If you sold 40% of your property to a provider, then they will keep 40% of the sale amount when it is sold. We cannot predict: The future value of your property The long-term cost associated with this plan Property prices could be higher or lower than they are today.
The amount you can borrow depends on: The value of your property The percentage of the property sold Your age Your health The older you are when you start the plan the more you will usually get for the share of your property sold.
As you are selling a fixed percentage of your property, whatever you retain will be passed on to your estate. As property prices rise and fall, we cannot predict: The future value of your property when it is eventually sold What inheritance will be available Some providers offer an inheritance protection facility which allow clients to protect a specific percentage of the property’s future value. Your advisor will discuss this option if protecting an inheritance is one of your priorities.
There are four main costs: 1. Advice fee We do not charge any advice fees. 2. Valuation fee This is payable when you submit your application. It usually depends on the estimated value of your property. 3. Legal fee We recommend that you agree a fixed fee with your solicitor once your equity release offer is confirmed. Fees may vary dependant on the work required. If you are buying a property, or the legal position of your property is complex, extra costs may apply. 4. Application fee Some lenders may charge an application fee. Where this is the case it typically costs £695.
All plans that meet the standards of the Equity Release Council: Guarantee lifetime tenancy in your property Can be transferred to a new property. This is subject to the approval of the plan provider You must: Maintain your home to a good standard Follow the terms of the agreement