What are the costs involved?
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 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.
Solicitor’s fees – these are typically around £400 + VAT plus disbursements.
If you do not have a solicitor of your own, we can introduce you to a solicitor who specialises in equity release*. 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 £500, which usually can be added to the amount, you are borrowing. This fee does not apply to Home Reversion Plans.
Equity Release Advice Fee
The first meeting is always without cost or obligation on both sides. Remuneration can be by commission or fees. The level of fees will vary according to individual circumstances.
For advice and a detailed report on equity release* and other alternatives, we charge a fee of £350.
On implementation of a suitable scheme, we would typically charge a fee of £650, however any commission received will be used to offset this fee.
