February 1, 2016

What are the Costs?

The fees you will have to pay vary depending on the product provider chosen and the value of your home.

Valuation Fee

For a lifetime mortgage the lender needs to have a valuation to ensure your home provides suitable security for the loan. For a home reversion plan the company will need valuation to assess how much they will pay you for the part of your home you want to sell to them. A typical valuation fee for a property worth £300,000 would be £300.

Solicitor’s Fees

These are typically from around £500 inc VAT and disbursements. You are free to choose your own solicitor but we can introduce you to one who specialises in Equity Release if you wish.

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 £995 for advising and arranging your Equity Release plan. In addition we are paid a commission by the equity release provider.

 

 

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