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Step Change Equity Release Review (2025): Detailed Review

StepChange Debt Charity does not offer equity release products but offers free, impartial debt advice and management solutions, prioritizing long-term financial health and well-being over equity release products, emphasizing thorough advice and considering all alternatives.
Step Change Equity Release
What Are Step Change's Views on Equity Release? Find Out the Pros and Cons of Using StepChange and Everything You Need to Know About the Charity. Read on to Decide if It Is the Best Option for You.
This article contains tops tips from our experts, backed by in-depth research.
Katherine Read
Written by Katherine Read
Bert Hofhuis
Edited by Bert Hofhuis
Paul Sawyer
Reviewed by Paul Sawyer

Contributors:

Francis Hui
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Key Takeaways
  • StepChange advises cautious consideration of equity release, highlighting the importance of careful assessment before proceeding.
  • Delve into potential consequences, including reduced inheritance and impact on benefits.
  • Be aware of potential impacts on inheritance and means-tested benefits. Recognize how equity release may affect your estate and financial assistance eligibility.
  • Explore all other options before considering equity release, exhaust alternative financial solutions to ensure informed decision-making.
  • Consult StepChange's resources for comprehensive guidance on the downsides: Tap into their expertise to grasp the potential pitfalls of equity release.

Could StepChange's equity release advice be what you need to help you plan for your retirement?

Given the ever-increasing number of retirees1 that are looking to unlock funds with equity release, you may be considering it too.

If that is the case, getting trusted and credible advice on the market should be a priority to you.

That is where StepChange comes in.

In This Article, You Will Discover:

    At SovereignBoss, we are committed to providing you with the most up-to-date information on the equity release market. That is why we have spent countless hours mapping it all out so you can discover what StepChange could offer you.

    Therefore:

    NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss only and may not reflect the views or opinions of StepChange Financial Solutions. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by StepChange Financial Solutions.

    What Is StepChange?

    StepChange is a charity organisation that is UK-based.

    It offers debt advisory services and equity release advice through it's subsidiary, StepChange Financial Solutions. 

    StepChange Debt Charity was previously known as the Consumer Credit Counselling Service2 (CCCS). 

    It's operations are funded by donations from various stakeholders, such as banks, loan providers, and the Government3.

    Why Consider StepChange?

    You may consider StepChange because it is an award-winning entity4 that offers unbiased financial advice.

    Does StepChange Offer Equity Release or Lifetime Mortgages?

    No, StepChange does not directly offer equity release.

    What Services Does StepChange Offer?

    StepChange's services are primarily financial advice and debt management solutions.

    These include:

    • Debt management planning
    • Bankruptcy advice
    • Equity release advice
    • Mortgage advice
    • Debt arrangement schemes
    • Minimal asset process
    • Individual voluntary arrangements
    • Debt relief orders

    Does StepChange Have an Equity Release Calculator?

    Yes, StepChange does have an equity release calculator.

    You can also use our one below to see approximately how much equity you could unlock from your home.

    What Are StepChange's Fees?

    StepChange does not charge any fees for it's equity release advice.

    What Are the Pros and Cons of StepChange?

    The pros of StepChange include access to free equity release advice, while the cons include a reduced inheritance if you decide to proceed with releasing equity.

    StepChange Pros

    Some of the other pros of using StepChange include:

    • StepChange offers free advice.
    • It's qualified advisors provide independent and impartial advice.
    • With years of experience in the equity release industry, it is a reputable service provider that you can trust.
    • It is an award-winning entity and won “Best Broker for Equity Release” at the 2022 Mortgage Strategy Awards.

    StepChange Cons

    Some of the other cons of using StepChange include:

    • Equity release can reduce the value of the inheritance you leave behind.
    • You could face early repayment charges if you settle your mortgage early.
    • Your home could be repossessed if you do not make your monthly repayments on an interest-only mortgage.
    • Equity release could affect your eligibility for means-tested benefits. 

    StepChange Core Information

    StepChange assists those who are in debt by helping them regain control of their finances.

    The charity's mission is to build a society that is free of debt.

    Problem debt affects more than just people; it also affects families and communities, costing more than £8bln every year5.

    In 2021 alone, millions of lives were changed by StepChange6.

    It's highly trained advisors provide free and impartial debt advice to those who need it.

    The following are some of StepChange’s main goals:

    • Promote and raise knowledge about free debt counselling and solutions.
    • Improve people’s financial knowledge and abilities so they can better manage their finances and obligations
    • Be the most effective and long-term source of debt counselling and solutions.

    StepChange Customer Reviews and Ratings

    You can view StepChange's customer reviews and ratings below.

    How Did We Review the Information on StepChange?

    We reviewed StepChange based on the following:

    • Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
    • Financial Strength – Ensuring it is going strong and has adequate funds to meet long-term commitments.
    • Product Range – We favour companies offering a variety of equity release schemes with greater product flexibility.
    • Interest Rates and Fees – We review competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
    • Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
    • Code of Conduct and Compliance – We only consider companies that adhere to recognised industry standards and codes.
    • Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
    • Innovation and Technology – Is there a streamlined, digital application process?
    • Client Testimonials – Success stories and the complaints resolution process.

    This is an unaffiliated, independent review of the StepChange charity.

    StepChange Customer Complaints

    StepChange customer complaints can be lodged in several ways.

    Use the following channels to complain:

    • Via email – send an email to customerrelations@stepchange.org
    • Phone – 0800 138 1111
    • In writing – Address a letter to:
      StepChange Debt Charity, 123, Albion Street, Leeds LS2 8ER.

    Once your complaint has been received, you will typically receive an acknowledgement within five working days.

    A final response to your complaint should follow in four weeks from receipt thereof.

    An alternative option would be to provide an assessment on a review site like Trustpilot7 or Feefo8.

    Step Change FCA Details

    Trading Names: 

    Step Change is currently trading as:

    • StepChange Voluntary Arrangements
    • Foundation for Credit Counselling
    • StepChange
    • StepChange Debt Charity
    • StepChange Debt Charity Scotland
    • StepChange Debt Remedy
    • StepChange Money Aware
    • StepChange NI
    • StepChange Northern Ireland
    • StepChange VA
    • StepChange Wales
    • www.stepchange.org

    FCA Permitted Services:

    • Insurance
    • Investment and other related services 

    Regulators: 

    • Financial Conduct Authority (FCA)9

    Registration Numbers

    • FCA Ref Number: 517674
    • Companies House Number: 06741879

    FCA and Companies House Link

    StepChange Contact Number and Address

    • +44 808 1686 719
    • info@stepchange.org
    • StepChange Debt Charity, 123, Albion Street, Leeds, LS2 8ER.

    Common Questions

    Who Owns Step Change?

    Does Step Change Offer Any Jobs?

    Where Is Step Change Located?

    How Does Step Change Equity Release Compare to Other Providers?

    What Are the Pros and Cons of Step Change Equity Release?

    Conclusion

    Even though StepChange does not offer equity release products, you can still turn to it for advice at no cost.

    As an award-winning equity release advisor, StepChange's unbiased services may help you reach the best financial decision for you and your family.

    So, if you are still uncertain about how to approach your finances for your retirement, StepChange's equity release advice may be just what you need.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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