CeRER® is the Certificate in Regulated Equity Release, awarded by Walbrook (LIBF). This guide covers the CeRER qualification for equity release advice: its structure, its two exams (FOER and EQRS), the costs, how long it takes, and how CeMAP® prepares you for it. It applies across the UK, though equity release law varies by nation and FOER tests those "regional variations". For the equity release content inside CeMAP itself, see our equity release guide; for the qualification CeRER builds on, see the CeMAP qualification guide. Facts were checked on 30 October 2026 on Walbrook's CeRER page and in the CeRER qualification specification.
What is the CeRER qualification?
The CeRER qualification is the LIBF Level 3 Certificate in Regulated Equity Release, registered with Ofqual. Its specification says it "meets the education standard required by the Financial Conduct Authority (FCA)" for equity release advisers. It costs £275 as of October 2026.
| Feature | CeRER |
|---|---|
| Full name | Certificate in Regulated Equity Release |
| Former name | Certificate in Lifetime Mortgages (as shown in the FCA table) |
| Awarding body | Walbrook Institute London, trading as LIBF |
| Level | LIBF Level 3, RQF |
| Extra units for a CeMAP holder | 2: FOER and EQRS |
| Exams | FOER 50 questions, 1 hour; EQRS 3 case studies × 10, 1 hour |
| Fee (as of October 2026) | £275 |
| Registration period | 12 months |
| FCA activities | 21 and 22 |
"Equity release" in the CeRER syllabus covers two product types: lifetime mortgages, where the homeowner borrows against the home and the loan is usually repaid on death or a move into long-term care; and home reversion plans, where the homeowner sells all or part of the home in return for a lump sum or income and the right to live there. FOER's first learning outcome is the FCA's regulatory definition of each.
Key fact: CeMAP alone does not qualify you to advise on equity release. Advising on equity release is a separate FCA activity (21), with its own list of qualifications.
Do you need CeMAP before CeRER?
You need CeMAP, or an equivalent mortgage advice qualification, to achieve CeRER: the specification says "you must have also completed" one. You can study FOER and EQRS on their own, but the certificate and the right to advise depend on the mortgage qualification too.
Walbrook's two documents put it slightly differently:
| Source | What it says |
|---|---|
| CeRER specification (June 2026) | "To achieve the CeRER qualification you must have also completed the Certificate in Mortgage Advice and Practice (CeMAP) or an alternative, equivalent, mortgage advice qualification." |
| CeRER course page (30 Oct 2026) | "This qualification can be studied on its own, but you must hold CeMAP or an equivalent Level 3 mortgage advice qualification to advise on equity release." |
Read together, the safe plan is: hold CeMAP (or an equivalent such as the CII's Certificate in Mortgage Advice) before you expect the CeRER certificate or an equity release role. Walbrook does not say on its public pages whether it will register CeRER for someone with no mortgage qualification at all; ask before you pay if that applies to you.
"Equivalent" is not defined on the CeRER page. In practice, the FCA's TC App 4.1 table lists mortgage advice qualifications from Walbrook and the CII; our CeMAP vs CII guide compares them.
Exam tip: Sit CeRER soon after CeMAP. The MRT2 material on lifetime mortgages and the FRE1 material on wills and intestacy are both tested again in FOER.
How is the CeRER qualification structured?
The CeRER qualification is structured as seven mandatory units in four modules: the five CeMAP units in Modules 1 to 3, plus Module 4, Equity Release (EQRL), with units FOER and EQRS. Each equity release unit is 5 credits and 54 hours.
| Module | Units | Credits | Study time |
|---|---|---|---|
| 1. FSRE (CeMAP 1) | FRE1, FRE2 | 10 | 100 hours |
| 2. MORT (CeMAP 2) | MRT1, MRT2 | 10 | 100 hours |
| 3. ASEW/ASSC (CeMAP 3) | ASEW/ASSC | 5 | 50 hours |
| 4. Equity Release (EQRL) | FOER: Fundamentals of Equity Release | 5 | 54 hours |
| EQRS: Equity Release Solutions | 5 | 54 hours | |
| Total | 7 units | 35 | 358 hours TQT (8 guided + 350 other) |
The specification gives the 358-hour total. The credit total is our sum of the unit credits it lists.
