AskERIC will never charge any upfront fees and you are under no obligation to proceed at any stage of the process. If you do apply for a plan, you will need to pay for the valuation on your property, which usually costs between £200 and £300. Some plans may include a free valuation.
All other fees will be taken out of the amount released. AskERIC typically charges a fee of 1.5%, which is payable only if your equity release plan completes, with a minimum fee of £945.
For example, a fee of £945 would be required if a plan of £50,000 was released, for a plan of £100,000 a fee of £1,500 would be required.
Set-up fees will vary depending on the chosen plan. There is normally an application fee (payable to the lender, although this is often free), an advice fee (payable to AskERIC), a valuation fee (payable to the lender, although this is often free) and the solicitor’s fees to consider. Most of this will be subtracted from the amount released, the only exception sometimes being a valuation fee. This means that there is usually very little you will have to pay upfront, if anything. Some plans may offer special discounts, cashbacks, free valuations or help with legal fees; your adviser will explain the options available to you.
Not unless you choose an interest-only lifetime mortgage. Interest-only lifetime mortgage plans may suit you if you have a regular source of income and can therefore afford to pay interest on a monthly basis. The benefit of this is that the amount of the loan does not increase. It may be possible to pay all of the interest or a proportion dependent on what you can afford.
To discuss interest repayment options, please call us 0800 077 6885.
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