Who are SHIP?

Launched in 1991, SHIP is an organisation that is supported by the leading providers of equity release to promote safe schemes and to safeguard the interests of homeowners.

SHIP's code of practice ensures that all member companies provide a full and easy to understand presentation of their plans.

SHIP members display the SHIP logo on their literature as a guarantee to their customers that they observe the code of practice.

The SHIP Code of Practice

1. Members of SHIP agree to provide a fair, simple and complete presentation of their plans. The benefits, obligations, variables and limitations must be clearly set out in their literature, including all costs which the applicant has to bear in setting up the scheme, the position on moving home, the tax situation and the effect of changes in house value.

2. All SHIP plans carry a 'no negative equity' guarantee, which means that you will never owe more than the value of your home.

3. The client's legal work will always be performed by the solicitor of their choice. In all cases prior to the completion of the plan, the solicitor will be provided with full details of the benefits the client will receive. The solicitor will be required to sign a certificate to the effect that the scheme has been explained to the client.

4. SHIP members are regulated by the Financial Services Authority (FSA) and are required to follow a strict procedure for dealing with complaints. If the complainant remains unsatisfied they can take their complaint to the Financial Ombudsman Service.

What are the benefits of dealing with a SHIP member?

If you are considering releasing equity from your home, you should ask yourself three key questions:

1. Do I have the right to live in my property for the rest of my life?

2. Do I have the freedom to move to suitable alternative property without financial penalties?

3. Will I receive either a cash sum or regular income payments?

If you release equity through a SHIP member, then the answer to all of these questions is guaranteed to be YES.

 

What are Equity Release Schemes, Lifetime Mortgages and Home Reversion Plans?

Equity release is an agreement between a homeowner (55+) and a provider that allows the homeowner to unlock the money tied up in their home.This money is tax-free and helps the homeowner to enjoy the retirement that they have worked hard for.

If you take out equity release you are still able to carry on living in your home for as long as you like.For many, their home is their greatest asset. Equity release schemes can turn this asset into extra cash at a time when income may be fixed and low.

Please click the link for more information regarding the different types of equity release mortgages.

What are the benefits and implications of equity release and home reversion plans?

1) Retirement can be a time of fixed income and many people have valuable homes but little spare cash. Equity release can provide tax-free cash to help alleviate this problem.

2) You can use the cash you release to spend as you wish.

3) You may want to use the money to take that holiday youve always dreamed of, perhaps visiting family that you havent seen for years.

4) You might want to buy a new, more reliable car to help you get around. You could even use the extra funds to help support your family, children or grandchildren.

5) Many people simply use the money they release to make up the shortfall some people experience when they retire.

6) Equity release could affect your entitlement to some state benefits and may affect your tax position.

7) All equity release plans will reduce the value of your estate.

What is the procedure for equity release?

1. Complete the equity release calculator above, entering all your details. We will then tell you roughly how much equity is available in your property, based on your age, your property value and the maximum amounts offered by the major equity release providers.

2. If this has inspired you to learn more, you can request your no-obligation brochure on equity release. This will provide you with more information on how equity release works, the things you should consider and what to do next if you would like to discuss your options with an equity release specialist.

3. After reading the brochure, if you would like to discuss equity release further, simply contact our trusted partner using the details provided in the brochure.

4. Alternatively call 0800 524 4853 to find out the answers to any questions you may have about the equity release process. It is a free and no obligation service. It can help no matter what stage of enquiry.

Are you still thinking how do I release equity?

What do past visitors have to say about us?

Testimonials

I found your website and your ethos to be just up my street. I particularly like the way you explained SHIP and its relationship to equity release
Mr. Ingrid

Your equity release calculator helped me to understand where I stood and what my options were. The free guide I received helped me to explain what I had learned to my husband so a big thanks is in order.
Mrs. Kinsel

What is the criteria to release equity in the UK?

In order to release equity on a home, the following criteria usually needs to be met:

- To qualify you must be aged 55-95.

- The home in question must be your permanent main residence and lived in by you for over six months of the year.

- You must own the home from which you are releasing equity.

- The home must be worth at least 70,000.

What is the code of conduct for equity release?

An organisation called SHIP are responsible for laying out the code of conduct to the equity release providers in the market.

Independent financial advisers can explain who are SHIP members and which member may offer the plan most suitable to your needs.

Click the link to learn more about SHIP equity release