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.

 

Type of fee What’s it for? Typical costs
Valuation fee The lender will value your property to make sure it’s worth the enough to support the amount you wish to borrow.

Many lenders waive this fee.

Usually free
Arrangement fee This is usually charge by the lender when your lifetime mortgage completes.

You can usually add this to your lifetime mortgage, but it will increase the amount you owe and the interest charged.

£500 – £950
Advice fee We charge a fixed fee for advising and arranging your Equity Release plan. In addition, we are paid a commission by the equity release provider. £995
Solicitor’s fees You will need to appoint a solicitor to provide you with independent legal advice.

Your solicitor works only for you and will liaise with the lender’s solicitor on your behalf.

Some solicitors charge an all-inclusive fee, others show a fee to which VAT and disbursements are added.

From £650

 

 

 

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