An inconsistency in Walbrook's own documents
The specification states "seven mandatory units within four modules" in its structure section, but its resit section says the qualification "comprises nine units". The course page says "two units in total", meaning the two a CeMAP holder still needs. We follow the structure section: seven units, of which two are new. Walbrook has not explained the "nine".
What the two units cover
FOER, Fundamentals of Equity Release, has seven learning outcomes. In summary: the definitions of equity release, lifetime mortgages and home reversion plans; how the schemes work and who is involved; the consumers they suit; when equity release may be appropriate; the impact on future options, including wills and the no-negative-equity guarantee; the features and risks of each type and its alternatives; and state benefits and tax.
EQRS, Equity Release Solutions, has three learning outcomes, all applied: choose suitable solutions for different clients; analyse suitability and affordability against the alternatives, such as trading down; and assess the risks to the client and when they arise.
Key fact: FOER includes the Equity Release Council's requirement for a solicitor's certificate confirming that independent legal advice was given (FOER AC2.6).
What are the FOER and EQRS exams like?
The FOER exam is 50 standalone multiple-choice questions in one hour, with 35/50 (70%) to pass. The EQRS exam is three case studies of 10 linked multiple-choice questions in one hour, with 21/30 (70%) to pass. Both are on demand on Brightspace.
| FOER | EQRS | |
|---|---|---|
| Format | 50 standalone MCQs | 3 case studies × 10 linked MCQs |
| Time | 1 hour | 1 hour |
| Marks | 50 | 30 |
| Pass | 35 (70%) | 21 (70%) |
| Merit | 80% | 80% |
| Distinction | 90% | 90% |
| Delivery | Brightspace, remote invigilation, no booking | Same |
The CeMAP formats compare closely: FOER is like MRT2, a straight run of standalone questions on one topic area; EQRS is like a short CeMAP 3, with three case studies instead of six. At 20 minutes per EQRS case study, each question averages two minutes, the same pace as ASEW.
Exam rules are those of Walbrook's other on-demand exams: a 360-degree scan of the room before you start, no booking in advance, and resit limits of three attempts a week and ten in any 12 months for a failed unit. The qualification grade is Pass or Fail; merit and distinction are awarded per unit.
Walbrook does not publish CeRER pass rates or a topic weighting, and it does not state how many options each question has.
Exam tip: In EQRS, read each case study's ages, property value and existing mortgage first. Most suitability questions turn on whether the client could trade down, use savings or take a standard or RIO mortgage instead.
What does CeRER cost?
CeRER costs £275 as of October 2026 for full registration, including the learning materials and the first attempt at both exams. A resit costs £120 per unit. Optional extras are revision videos at £125, audio revision at £50 and specimen exams at £25 a unit.
| Item | Fee (as of October 2026) |
|---|---|
| CeRER registration (FOER and EQRS) | £275 |
| Exam resit | £120 per unit |
| CeRER revision videos | £125 for the series (12 months' access) |
| CeRER audio revision | £50 |
| Specimen exam | £25 per unit, or £40 for all units |
Fees from Walbrook's CeRER page. The registration includes an online study text, videos, quizzes and animations, an interview on the role of the Equity Release Council, a weekly study planner, syllabus updates and a tax table.
For someone starting from nothing, the qualification costs together are £735 for CeMAP plus £275 for CeRER: £1,010 as of October 2026, before resits (our arithmetic). The CeMAP cost guide lists every CeMAP fee.
Key fact: CeRER costs less than Walbrook's other qualifications that build on CeMAP: the Level 4 CeMAP Diploma costs £550 and DipFA £1,475, as of October 2026.
How long does CeRER take?
