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The cost of equity release

In the same way there are costs when you take out a regular mortgage, there are associated costs with equity release

The majority are stipulated by the lender rather than us, the broker. Find out the difference between a lender and a broker here. But they're all steps in your journey to releasing tax-free cash from your home. 

Surveyor's valuation

Similarly to when buying a home, a survey must be conducted before you take out equity release. The surveyor will check over your property and send their report to the lender. 

They'll make sure your property is in good order, highlight any major repairs or alterations needed and provide commentary on things such as the types of walls and glazing in your home. 

From the survey, and other factors, such as your age, health and wellbeing, using their valuation of your home, the lender will then issue you an equity release offer. It's then up to you to decide whether you're happy to go ahead. 

Solicitors' fees

If you're happy with the lender's offer and want to go ahead, you'll need to instruct a solicitor. We can recommend a panel of expert independent equity release solicitors. They'll take care of all the legal work on your behalf and make sure everything is in order up until your money is released. 

You are, of course, free to choose your own solicitor if you wish, but we always suggest that your case is handled by an equity release expert.  For their service, you'll typically pay around £1,250, although that's subject to their criteria. 

Lender's application

Again, like when taking out a regular mortgage, the lender financing your plan may also charge an 'application' or 'administration' fee.

These fees typically cover their set up and legal costs when arranging your equity release plan. The lender decides how much they charge, but application fees usually range between free of charge to £950.

Our advice

Before you take out equity release, it's crucial you seek expert advice. A lender will not accept an application without you doing so. It's also a regulatory requirement. And that's where we come in. 

We're with you every step of the way on your equity release journey. From your free, no-obligation appointment with one of our independent expert equity release advisers, to receiving your tax-free cash and spending it however you wish.

Our initial consultation is completely free of charge. You'll only pay us a fee if you decide to go ahead with equity release. 

Then, our usual advice fee of 1.99% of the amount released would be payable only on completion of the plan, subject to a minimum advice fee of £1,499.

What's the total cost?

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.

Surveyor's valuation 
This is usually paid with the application, although providers often waive this fee.

Solicitors' 
This is typically paid when you receive your tax-free cash on completion.

Lender's application 
This is usually paid when your plan begins and you receive your tax-free cash.

Our advice 
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. 

Things to consider


When comparing the whole equity release market, our independent specialist equity release advisers will explain:
  • You have to get advice before releasing equity. Please read all our information and make sure it's right for you
  • The plans we recommend have a no negative equity guarantee, so you'll never owe more than your home's value
  • Equity release reduces your estate's value and may affect any means-tested benefits you're eligible for
  • The initial consultation is free with no obligation and if you proceed with an equity release plan our advice fee, usually 1.99% of the amount released (£1,499 minimum), is only payable on completion
  • A lifetime mortgage, which is a loan secured against your home, is the most popular form of equity release and you will still own your home. The loan plus roll-up interest is repaid when the property is sold, usually when the last surviving applicant either passes away or enters long-term care

Next steps

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