Our Charges
In the first instance there is no charge for an initial consultation.
For Equity Release and Mortgage business we operate a fixed fee structure which we think is fairer than the percentage structure more widely used in the market. After all, the work we do for you is the same irrespective of the value of your Equity Release or Mortgage. The fee covers advice, product research, application submission, and progressing your application to Offer.
For all classes of business we will be paid a fee or commission by the product provider on completed business which will not be refunded to you in part which will be detailed in your Keyfacts personal illustration.
EQUITY RELEASE (Lifetime Mortgage, Home Reversion, Later Life Mortgage, Retirement Interest Only Mortgage)
£495.00 which becomes payable on submission of an application and no later than completion. This fee is not refundable. In addition we will be paid a procuration fee by the lender/provider on completed business which will not be refunded to you in part or in full. This fee can be paid from the Equity Release funds.
An additional fee is payable for “income” or “drawdown” Equity Release. The amount of the fee will be the difference between the procuration fee we will be paid will by the lender/provider and the fee we would have been paid by a lender/provider for an equivalent single lump sum arrangement. This is because lenders/providers only pay procuration fees on the initial cash release. This fee can be paid from the Equity Release funds.
How does our fee compare?
| Lump sum Equity Release | £50,000 | £100,000 | £150,000 | £200,000 |
|---|---|---|---|---|
| Hallmark Later Life Lending Limited | £495 | £495 | £495 | £495 |
| Equity Release Supermarket | £995 | £995 | £995 | £995 |
| Key Equity Release | £1,499 | £1,999 | £2,985 | £3,998 |
| (1.99% subject a minimum fee of £1,499) | ||||
| Age Partnership | £1,695 | £2,225 | £3,375 | £4,450 |
| (2.25% subject to a minimum fee of £1,695) | ||||
MORTGAGES & SECURED LOANS
£295.00 which becomes payable on submission of an application and no later than completion. This fee is not refundable. In addition we will be paid a procuration fee by the lender on completed business which will not be refunded to you in part or in full.
PROTECTION (Life Assurance, Critical Illness, Income Protection)
No fee. We will be paid commission by the product provider on a monthly basis for an initial period of up to four years providing monthly premiums are paid. If you cancel your policy during the initial period we will receive no further commission. Therefore, in respect of a regular premium policy which we may recommend, should you cease to pay premiums on the policy we reserve the right to charge you a fee representing the remainder of the commission we would have received had you not cancelled the policy. This does not apply should you exercise your right to cancel the policy from inception in accordance with the cancellation notice sent to you by the product provider.