The SHIP Equity Release Code of Practice

Safe Home Income Plans (SHIP) is a company supported by the leading providers of equity release plans. It was launched in 1991 and is dedicated entirely to the protection of equity release plan holders and promotion of safe home income and equity release plans.

Transparent Equity Release Plans

Most leading equity release providers in the UK are pledged to observe the SHIP Code of Practice, which binds these companies to provide transparent equity release plans. This is done to ensure each company provides a fair, simple and complete presentation of their plans. The SHIP Code of Practice, by which most of the lifetime mortgages that we recommend must abide, is as follows:

• The members of SHIP agree to provide fair, simple and complete presentation of their lifetime mortgage. 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 equity release plan, the position on moving, the tax situation and the effect of changes in house values.
• The client's legal work will always be performed by the solicitor of his or her choice. In all cases, prior to the completion of the lifetime mortgage, 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 lifetime mortgage has been explained to the client.
• The SHIP certificate will clearly state the main cost to the householder's assets and estate e.g. how the loan amount will change or whether part or all of the property is being sold.
• All SHIP plans carry a "no negative equity" guarantee i.e. you will never owe more than the value of your home.

For more details on the guidelines set out by SHIP, call us on freephone 08080 555 222

Find Out More

• 4 easy steps to releasing equity from your home
• What our clients have to say about equity release