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Costs of Equity Release Schemes
Take into consideration that when entering into any type of equity release scheme there will be set up costs and ongoing costs which can include:
- Arrangement Fees payable to the lender
- Legal Fees
- Valuation Fees
- Maintenance costs - you are still responsible for maintenance of the property
- Insurance costs - maintaining adequate buildings insurance
This is a Lifetime Mortgage. To understand the features and risks, ask for a personalised illustration.
Lifetime Mortgage can quickly erode the remaining equity and as a result there may be no value left to pass on.