How much does equity release cost
Published / Last Updated on 03/07/2019
Advice on Equity Release costs
How much does equity release cost?
A simple list of costs that you may expect to incur when arranging an equity release scheme
Equity Release Company Fees
- Survey Fee £300 to £500 (many lenders offer this for free as part of the application
- Application Fee - some lenders may ask for an upfront administration fee just to ensure you are serious.
- This is like any other mortgage or property sale/purchase expect to pay between £500 and £1000 depending upon the value of your home.
- We can search our database for a low cost lawyer is you wish. Contact us.
Financial Adviser Fees
- Equity release has to be advised on by a suitable qualified financial adviser.
- Equity release high risk advice and the adviser has a duty to protect you and make sure you get the right advice.
- They are responsible for the advice that they give you.
- Expect a fee of around £1200 to £1500.
- Many equity release firms allow some or all of your adviser fee to paid for from the equity release charges (this used to be known as a commission). You can use this to offset against you adviser fee.
In total, expect fees of around £2000 to £2500. You should be mindful of these costs when arranging an equity release scheme.