Enquire & Next Steps
Fish4Mortgage is located in Weston-super-Mare, Somerset & is the area’s leading Mortgage Broker with over 25 years of knowledge in the field. We specialise in many areas including re-mortgages, first time buyers, commercial mortgages, general insurance & secured loans. Explore our website to find out more information & also go ahead & use our Mortgage Calculator to see what deals are available to you.
The Process For Starting Equity Release
Equity Release schemes are only one of the ways to help self-finance long-term care. Make sure you’ve considered all the alternatives, such as selling your property to downsize to a cheaper one, or using savings to buy an annuity that will cover your care costs. Consider grants or subsidised loans if you’re raising capital for home improvements or modifications. Discussing your plans with your family can help to manage their expectations about inheritance and avoid any disputes later. They may also be able to come up with alternatives.
Attitude To Risk
There are 5 categories to risk with regards to Equity Release which you must consider to ensure the recommendation most reflects your views. You should choose one of these, or any other view, which will be discussed, documented, researched and a recommendation made that most closely reflects what you want to achieve.
You wish to minimise the risk of eroding the equity within your property and you aim to retain a reasonable amount of this equity for your future use, whilst receiving just enough capital for your immediate needs.
You are prepared to accept some risk of eroding the equity within your property for the benefit of having sufficient capital to utilise now, whilst aiming to retain some equity.
You are prepared to accept the risk of faster erosion of the equity within your property for the benefit of having as much capital as possible now.
You are prepared to accept the risk of eroding all of the equity within your property for the benefit of having as much capital as possible now.
You are prepared to accept the risk that the reduction in the actual cash value of your estate as a result of your Home Reversion plan may be significant. This reduction will depend upon factors such as how long the Reversion plan lasts and the future changes in property prices. You are prepared to accept the risk of a significant reduction in inheritance that you leave to your heirs and beneficiaries.
Enquiries & Next Steps
If you have done that and would like to know more or to proceed call Fish4Mortgage on 01934 519111 or email Brian Frost at firstname.lastname@example.org one of our Equity Release specialists who can provide you with the latest information personalised to your circumstances – all for free and with no-obligation. Our promise is to provide you with impartial free initial Equity Release advice, enabling you to decide if Equity Release is right for you. The initial meeting is free and you are under No Obligation.
Appointing a solicitor – you need to appoint your own. This is to ensure you receive completely independent legal advice about risks, rewards and obligations attaching to the Equity Release plan. They will also carry out the Conveyancing required to ensure the new Equity Release lender is able to secure a first legal charge against your property and that any existing borrowing has been (or will be) repaid. Your solicitor will not be able to tell you whether or not a particular product is suitable for you, which is our job. If you do not have a suitable solicitor who works in this area you can find one on the Equity Release Council website and we can direct you to that.
All Equity Release schemes will normally incur set up fees for setting up an Equity Release Plan in four main areas – Valuation, Application, Solicitor & Adviser charges.
An independent survey and property valuation is instructed to calculate the amount being applied for is within lenders guidelines. This serves two purposes; to get a current market value based on a reasonably quick sale and to ensure the property is in good condition and represents adequate security. Should the property not be in suitable condition, the lender may insist that essential repairs be carried out, either prior to, or following completion. Valuation fees are based on the estimated value of the property.
Equity Release Council rules stipulates the homeowners’ solicitor must be independent of the lenders solicitor. They are responsible for completing the Legal aspects on your behalf & meet Lender requirements. They will be responsible for redeeming any mortgage or secured loan on your property, usually from Equity Release proceeds. Equity Release solicitors must also witness each client face-to-face to ensure no undue influence exists. Finally, upon completion a SHIP certificate is completed acknowledging criteria has been met. Your solicitor is also important as they have control over the speed of completion. Equity Release solicitors’ panel have fees starting from £495+VAT & disbursements offering ‘no completion, no fee’. Fees can vary depending on location and amount of work in addition to standard enquiries undertaken.
Lenders Application/Arrangement Fee
Most Equity Release lenders rely on charging an application fee to cover their set-up and legal costs for arranging any lifetime mortgage. These can vary between zero and up to £995 and can come with options to either deduct the fee from the advance, or add to the loan itself. Remember, if an application fee is added to the loan, then this will also be charged interest on a compounding basis, if no repayments are made. Some Equity Release companies have specials offers where application fees have been reduced or even waived on application.
Frost Financial Services Equity Release Financial Advice Fee
Your Equity Release adviser will charge a fee starting from £1,000 for the services which is only payable upon receipt of a mortgage offer. Our Equity Release Advice Fee is necessary to meet Regulatory Costs, Maintain Service Standards, Provide your Recommendation and complete the necessary paperwork taking your Application through to Completion. We feel this is very competitive and represents excellent value for money compared to other specialists.