Consumers who value an expert, impartial opinion will be delighted to hear that Moneyfacts has revealed its 2020 Five and Four Star Ratings for the equity release sector. These highlight the very best products currently available on the UK market.
Based on a simple five-star system, our independent annual ratings are the result of a detailed and thorough analysis of each product by our experienced and knowledgeable team.
According to a consumer survey carried out by Moneyfacts group in July 2019 around nine in 10 (91%) consumers agree that a Star Rating from an independent and impartial company could influence their decision in considering taking out a financial services product.
The Moneyfacts Annual Star Ratings look at thousands of products across 16 categories, from business and personal finance products to insurance and investment products. It is down to the extensive analysis of more than 2,000 data fields that enables Moneyfacts to award its Star Ratings each year, helping to support consumers with their decision-making process.
In the case of our Equity Release Star Ratings, over 35 fields of information were carefully considered for each product. These include:
Flexibility
• Minimum and maximum ages
• Minimum and maximum loan-to-values
• Minimum and maximum advances
• Lump sum options
• Drawdown options
• Regular income facility
• Interest roll-up options
• Portability
• Ability to service debt
• Partial payments.
Features
• Rate type
• Interest-charging frequency
• Equity Release Council membership
• Negative equity guarantees
• Early repayment charges
• Valuation/survey fees
• Cashback
• Legal fees
• Third-party legal liability cover
• Downsizing protection.
Richard Eagling, editor of Investment Life & Pensions Moneyfacts, said: “The choice of equity release products on offer has widened significantly in recent years and there has been a near-constant stream of innovations and new options for consumers to be aware of. As providers look to cater for an increasingly varied audience, equity release products have evolved to become more flexible than ever before.
“The annual Moneyfacts Equity Release Star Ratings provide consumers with a valuable insight into the quality of the equity release features on offer.”
To see the full list of awarded products, please click here. There are many more 2020 Moneyfacts Annual Star Ratings to come.
