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Rogue traders offer false interest rates

Recently several clients have told us that they have been offered a low interest rate for funds they need to raise. After using our Whole of Market Equity Release sourcing system sourcing for these clients, the deals simply did not exist.

Having supplied quotes to clients they have told us that an advisor elsewhere has told them they can raise the same amount but at a much lower interest rate. Sometimes the interest rate they have been offered is not even available on the market! It is very frustrating for us that this client has been given incorrect information regarding rates available to them.

At Ocean Equity Release we pride ourselves on the relationship we have with every client and we can hand on heart say that we are trustworthy and always honest. We always tell our clients accurate and up to date information. When a client says they have been provided with a lower rate or a higher amount we will ask them to send us the Key Features illustration from the other broker.

We recently found a competitive deal for a client which had an interest rate of 4.6%. He was looking at borrowing at a loan to value of 30%. The client said he had received a quote from another firm stating he could borrow up to 45% loan to value from 2.5%. This is just not possible! We suggested he ask them for the Key Features Illustration which they were unable to provide.

How to ensure a deal you have been offered is genuine

Good communication between you and your advisor is crucial. Be clear from the start about you want. Tell the advisor the amount you are looking to raise and what these funds will be used for.

Do your research. Read Advisor reviews. Good advisors will have plenty of reviews from previous clients. Talk to family and friends to see if they have any recommendations. Google the company, check them out on unbiased.co.uk and ensure that they are a member of the Equity Release Council.

At Ocean Equity Release we offer free research, and our sourcing is whole of market, which offers our clients reassurance that we will find them the deal best suited to their needs.

If an advisor offers you a deal, ask them to produce a Key Features Illustration (KFI) for this. A KFI is an important document that outlines important information such as the loan amount, the loan term, the monthly interest payments, and any fee’s that are expected to be associated with that deal.

Contact some companies and ask for some quotes from them and use these as a comparison. If one of those deals seems too good to be true compared to the others- it probably is! We offer free no-obligation quotes and a pester free guarantee!

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Call 01752 749656 or CONTACT US for free impartial equity release mortgage advice to help you find the best deal.

Ethical Equity Release Advice