What Fees Are Involved?
What Will It Cost
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 a 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 between £175,001 and £200,000 would be £240. Prudential as at 14th August 2008
Solicitor's Fees
These are typically around £345 + VAT plus disbursements. K. Nicholas And Partners. August 2008
We do not receive any commission or incentives from solicitors.
Mortgage Arrangement Fee
Lifetime Mortgage lenders typically charge around £500 which can usually be added to the amount you are borrowing. Just Retirement as at 14th August 2008
This fee does not apply to Home Reversion Plans.
Equity Release Advice fee
We typically charge a fee of £145 payable upon application and £495 payable upon completion of your Equity Release. This charge can be deducted from your equity release advance. This is subject to your circumstances and we will discuss this with you.
