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Equity Release · Speed & Process

The Equity Release 100.
Speed & Process

Focus: Timelines, applications, and the legal process.

13+Questions
100%Expert Answers
FCARegulated
What are the typical fees for an equity release plan?
TL;DR Understanding the typical fees for an equity release plan is crucial before you proceed. This FAQ covers various charges, including arrangement fees, adviser fees, and ongoing charges, helping you make an informed decision. Learn about potential r…
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Are there early repayment fees with equity release?
TL;DR Considering equity release? Find out if there are early repayment fees with equity release in the UK. We explain the potential costs and what to expect when releasing equity from your home. Learn more about the process and make informed decisions.
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How do legal fees work with equity release?
TL;DR Equity release involves significant legal fees. This FAQ explains how these costs work, including solicitor fees, conveyancing, and potential additional expenses. Understanding these fees is crucial before proceeding with an equity release plan. L…
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Can a retirement interest-only mortgage be a good alternative?
TL;DR Considering a retirement interest-only mortgage? Learn about the potential benefits and drawbacks, including repayment strategies and the risks involved. Find out if it's a suitable option for your retirement planning and explore alternative solut…
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Is taking out a personal loan better than equity release?
TL;DR Is a personal loan better than equity release? Learn the key differences between these borrowing options. We explore the pros and cons of each, helping you decide which suits your financial situation. Consider factors like interest rates, repaymen…
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Who are the best equity release providers in the UK?
TL;DR Choosing the right equity release provider is crucial. This guide helps you understand the key factors to consider when selecting from the best equity release providers in the UK, including reputation, fees, and the types of plans available. Learn…
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Can my family inherit my home if I have equity release?
TL;DR Planning to release equity from your home? Understand how this might affect inheritance for your family. Learn about the implications of equity release on your property and what your loved ones can expect after your passing. Find answers to common…
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Is it possible to protect a portion of my home’s value for inheritance?
TL;DR Protecting your home's value for inheritance is a key concern for many. Learn how different strategies, such as trusts and careful estate planning, can help preserve a portion of your property's value for your loved ones. Understand the potential …
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How can I discuss equity release with my family?
TL;DR Discussing equity release with your family can be sensitive. This guide offers advice on how to broach the subject, explain the process, and address concerns. Learn about the potential benefits and risks, ensuring a clear and informed conversation…
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Are my children liable for my equity release repayments?
TL;DR Worried about equity release repayments? Find out if your children are liable for your equity release plan. We explain the inheritance implications and what happens if repayments aren't met. Learn more about equity release and protecting your fami…
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What happens to the equity release if I pass away?
TL;DR What happens to your equity release plan when you pass away? Learn about how your property and your beneficiaries are affected. We explain the process, inheritance implications, and potential tax liabilities. Get answers to your questions about eq…
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Are there hidden costs in equity release?
TL;DR Considering equity release? Understand potential hidden costs before you proceed. This FAQ explains common fees, arrangement charges, and ongoing expenses, helping you make an informed decision. Learn about early repayment charges and how to find …
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Do I need to pay for an equity release valuation?
TL;DR Thinking of equity release? Wondering, "Do I need to pay for an equity release valuation?" This FAQ explains the costs involved, what to expect, and how to find a qualified surveyor. Get expert advice and understand the process before you proceed.
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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