What costs are involved with Equity Release?

During the application process, the Equity Release provider will get an independent surveyor to value your house. Depending on your property’s type and location, this could be a very quick visit or a more thorough inspection and they will take into account recent sales in the neighbourhood.

Just like a mortgage, the lender may charge a fee for setting up the Equity Release scheme, and this will be noted in your offer. It could be a set figure (anything between £500-£1000), or a percentage of the loan amount. You would pay this when the loan is completed, and it can either be added to your loan amount or paid off separately. Note – if it is added to your loan, you will be paying interest on that as well.

Wondering why there is such a big difference between the lower and higher charges? Some providers charge more but might also provide benefits others do not. Your advisor will take all these factors into account when looking for the best plan.

We can’t predict what your solicitor might charge, but it might come down to their level of service and the attention you need. It’ll be between you and them, but it is necessary to get a solicitor involved to tie up the legal documents and arrange the transfers of funds when the loan is confirmed.

Wondering where to find a decent solicitor who will do a good job for a reasonable fee? Our trusted Equity Release business partner’s regularly work with some friendly legal firms who are familiar with Equity Release, and would be happy to recommend someone you can trust.

This is the fee your broker will charge for their services, and will either be a percentage (usually around 1.9%) of the Equity Release amount, or a simple flat fee. Fees vary between brokers, so it is worth shopping around to compare quotes and the style of service they provide. Our trusted business partner’s charge a flat consultation fee which is only due if you actually go through with the Equity Release, so if you decide not to do it then you won’t owe them a penny.