CeRER typically takes six months, according to Walbrook, and you have up to 12 months from registration to complete it. The two equity release units are 54 hours of study time each, so about 108 hours in total for a CeMAP holder.
| Weekly study | Time for 108 hours | Our comment |
|---|---|---|
| 4 hours | about 27 weeks (six months) | Matches Walbrook's "six months" |
| 8 hours | about 14 weeks | Realistic while working |
| 15 hours | about 7 weeks | Suits a recent CeMAP graduate |
The weekly figures are our arithmetic. Because both exams are on demand, you can sit FOER as soon as you are ready and start EQRS the next week.
A suggested order is FOER first, then EQRS. FOER teaches the products and rules; EQRS applies them to clients, much as CeMAP 3 applies MRT1 and MRT2.
Exam tip: Register for CeRER only when you can start. The 12-month registration is shorter than CeMAP's 18 months.
What does CeRER let you do?
CeRER lets you meet the FCA's qualification requirement for advising on equity release, activity 21 in TC App 4.1, and for designing scripted questions for execution-only equity release sales, activity 22. As with CeMAP, your firm must still assess you as competent.
The FCA table lists the qualification under Walbrook as "Certificate in Regulated Equity Release (Formerly known as Certificate in Lifetime Mortgages)" for activities 21 and 22, key 1 (all aspects: technical, regulation and ethics).
| FCA activity | What it covers | Qualification |
|---|---|---|
| 20 | Advising on a regulated mortgage contract | CeMAP or equivalent |
| 21 | Advising on equity release transactions | CeRER or equivalent |
| 22 | Designing scripted questions for execution-only equity release sales | CeRER or equivalent |
Passing CeRER does not on its own let you advise unsupervised. Under the FCA's Training and Competence sourcebook (TC 2.1), the firm must assess your competence first and review it regularly.
The CII offers its own Certificate in Equity Release, listed by the FCA for activities 21, 22 and 23. Our CeMAP vs CII guide covers the two awarding bodies' routes.
Key fact: Retirement interest-only (RIO) mortgages are not equity release in FCA terms: since March 2018 they have been treated as standard regulated mortgage contracts.
How does CeMAP prepare you for CeRER?
CeMAP prepares you for CeRER because several of its learning outcomes reappear in FOER and EQRS: MRT2 AC1.5 and AC6.3 cover lifetime mortgages and home reversion, FRE1 AC3.2 covers wills and intestacy, and ASEW AC5.3 covers state benefits.
| CeMAP content | Where it reappears in CeRER |
|---|---|
| MRT2 AC1.5: lifetime mortgage and home reversion schemes, further drawdown | FOER LO2 and LO6: how schemes work, their features and risks |
| MRT2 AC6.3: equity release, including home reversion plans, as a product type | FOER LO1: definitions |
| MRT2 AC6.1: interest-only into retirement | EQRS LO2: alternatives to equity release |
| FRE1 AC3.2: wills, intestacy and trusts | FOER LO5: the impact on the estate, including dying intestate |
| FRE2: vulnerable clients and ethics | EQRS LO1: ethical advice and FCA requirements |
| ASEW AC5.3: state benefits and reliefs | FOER LO7: means-tested benefits and tax |
| CeMAP 3 case-study method | EQRS: three case studies of 10 questions |
So the best CeRER preparation is a strong CeMAP 2 pass, with MRT2's "raising additional money" outcome learned well, and a fresh memory of the FRE1 succession rules. Our MRT2 guide covers the CeMAP side in detail.
We do not offer CeRER (FOER or EQRS) practice yet. Our MRT2 practice covers the equity release content that CeMAP itself examines.
Exam tip: Know the no-negative-equity guarantee, the effect of compound interest on a lifetime mortgage balance, and the difference between a lump sum and a drawdown plan before you start FOER. All three start in MRT2.
Your path from CeMAP to CeRER
Your path from CeMAP to CeRER starts in MRT2: its first learning outcome, raising additional money, includes lifetime mortgage and home reversion drawdown (AC1.5). Pass MRT2 and the rest of CeMAP, then register for CeRER at £275 and sit FOER, then EQRS.
