SHIP (Safe Home Income Plans), the UK equity release industry body, representing 21 members and over 90% of the equity release sector by volume, today welcomed the news that nearly 7,000 individuals have now passed lifetime mortgage examinations ahead of the 1st August deadline and call for more to do the same.

Working closely with the Chartered insurance Institute (CII) and ifs School of Finance, SHIP research shows that a further 723 individuals have taken and passed lifetime mortgages examinations since February 2007, taking the total number of those who have passed to 6,742.

From 1st August 2007 SHIP members will no longer accept any business from advisers who have not passed the appropriate lifetime mortgage exams. With over 700 more applicants passing these exams oiver two months it is very encouraging to think many more IFAs will be qualified by the summer deadlines.

With the regulation of home reversion schemes from 6th April 2007 SHIP has also concluded that IFAs wishing to do business with its 21 members will have to hold a home reversion qualification from 6th April 2008.

To meet these deadlines SHIP, therefore, encourages those IFAs who wish to deal solely in lifetime mortgages to sit either the lifetime mortgage examination or combined paper from the ifs School of Finance or CII by the 1st August 2007. For those IFAs who also wish to offer home reversions, SHIP encourages them to sit the home reversion top up examinations or combined papers form the ifs School of Finance of CII by 6th April 2008.

Jon King, Chief Executive at SHIP commented:  

“It is very encouraging to see the increasing number of individuals who have taken the time to study for and pass the lifetime mortgage examination, with over 700 more applicants since February 2007.

“SHIP’s decision to make home reversion examinations compulsory for IFAs wishing to work with its members from 6th April 2008 was taken as a further attempt to continue to improve standards in equity release advice available to consumers. With many exam options available we urge more advisers to register and take advantage of the opportunity present by equity release.”