Similarly to taking out a regular mortgage, you need to get a surveyor’s valuation when taking out a lifetime mortgage.
The independent surveyor will complete a report to advise the current value for mortgage purposes, sending their report onto the lender.
With Mortgage Advise Bureau Later Life, a RICS registered surveyor will complete this, so it’s completely independent. The survey cost is based on the value of the property, so can vary.
When a satisfactory valuation is in, the lender will issue an Offer and if you are happy with it, the next step is to proceed with your chosen solicitor. We can suggest a panel of specialist independent equity release solicitors. They’ll make sure everything is in order and take care of all the legal paperwork all the way until your money is released.
If you want to choose your own solicitor, that’s fine too. Ideally it’s best to find one with equity release experience.
Solicitors’ fees again vary, but you'll typically pay around £899 for this service. Speak to your adviser if you wish to add these costs to your loan, as it will affect the amount owed at the end of the plan.
Lender’s application fee
Also known as an arrangement fee, this is a one-off cost charged by the lender for arranging the equity release plan. The amount is dependent on the lender, but the fees usually range between free of charge up to £695, depending on the plan recommended.
It’s a regulatory requirement of the Financial Conduct Authority (FCA) that you get expert advice to make sure your interests are protected.
Mortgage Advice Bureau Later Life advice includes explaining the ins and outs of equity release and answering any questions you have, so you can feel conﬁdent that any decision you make is the right one for you and your circumstances. We’re here to make sure you have all the facts and understand your options before you decide to go ahead.
We'll always do what’s right for you, whether that’s taking advantage of some of your property’s value through equity release or not. Mortgage Advice Bureau Later Life offer lifetime mortgage products from a carefully selected panel of providers.
Unless you decide to go ahead, our service is completely free of charge as our usual advice fee of 1.5% of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £695.
Want to find out more about equity release and how much you could unlock from your property? Try our free online calculator and get results in seconds.
We understand equity release isn’t for everyone, and we’ll never say it’s the right option for you unless we’re certain.
A lifetime mortgage is a loan secured against your property. With a lifetime mortgage there are typically no monthly repayments to make as the loan, plus roll up interest, is repaid when the plan comes to an end. Usually, that’s when you, or the last remaining applicant, either passes away or moves into long-term care. With a lifetime mortgage you’ll still retain full ownership of your home.
Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.