When considering an equity release scheme, for most people the biggest consideration is getting a great deal from a reputable provider. Aviva have been an equity release provider for a great number of years and with their recent decision to cease their direct sales of equity release, many people are concerned that they will no longer be able to gain access to a great Aviva deal. However, this could not be further from the truth. Aviva have made the decision that offering a direct advisory service is no longer cost effective, and by making this decision, they have allowed the savings from no longer maintaining their own sales force to be passed on to the customer. This means that now is actually a great time to gain access to the lowest possible rates and the best possible deals. There are a number of tips for securing the lowest possible Aviva rate.
Go to a Reputable and Established Independent Broker
While Aviva and other equity release providers have realised that it is no longer cost effective to offer direct advice, it has never been more apparent that an independent broker can provide the best possible deals. Over the last decade, independent brokers have increased the number of transactions going through their offices dramatically from twenty per cent to eighty per cent of the market share.
Many of the reputable, independent brokers such as EquityRelease.nu have partnership deals with preferential rates and attractive terms. This means that customers can benefit from no longer incurring the costs of direct sales forces being passed on to them. The increased competition has allowed independents to become very competitive in their offers and deals to secure your business. This means that by going to a reputable independent broker, you can secure a fantastic deal.
Compare Deals
One of the main reasons Aviva decided to close down their direct advisory and sales arm of equity release is that they realised that consumers are getting more comfortable with comparing different deals. This habit should not change and you may be very surprised by the difference in deals which are available even through different independents. It is always a good idea to use the online calculators of three to five different brokers in order to compare the best possible deals on offer. This will enable you to have all the information needed to make an informed decision when you are moving forward. While Aviva may have some amazing deals, by comparing the independents, you can assess for yourself who can get you the best possible deal.
Choose an Adviser by Reputation
It is important not to choose the first broker or adviser you find. There are a great number of independents in the equity release market place. Therefore it is worth taking a little time to research the reputation of your potential adviser. There are a number of websites and forums which specialise in creating an environment where consumers can leave honest feedback for professional services. It can be extremely beneficial to research the reputation of your potential adviser through reading reviews and testimonials to be sure they have an excellent reputation.
You will need to consider all the feedback on the adviser since the process of equity release is similar in all cases and you are likely to experience a similar service. You may regret saving a few pounds and going through an independent without a good reputation should anything go wrong in the process. You need to be confident that any of your questions will be addressed and the company will be determined to ensure that the process is as smooth and stress free for you as possible.
Ensure They Have the Correct Qualifications
In order to provide equity release advisory services the broker or adviser must adhere to the regulations of the FCA or Financial Services Authority and be suitably qualified. The Equity Release Council maintains a list of verified brokers and advisers. Reputable, qualified advisers ensure that they only partner with lenders who adhere to the codes of conduct of the Equity Release Council.
By ensuring your equity release adviser has the correct credentials and is FCA regulated, you will ensure that you have consumer protection. These companies not only agree to a code of conduct but you will have the protection of the Financial Ombudsman Scheme, who have the power to investigate any consumer complaints and award compensation if they deem poor advice has been provided.
If you are interested in securing the lowest Aviva interest deal on your equity release, consulting an independent broker is your best option. However, it can be worth taking the time to follow these tips and ensure you are confident in their services.