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.
|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.
CONTACT AN EQUITY RELEASE SPECIALIST