Equity Release Setup Fees & Costs

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Equity release setup costs vary depending on the lender, however as a guide there is normally an advice fee of around £1,295 and solicitors costs of around £800 payable on completion of an equity release plan. You can normally add or deduct these costs from the money taken out of your home. 

Compare My Equity source plans with free valuations so you have no upfront costs to pay. 

There is an interest rate applied to the money borrowed, request a quote for a detailed projection of interest costs

Request your quotes and we will provide you with expert information and a full breakdown of costs and setup fees

Have any questions? Get in touch with an expert 

expert@comparemyequity.co.uk

0800 2465228

 

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Equity Release Lenders

Equity release lenders offer mortgages which allow you to unlock the money in your home to boost your finances. A cash injection for retirement income, home improvements, or gifting an early inheritance, for example. 

As long as any existing mortgage is repaid, unlocking your tax-free equity can be used for any purpose. 

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If your existing mortgage is due to be repaid or you could benefit from reducing your monthly outgoings, you can use an equity release mortgage to refinance your current arrangement. 

To understand your best equity release mortgage options, we put you directly in touch with trusted industry experts for independent advice and quotes without any commitment. 

 

Equity Release Plans

Many over 55s are using Equity Release mortgages to repay an existing mortgage. Use our quotation service to access interest rates and providers. 

Equity Release mortgages can also be used to gift money from your home to your family as an early inheritance, either for a home deposit or for any other purpose.  

Most mortgage lenders generally don’t offer flexibility, especially with current interest only mortgages. UK Equity release mortgages are designed to settle these mortgages so you can continue to enjoy your home. 

Equity Release provides access to your accumulated equity and are flexible putting you in total control of your options whilst retaining full home ownership for life. 

Compare My Equity provides you with full access to all your equity options through trusted experts without any obligation.

Your Equity Release Product Questions Answered

What’s the difference between Equity Release Mortgages and Equity Release?

Equity Release is simply a term for raising equity. An equity release mortgage is the most common method of safely accessing this equity from your home, tax-free. Many people use the equity release mortgages to pay off a current mortgage. 

Are equity release mortgages safe?

All UK equity release mortgage lenders are all fully regulated by the financial conduct authority (FCA).

Your equity mortgage quotes will only be from Equity Release Council Plans for your added peace of mind. The council are the industry trade body who provide several codes of conduct for your added security, including the essential guarantee you will never enter into negative equity. 

Can I make repayments on an equity release mortgage?

Usually you can repay up to 10% of the amount borrowed within any 12 month period. This is on a flexible basis and completely voluntary. 

How do I find the most suitable option for me?

Understanding your options and suitability is important to making the best decision for you.

We can put you in touch with an expert who will review and assist with this process.

The specialist broker we put you in touch with operate a zero-pressure policy, and will answer all your questions to ensure you are fully informed with no commitment. They will discuss the best equity release mortgage with you and the alternative options to ensure suitability. 

Do I have to sell my home?

The most common form of raising equity in the UK is a mortgage where you maintain 100% full home ownership for the rest of your life, or joint lives where applicable.

Importantly, you can still move home if you wish and repay or move the mortgage with you. 

Can I use my equity for early Inheritance or for tax-planning?

An equity release mortgage can be used for estate planning purposes. When you request your quotes, we will put you in touch with an expert adviser to discuss this in more detail.