The fees you will have to pay vary depending on the product provider chosen and the value of your home.
For a lifetime mortgage the lender will need to have a valuation to ensure your home provides suitable security for the loan they will be providing.
For a home reversion plan the company will need a valuation to assess how much they will pay you for the part of your home you wish to sell to them.
A typical valuation fee for a property worth £300,000 would be £300.
These are typically around £500 + VAT plus disbursements. We recommend you use a solicitor that specialises in Equity Release and can introduce you to a suitable solicitor.
In our experience this will help your plan complete smoothly.
We do not receive any commission or incentives from solicitors.
Mortgage Arrangement Fee
Lifetime Mortgage lenders typically charge around £595 which can usually be added to the amount you are borrowing.
This fee does not apply to Home Reversion Plans.
Equity Release Advice fee
We typically charge a fee of £750 to provide you with a report detailing your options a benefits check and our recommendation on the most suitable scheme. This allows us to be completely independent as you will be under no pressure to proceed with any recommendation.
If you decide to proceed with our recommendation we will either charge you an additional fee or receive a procuration fee from the lender all of which will be agreed upfront with you and detailed in your report.
Why is Independent advice is so important?
If you’re thinking about releasing equity from your home with an equity release scheme it’s important to get independent advice from a specialist because:
- This is a complex subject and there are many different schemes to consider
- Equity release is a long term solution and choosing the right scheme could save you thousands of pounds as the costs can differ substantially over the long term.
- Many Equity Release providers do not accept business directly from clients, only via an adviser
- As with all financial products, the terms and conditions of equity release schemes vary
- You benefit from an equity release solution tailored to your individual needs