Note that: A product that comes with tremendous flexibility also costs more. Deciding to get an equity release is big; thus, you must carefully walk through all your needs and options with a financial adviser.
Just: Best Equity Release Broker if You Want Simplicity
This broker has five equity release products, and they also keep a relatively simplified structure regarding fees. It doesn’t have a lot of extra charges, unlike some other brokers, for actions like adding additional people to your loan.
And even more to that!
You also get free property valuation with low fees.
LV: Best Provider For Low Early Repayment Charges
LV maintains fixed early repayment charges across all the equity release products it offers. It has interest fees of 5% in your first five years, which also reduce to 3% from year six to nine, and vanishes after ten years.
Although, you’ll get a relatively limited variety of products; including a cash lump sum loan and some flexible plans that enable you to lock in your withdrawals at a fixed rate.
It’s among the list of the minority of companies that still connect early repayment fees to prices of government bonds. The repayment conditions entail that you could repay up to 20% if you want to pay off your loan earlier.
Legal & General: Best for Enormous Loans
Legal and General provides enormous equity release loans of up to £2m; which makes them an excellent provider if you own precious property.
However, consider this:
They also connect government bonds to their early repayment charges, which may cause you to incur potentially high costs if you’d like to repay the loan earlier than agreed.
Selecting The Best Equity Release Broker
It would be best if you choose an equity release broker that is a registered member of the Equity Release Council. Certified member firms will offer you a “no negative equity” guarantee, and the total amount that you owe your lender will not significantly exceed your property’s value.
For specialised help with discovering the best equity release plan for you; seek professional financial advice.
Here is why:
Some companies will only advise on a few products; hence there is no real guarantee that you’re potentially getting the best equity release plan.
Ponder this: Legal and General are amongst the biggest equity release companies on the market, and they have their advisers. The benefit of having their advisers is that you’ll not pay any extra fees for the advice you’ll receive from them. The downside is that they will only advise and recommend products offered by their company.
As a result...
You risk missing out on better products from other providers.
Getting an independent equity release adviser will provide you with a more expansive view of the products available on the market. It’s necessary to find a professional and independent adviser that’s specialised in equity release products.
Age Partnership and Key Group are the largest independent equity specialists.