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You will need to repay your existing mortgage with any money you release from your new loan. It would appear the amount you can release is less than your exiting mortgage.

Unfortunately, as the maximum amount you can release is lower than your current mortgage, it would appear you are not eligible for a Lifetime Mortgage. If you feel this incorrect, please try the calculator again or contact us on 0800 612 5112 and we can discuss your options.

Interest rates vary in line with the amount of cash you release. Broadly speaking, the more you release the higher the interest rate will be.  The information below gives you the best rates available on the market. You will notice that higher loans have higher interest rates. 

Please select the interest rate you would like a quote for:

Section

House

Interest rate fixed at 3.32%

Loans from £10,000 to:

£

Section

House

Interest rate fixed at 4.16%

Loans from £10,000 to:

£

Section

House

Interest rate fixed at 5.51%

Loans from £10,000 to:

£

Section

House

Interest rate fixed at 6.67%

Loans from £10,000 to:

£

You have indicated you have a current mortgage on your property. This mortgage will need to be cleared from the amount you release. The maximum amount you could currently release after repaying your mortgage is therefore:

So we can send you a detailed quote, please confirm how much you are looking to release.

The minimum you can release is £10,000.

Request a detailed quote now, and we will send you, in the post, full information from the company offering the best terms available.

The quote will tell you:

* What interest rate you could be paying.

* What costs are involved in arranging the plan.

* How long the process will take.

* A full explanation of what is involved.

* Details of any pitfalls you should be aware of.

When you have all of this information you will be one step closer to finding out if Equity Release is right for you.

How much does it cost?

There are several fees and charges involved in setting up a new Lifetime Mortgage.  These fees are not due until the cash is released to you.  If you don’t take the cash, there are no fees payable, even if you decide against it at the last minute.

Fees payable to us:

Our fees are very competitive.  We charge a fixed fee of £695 no matter what the size of your loan.  Many brokers will charge a percentage of the loan you take out, which on larger loans can be very expensive.  Many brokers have a minimum fee of £1,500 (or more).

 

 

 

= £695

Fees payable to your lender:

Most lenders will offer free valuations and no up front charges or fees.  Where there are set up fees or arrangement fees these will be explained to you in full and are usually only payable when the new loan is taken out.

 

 

 

 

= £0

Fees payable to your solicitor:

You will need a solicitor for the legal work involved. We will always recommend using a solicitor who is experienced in dealing with Equity Release and would recommend a firm with fixed charges.  Typical charges are between  £600 – £700.  You can use a local solicitor but we recommend that you ask for a fixed price quotation and check they have the right experience.

 

= £700

TOTAL FEES PAYABLE ONLY UPON COMPLETION = £1,395.00

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will call you to discuss releasing equity from your home.

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