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Equity Release Set Up Costs

Discover the costs of equity release mortgages

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What are the costs of equity release mortgages?

Equity Release Set Up Costs

There are four costs associated with taking out an equity release mortgage.

You are permitted to add these costs to the overall costs of the lifetime mortgage if you wish but you should be aware that interest will be added to these amounts over time.

For illustrative purposes, these costs are:

Equity Release Set Up Costs
  • SOLICITORS £850: As a lifetime mortgage application forms a part of a legal conveyance, there are legal fees payable as part of the application process.
  • BROKER FEE £1490: This is the fee paid to your broker for their professional services for advising you.
  • VALUATION: Your property will need an independent valuation which is instructed by your lender. The lender usually pays this as part of the process.
  • LENDER BOOKING FEE: whilst some products may attract a booking fee, many do not have this type of fee.

Check out our Free Equity Release Calculator page which has a free equity release calculator, guides and brochure to help you in your research.

Call The Equity Release Lady on 01752 749656 or CONTACT US to discover whether equity release mortgages are the right option for you.

We are authorised and regulated by the Financial Conduct Authority so you can always trust us to give you honest and impartial advice.

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The Equity Release Lady (Company number 13354566) is a Trading Name of Ocean Mortgages Ltd. Ocean Mortgages Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 841683. Only if you choose to proceed and your case completes will Ocean Mortgages Ltd charge a fee. Our adviser will talk you through this and the setting up costs before you make any decision to proceed. A lifetime mortgage may affect the value of your estate and your entitlement to means-tested state benefits.

A summary of our internal procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at financial-ombudsman.org.uk or by contacting them on 0800 0234 567.

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