Our Charges
In the first instance there is no charge for an initial consultation.
For Equity Release and Mortgage business we have always operated a fixed fee structure which is way more fair than the percentage structure that many firms have been forced to abandon under Consumer Duty regulations. 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, Payment Term Lifetime Mortgage, Home Reversion, Later Life Mortgage, Retirement Interest Only Mortgage)
For a single lump sum cash release, our fee is £650.00, payable on submission of an application and no later than completion. This fee is not refundable and can be paid from or added to the Equity Release funds. 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.
For an income/drawdown Equity Release arrangement, our fee is £650 plus an additional fee. This is because the procuration fee we’ll receive from the lender/provider is based upon the initial cash release only, and not the full Equity Release facility. For example, for a single lump sum cash release of £100,000, a firm will be paid a procuration fee based on £100,000. Whilst for an initial cash release of £10,000 plus a £90,000 income/drawdown facility, a firm is paid a procuration fee based on the initial £10,000 only, in spite of having advised on a £100,000 facility. For income/drawdown Equity Release arrangements we will notify of the additional fee at the outset.
How does our fee compare?
| Lump sum Equity Release | ||
|---|---|---|
| Hallmark Later Life Lending Limited | £650 | |
| Key Equity Release | £950 | Advice restricted to Key Equity Release branded products only |
| Equity Release Supermarket | £1,495 | |
| TERE | £1,79 | |
| Age Partnership | £1,895 | Advice restricted to a panel of 4 Lifetime Mortgage lenders only |
| (Correct on 20/05/2024) |
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)
We do not charge client fees for Protection business (although you may choose to pay us a fee in lieu of us receiving commission). 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.
It’s common practice for adviser firms to place their protection business via a “Protection Club” in order to obtain increased commission terms. However, these higher commissions are funded by customers paying higher monthly premiums. Hallmark Later Life Lending Limited does not place protection business in this way. We choose to receive industry standard commission on protection business and because we do, our clients don’t pay increased monthly premiums.