Fees & Costs
Both Lifetime Mortgages and Home Reversion Plans have costs and fees to pay. These will be clearly set out in any illustrations we provide to you.
These could include: -
- Arrangement and/or Application Fees to the Lender
- Valuation Fee – linked to the value of your property and paid to the Lender
- Legal Costs & Disbursements
- Buildings Insurance – you will continue to be responsible for this cover as part of the Terms & Conditions of the scheme
- Early Repayment Charge– if you repay your lifetime mortgage swiss replica watches
before the end of the contract (terms dependent on circumstances and the provider)
- Possible Rental Charges – in relation to Home Reversion Plans
- Extra Lending Fees – if you choose a Drawdown arrangement and wish to draw further monies in the future
Some of these costs could be added to the loan but although this could mean paying less up-front, you pay interest on the amount added.
Some Equity Release providers have special offers associated with their schemes, which may include free basic valuations, cash-backs or contributions towards legal or adviser charges.
Many Lifetime Mortgages are also portable, which means that you may be able to move home in the future (depending on the Lender chosen and subject to their Terms & Conditions). This may incur additional fees and/or Early Repayment Charges.
Our Fee
Our fee for researching and recommending a suitable Equity Release scheme for you is £495. This fee will be payable should you decide not proceed at which time we will invoice you. If you decide to proceed with our recommendation, we are happy to consider deferring payment of our £495 fee until completion and will invoice you after that date.
In addition to our fee, some lenders may pay us a procuration fee or commission based on the value of the mortgage loan. This commission will be disclosed to you in all the illustrations we provide.
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