Equity Release set up costs
Make sure you know the costs you’re likely to incur when releasing equity.
Members of the Equity Release Council
What are the main four Equity Release set up costs?
There are four main Equity Release set up costs:
Lender fees
The majority of deals we source for clients do not incur a fee. There are some deals from certain lenders that do charge a fee, and these may be worth paying if the deal is better value overall. This is a key part of any advice you will receive from a broker
Valuation fees
In most instances, when you complete an application with Ocean, the lenders pay the valuation fee on your behalf. The valuation usually takes place a few days after the application has been completed. Your broker will then receive anmortgage offer (or a decline decision) from the lender
Solicitor Fees
These are generally around £850 including VAT. Solicitors costs vary hugely so we advise obtaining three quotes to ensure this does not add too much to your Equity Release set up costs. A good solicitor will make the conveyancing porcess as quick, easy to understand and efficient as possible for you.
Broker Fees
Ocean charge 2% of the amount you borrow, subject to a minimum of £1,495. The fees associated with Equity Release can be added to any loan you take out. Please remember that any fees added to the loan will incur interest throughout the loan period.