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Arrangement Fees from Advisors for Equity Release - Do I need one?
Leodogger
Posts: 1,328 Forumite
We are asking Age Partnership to call and give us advice on Equity Release and the various plans available. My sister has done this and said she paid £3000 in arrangement fees!! 
That sounds a hell of a lot of money for recommending ER plans! Can it be cheaper once you have got the advice going elsewhere for your equity release plan who offer free valuations etc., or is it more complicated and are we better sticking with Age Partnership to refer us to the best ERC lending company who presumably get all the solicitors, valuations onboard etc?
That sounds a hell of a lot of money for recommending ER plans! Can it be cheaper once you have got the advice going elsewhere for your equity release plan who offer free valuations etc., or is it more complicated and are we better sticking with Age Partnership to refer us to the best ERC lending company who presumably get all the solicitors, valuations onboard etc? 0
Comments
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You need to weigh up the costs in total.
If the fees are £3,000 but it saves you £10k, it might be a lot but it saves you £7k.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Just wondered why it costs £2000 for the valuation, solicitor etc. when according to my sister Age Partnership charge £500 for the arrangement fee. Just wondering now if it is a stipulation of lenders that you have to go through an advisor due to getting the right kind of solicitor that specialises in Equity Release etc.ACG said:You need to weigh up the costs in total.
If the fees are £3,000 but it saves you £10k, it might be a lot but it saves you £7k.0 -
Just looking at one we did recently.
Lender legal fee £510. Borrower legal fee £541 + VAT. Our fee £995. Valuation fee £0.
Other than the broker fee, the other fees will be lender and solicitor dependent.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Did you do that without going through an advisor?kingstreet said:Just looking at one we did recently.
Lender legal fee £510. Borrower legal fee £541 + VAT. Our fee £995. Valuation fee £0.
Other than the broker fee, the other fees will be lender and solicitor dependent.0 -
He is an advisor.
But the fees vary from broker to broker, solicitor to solicitor and lender to lender, even deal to deal with the same lender can have different fees.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I dont do equity release but for normal mortgages we have software which helps us navigate the fees, total costs etc. I think there is something similar for equity release although I think there is an element on an unknown with ER in terms of how long it will run for.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
I watch a TV advert about Equity Release and the nice advisor arrived in the pouring rain and explains to the lovely silver haired couple how they can release money tied up in there home.
Smiles all round as he runs back to his car having made 3/4% commission on the deal.
No wonder he was running as he has more customers to Help !
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Right said Fred.
The next great mis selling scandal ?0
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