already initiated, which will be completed according to these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions made prior to termination and any fees that may be outstanding.

• Affecting an equity release plan will reduce the amount available to leave as an inheritance in the future. Any inheritance available will be the difference between the amount owed when the Equity Release plan is redeemed and the sale value of the property.
• Please consider that we cannot predict the future value of your property. Future property prices could be higher or lower than they are today.
• Entering into an equity release plan could effect your entitlement to means tested benefits. Before proceeding with Equity Release, you must ensure that you understand the features and risks associated with the product and are content to accept that level of risk.

• Following the issue of this document, any subsequent advice or recommendation offered to you will be based on your stated objectives, attitude to risk and any specific restrictions you wish to place on the type of advice or policies you are willing to consider. Details of your specified needs and objectives will be reflected in the fact find report that we will issue you.
• Unless informed to the contrary, we will assume that you do not wish to place any restrictions on the advice we give to you.

• In order to advise you properly on Equity Release and assess your suitability for particular products and services we must obtain detailed information from you about your financial and personal circumstances.
• You may make a written request for a copy of certain personal records we hold about you. We may make a charge for the service; the current maximum fee is £10 per individual legal entity.

• You agree that the information we hold about you can be stored on computer and/or paper files.
• You agree that any information provided, may be disclosed to third parties (e.g. credit reference agencies or product providers) for the purpose of processing your application.
• You agree that we may use the information that we hold about you from time to time by post, fax, email or telephone to bring to your attention products or services, which may be of benefit to you.
• We agree that any consent given by you under paragraph (c) above may be withdrawn by you at any time by writing or telephone.