SHIP is a Trade Body formed in 1991 that covers in volume terms, around 90% of the equity release market. The purpose of SHIP is to make sure that its members follow a strict code of conduct, and to ensure the consumer receives specific guarantees such as a ‘no negative equity guarantee’.
Download a Safe Home Income Plans Brochure
SHIP makes equity release for pensioners and releasing additional income for homeowners that have not yet retired, even safer by offering security that people never used to have before. The guidelines of the Safe Home Income Plans code of conduct gives consumers confidence in arranging their lifetime mortgage or home reversion plan, and enables them to avoid working with unscrupulous companies by simply looking for the SHIP Logo.
With SHIP, you are much safer than you might have been otherwise. You are guaranteed many things by a lender that is approved and follows the SHIP Code of Conduct, and who provides compliant lifetime mortgages including:
- The right to keep your home as a primary residence until your death or movement to a long term care facility.
- The right to the no negative equity guarantee, which essentially states that you will never owe more than your home is worth when you go to sell it, or when it is sold after your death.
- Move to a new home and take your loan along with no repayment fees for paying early . Many lenders charge these fees, so having SHIP on your side is a nice change.
- The right to receive independent advice from a solicitor or lawyer of your choosing. The company will provide them with the information about your lifetime mortgage or home reversion plan, and then you will be given the chance to get an objective opinion of what is best for your situation.
- The right to receive a complete and simple presentation of your options for equity release. This means that there will be no hidden fees, no misleading information, and no terms that are ridiculous and hard to follow. Everything will be laid out so you can read it, understand it, and accept it as a fair agreement.
When you’re considering Equity Release, you need to make sure that you talk with a professional equity release advisor so that you can get the help that you need.
Fortunately, through our partnership with Key Retirement Solutions, you have the option of a Free Equity Release Consultation to help you review the different Lifetime mortgage scheme and Home Reversion options open to you.