HOW MUCH Does it Cost?

There are four main costs associated with setting up an equity release plan.

• Survey Fee - this is payable at the outset when your application is submitted. The amount usually depends on the estimated value of your property.
  
  
• Application Fee - this is payable to the provider when your equity release plan completes. This is usually added to the loan and paid from the funds released. This fee is typically £595.
  
  
• Legal Fee - all the providers we recommend are members of SHIP (Safe Home Income Plans) and it is a requirement that you receive independent legal advice from a solicitor. Your solicitor will normally charge a fixed fee of approximately £400 - £500.
  
  
• Advice Fee - this is our fee for assessing your suitability for equity release, making a recommendation and handling your application to completion. Our advice fee is 1% of the total available loan (with a minimum fee of £595) and is only payable when the funds are released. We will also retain any commission paid to us by the provider for arranging the plan. Our initial consultation is completely free of charge.