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Understanding fees and charges

To take out an equity release plan you must have financial advice, the costs for this advice can vary dramatically between different brokers. Here we provide an insight to the fees and charges involved.

Equity release fees and charges

The fees and charges you'll pay when setting up a lifetime mortgage (the most popular type of equity release plan) are made up from the three parties involved. These are –

  • your financial adviser
  • the lender and
  • your solicitor

Just as with a residential mortgage, these fees can vary widely and so you could save a lot of money by doing a little research and shopping around. Let’s look at each of these costs in turn.

How much will financial advice cost?

To take out an equity release plan, you have to have financial advice – it’s part of the regulations enforced by the Financial Conduct Authority (FCA).

Most people prefer to use a broker with its own team of financial advisers, and you should make sure that the broker you choose is impartial, independent and has access to plans from the whole of the equity release market. They should also be members of the Equity Release Council – the industry’s trade body.

Some brokers can be tied to a particular lender, or maybe too small to gain access to special deals. Ideally, you’d want advice from an independent broker with economies of scale who’s able to secure competitive rates, reduced fees or extra incentives. And of course, if you speak to a lender directly, you’ll only have access to their plans, missing out on what the rest of the market has to offer.

You should also make sure that the advice fee you’re charged offers good value for money. Why pay more than you have to for financial advice?

Compare Equity Release is part of the Equity Release Supermarket family and we tick all the boxes because we are wholly independent, impartial and because we one are one of the leading brokers in the UK, we have access to the very best deals from across the whole marketplace.

As you can see, our advice fee is also very competitive and significantly lower than the ‘big 2’ equity release brokers. We charge a fixed fee which is guaranteed never to be more than £995, so you’ll always know exactly what you’ll pay - no matter how much money you release.

Plus, we also don’t charge any upfront fees. So, with Equity Release Supermarket, you’ll never pay more than £995 for our advice – which is only payable when your plan completes. Until that point, our advice is free. If for whatever reason your plan doesn’t complete – we won’t charge you anything.

Advice fees

£995 Guaranteed
£995 is our flat rate and you won’t be charged any more
£1499 Minimum
1.99% of the amount released. Subject to a minimum of £1,499. That could be typically £1,870*
£1832 Typically
1.95% of the amount released. That could be typically £1,832*
Advice fees as published on broker websites as 6th June 2019.
Average initial advance, lump sum plans, H2 2017 was £101,203. Equity Release Council Spring 2018 Market Report.

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