Product Information

Equity Release - Fees & Costs

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Set up costs are different for every lender but will be made up of a combination of the following fees:

Arrangement Fee: Most lenders will charge an arrangement fee to cover any costs of setting up your lifetime mortgage, this can also be known as an administration fee. You will have the option to pay this fee upfront, have it added to the loan itself, or, deducted from the amount loaned to you. Keep in mind that if it is added to the loan, you will be charged the additional interest as the loan amount will be higher.

Valuation Fee: A valuation of the property will need to be done to ensure the property is suitable security for the loan. This is normally an upfront cost as it will need to be done before the loan facility is in place. The cost of this will vary as it depends on the value of the property. However, it is always worth shopping around as some lenders will offer a valuation for free as an incentive, allowing you to save some extra money.

Legal Fees: There will be fees payable to your solicitor or conveyancer for undertaking any of the legal work required during the process of setting up your lifetime mortgage. The solicitor used is your choice, but, it is recommended that you choose someone experience in equity release, as they will be more knowledgeable of the process. This is normally payable at the completion stage of your lifetime mortgage.

Telegraphic Transfer Fee: A telegraphic transfer fee, sometimes referred to as a CHAPS fee, is charged so the lender can electronically transfer the money to your solicitor, before the funds are released to you.

Completion Fee: This fee is normally charged to cover any remaining costs of setting up your lifetime mortgage. It often includes any legal costs and the telegraphic transfer fee, so may be charged instead of the separate costs.

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About us

Leading independent financial brokers, we at Dolphin Loans and Mortgages have the right amount of knowledge and skill to provide excellent finance facilities with maximum efficiency. Due to our established professionalism and extensive range of solutions, our company has the ability to make the decision making process straightforward, simple and worry-free.

We at Dolphin Loans feel it is our duty to provide an organised and efficient facility that is tailored to fit the requirements of the client. We have a team of independent specialists who are available seven days a week, from early in the morning to late at night. We put customer enquiries above everything else to ensure that they receive the best possible service and are never left waiting.

Here at Dolphin Loans, we offer a wide variety of services including equity release, mortgages, secured loans and bridging loans. These solutions all include the best rates and terms, providing outstanding flexibility and reliability.

Equity release, for example, allows you to withdraw a tax-free sum from your property without having to sell it, whether it be your own home, second home or buy to let. This particular option offers flexible repayment options as well as fixed-rate options. Secured loans, however, are a cheap and easy option that can fund home improvements such as kitchens, windows, bathrooms etc. A secured loan acts as a second mortgage, meaning that it is secured on your property by way of a second charge.

Bridging loans are used as a short-term funding option, taking advantage of both flexibility and speed. Through the use of a bridging loan, clients can gain cheaper interest rates for both residential and commercial properties. This method is often used for quickly securing a property, fixing a broken property chain and property development.

At Dolphin Loans and Mortgages, we also offer mortgage systems that are put in place to meet specific circumstances and requirements. We have the ability and experience to provide high-end finance facilities for residential, commercial, lifetime, buy-to-let and re-mortgages. Each of our services here at Dolphin Loans are guaranteed to exceed your expectations and give outstanding results every time.

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Latest Reviews

Dolphin Loans & Mortgages

Lyndsey cold not have been more helpful. She was always available to assist me, always responded quickly and passed on all documents etc to the mortgage company straight away and was generally excellent. She made the whole process very easy and I am extremely happy with the service she provided.

By Anon - - 22 May 2018

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