- Check your MRT2 knowledge. Take the free MRT2 diagnostic: 20 questions in 30 minutes.
- Drill the equity release outcome. The raising additional money topic drill covers further advances, remortgages, second charges, bridging and equity release drawdown.
- Sit the free MRT2 mock 1: 40 questions in one hour, 28 to pass.
- Finish CeMAP. Pass all five units; our CeMAP level guide explains where CeRER sits among the other qualifications.
- Register for CeRER with Walbrook when you can start studying, then sit FOER (35/50 to pass) and EQRS (21/30 to pass).
Mock 1, the diagnostic and the quick practice are free for every CeMAP unit. Mocks 2 to 10, topic drills and case-study practice are in Pro, at £6.99 a week, £11.99 a month or £22.99 for 3 months. Our readiness rule is three mocks in a row at 85% or more, with every topic at 80% or more, before you sit a real unit. That is a guide to readiness, not a pass guarantee.
Key fact: CeMAP plus CeRER is £1,010 in Walbrook fees as of October 2026, and together they cover both residential mortgage advice and equity release advice.
Frequently asked questions
+Can I do CeRER without CeMAP?
You can study and sit the two CeRER units without CeMAP: Walbrook's page says CeRER "can be studied on its own". But the specification says that to achieve CeRER you must also have completed CeMAP or an equivalent mortgage advice qualification, and the course page says you need one to advise on equity release.
+How hard is CeRER?
Walbrook publishes no CeRER pass rates, so there is no official measure. It is narrower than CeMAP: two units of 54 hours each, both with a 70% pass mark. Candidates who pass CeMAP recently, especially the MRT2 equity release content, start with much of the groundwork in place.
+How much does CeRER cost?
As of October 2026, CeRER registration costs £275, including the learning materials and the first attempt at both exams. A resit costs £120. Optional extras are revision videos at £125, audio revision at £50 and specimen exams at £25 a unit or £40 for both.
+Is CeRER needed to advise on RIO mortgages?
Not as a rule. Since March 2018 the FCA has treated retirement interest-only mortgages as standard regulated mortgage contracts, which come under mortgage advice, activity 20, where CeMAP applies. Lifetime mortgages and home reversion plans are equity release, activity 21, which needs CeRER or an equivalent. Firms may set stricter rules of their own.
+How long does CeRER take?
Walbrook says CeRER typically takes six months, with up to 12 months from registration to finish. The two units have 54 hours of study time each, so about 108 hours in total. At 6 to 8 hours a week, that is roughly three to four months.
+What is the pass mark for FOER?
The FOER pass mark is 35 out of 50 (70%), according to the CeRER specification. The exam is 50 standalone multiple-choice questions in one hour. Merit is 80% and distinction 90% at unit level.
Keep reading
- Equity Release Explained for CeMAP: Lifetime Mortgages, Home Reversion and RIOEquity release for CeMAP MRT2: lifetime mortgages, home reversion and RIO, a worked roll-up example, Equity Release Council standards and who may advise.
- The CeMAP Qualification: What It Is, What It Lets You Do and How to Get ItThe CeMAP qualification is LIBF's Level 3 mortgage adviser certificate: 5 unit exams, £735, 18 months. What it lets you do and how to get it.
- CeMAP vs CII and DipFA: Which Mortgage Qualification Do You Need?CeMAP vs CII: how CeMAP compares with the CII Certificate in Mortgage Advice (CF6), what DipFA covers, and what CeMAP Bridge, DipMAP and CeFAP really are.
- What Level Is CeMAP? RQF Level 3, FSRE Level 4 and the CeMAP DiplomaCeMAP is a Level 3 qualification on the RQF, the same level as an A level. Why FSRE is Level 4, what the CeMAP Diploma adds, and the credits and hours.
- CeMAP MRT2: Mortgage Products and Post CompletionCeMAP MRT2 mock exam guide: the 40-question format, LO1 to LO6 in official order, worked ERC and debt consolidation examples, and a four-week plan.