The overall fees for taking out equity release are estimated to be in the region of £3,349, although, it depends on how much tax-free cash you wish to release from your home.
It's also worth noting that not every application will incur the same charges. For example, not all lenders charge an application fee and some choose to waive the surveyor's valuation costs. It's important you speak to an independent expert equity release adviser to find out what you'll pay.
When do you pay your equity release fees?
Even though the fees above cover the entire process, you may be expected to pay them at different times.
This is usually paid with the application, although providers often waive this fee.
This is typically paid when you receive your tax-free cash on completion.
This is usually paid when your plan begins and you receive your tax-free cash.
Until you decide to submit an equity release application, our service is completely free of charge.
When you do, you'll typically pay a £199 administration cost up front. The remainder is usually paid on completion and deducted from your release amount. Although, you can choose to pay it separately if you wish.