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Equity Release · Rates & Costs

The Equity Release 100.
Rates & Costs

Focus: Fees, interest rates, and the total cost of borrowing.

13+Questions
100%Expert Answers
FCARegulated
How does a home reversion plan work?
TL;DR Understanding how a home reversion plan works is crucial before making a decision. This guide explains what they are, how they function, the benefits, risks, and things to consider. Learn about the process and potential implications of releasing e…
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Who is eligible for equity release in the UK?
TL;DR Unlocking your property's value with equity release? Find out who's eligible for equity release in the UK. Learn about age, property ownership, and other key requirements. Discover the potential benefits and risks involved before you decide.
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Can equity release impact my tax situation?
TL;DR Equity release can significantly impact your tax situation. Understand how it affects Inheritance Tax, Income Tax, and Capital Gains Tax before you proceed. Learn about potential implications and explore resources to make informed decisions. Seek …
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What are the fees involved in equity release?
TL;DR Understanding the fees involved in equity release is crucial before you proceed. This FAQ explains common charges like arrangement fees, advice fees, and early repayment charges, highlighting potential risks and offering guidance for making inform…
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Can I apply for equity release if I live in a retirement community?
TL;DR Can you access your property wealth with equity release if you live in a retirement community? Find out if you're eligible and understand the process, risks, and potential benefits. Learn about the equity release process and get answers to your qu…
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Are there interest-free options for equity release?
TL;DR Considering equity release? Find out if interest-free options exist. We explain the different types of equity release plans and their associated costs, helping you make an informed decision. Learn about potential risks and explore alternatives.
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Can I get equity release if I’m over 75?
TL;DR Considering equity release over 75? Find out if you're eligible, the process, potential benefits and risks. We explain how age affects your options and what to expect. Learn about equity release and whether it's right for you.
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Can I apply for equity release jointly with my partner?
TL;DR Considering equity release with your partner? Find out if you can apply jointly, the benefits and drawbacks, and what to expect from the process. Learn about eligibility criteria, potential risks, and how to find the right advice. Get answers to y…
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Are there property value requirements for equity release?
TL;DR Considering equity release? Understand the property value requirements. Lenders assess your home's worth to determine how much equity you can release. Learn about valuation methods, minimum property values, and other crucial factors before you app…
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Do I need a regular income to qualify for equity release?
TL;DR Do you need a regular income for equity release? Find out if a stable income is required to unlock your home's value with Promise Money. Learn about eligibility criteria, alternatives & risks.
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How does equity release differ from a regular mortgage?
TL;DR Equity release and regular mortgages: key differences explained. Understand how they differ in terms of repayments, eligibility, and risks. Learn about the implications of each and which option might suit your circumstances. Find out more from Pro…
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What credit score is needed for equity release?
TL;DR What credit score do you need for equity release? Learn about the credit checks involved in equity release, the factors lenders consider, and how to improve your chances of approval. Find out more about equity release and your options.
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How does equity release impact inheritance for my children?
TL;DR Worried about how equity release impacts inheritance for your children? Learn about the potential effects on inheritance tax, reduced inheritance, and strategies to mitigate the impact. Get expert advice and understand the implications before you …
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk