The Consumer Credit (Advertisements And Content Of Quotations) (Amendment) Regulations 2000.
Background:
Equity release mortgages alluity release mortgages allow equity to be released so as to provide the mortgagor with a regular income or loan. If these schemes did not require instalment payments of any kind so long as the mortgagor remained in residence, then the standard "Your home is at risk if you do not keep up repayments" warning was irrelevant.
What will change:
For equity release mortgages within the category described above, the new wealth warning is as follows: "Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in doubt, seek independent advice."
Timetable:
The new rules have been in force since 24th September 2000.
