Free equity release advice consultations

We are specialist equity release advisors, dedicated to finding homeowners over 55 the most suitable and cost-effective financial solutions.

We offer free equity release advice consultations with our qualified advisors. At your appointment, you will receive information and free advice regarding equity release plans available to you.

At your consultation you can:

• Ask any questions you have
• Find out how the different equity release plans work
• Find out more about the latest offers available
• Discuss whether any entitlement to means-tested benefits may be affected
• Understand the impact on the value of your estate
• Work with your qualified adviser to see whether equity release is right for you
• Discuss other borrowing options available

Arranging your free consultation will be your next best step, but keep reading to know what to expect at the appointment, and what we can offer you.

Why arrange your free equity release advice appointment?

By arranging your free equity release advice appointment, you will speak with a fully qualified equity release advisor employed by us, Money Release. We are a specialist equity release advice firm passionate about helping homeowners over 55 to meet their financial needs and goals.

Before being able to release money from your home, you must speak with an advisor as it is a Financial Conduct Authority (FCA) requirement. The FCA is equity release's regulator. Their aim is to ensure fair deals and avoid any miselling.

Your equity release advisor will be able to determine what is going to be your best route to meet your goals. This could be to use equity release, help find an alternative solution, or do nothing at all.

All of our advisors are paid a salary, ensuring you are only recommended products if they believe it is the best solution for you.

What happens at a free equity release advice appointment?

Typically, your free equity release advice will be split between two free appointments.

1. The Fact Find meeting
2. The recommendation meeting

Fact Find

During the Fact Find meeting, your advisor will discover what it is you want to achieve, and explain different types of equity release plan, and discuss their features and risks.

They will then gather as much relevant information to allow them to research suitable plans and make a recommendation.

You can expect your Fact Find to last around one hour as there are several sections, including but not limited to:

• Basic details about yourself - Date of Birth, full name, address
• Financial details - Income, expenditure, liabilities, assets
• Financial planning - Long-term care plans, Power of Attorneys, funeral plans, inheritance plans
• Health and lifestyle - A medical questionnaire to determine whether you qualify for a medically enhanced plan
• Property details - Property type, construction, condition
• Preferences - What you are looking for in your plan, including features, release amounts and interest rates
• Requested funds - What you are planning to spend the funds on, and when
• Your chosen solicitor details - Contact number, email and property address
• Alternatives to equity release - Downsizing, selling assets, mortgaging

If you do not have time to discuss everything listed above, your advisor will be flexible, answering any questions upfront and arranging a suitable time for you.

Recommendation meeting

Following your Fact Find meeting, your advisor will need some time to research the market to find you a suitable equity release plan or alternative.

If they believe equity release is the most suitable option for you, they will request a personalised illustration from a lender, known as a "Key Facts Illustration" (KFI).

A KFI is a 17-section document which details exactly what the plan offers, including interest rate, release amounts, plan features and risks.

During the recommendation meeting, your advisor will provide you with a copy of the KFI, and complete a page turn with you ensuring you fully understand all aspects of the plan.

Your equity release advisor will also provide you with other documents, all of which will be thoroughly discuss with you during the recommendation meeting:

• Suitability Report - Why the recommended plan is suitable.
• A copy of the Fact Find - What the recommendation has been based on.
• Money Release terms of business - What you are agreeing to by submitting an application with Money Release.

If you are happy with the advisor's recommendation and would like to proceed, you will need to sign the above documents, and send them back to us along with proof of address, and proof of identification. We will then process your application and submit it to the relevant lender.

Free equity release calculator

The lenders require the age of the youngest homeowner and the property value to calculate release amounts and interest rates. Equity release is available at age 55, offering a maximum release of 30.90% of your properties value (LTV). Typically, for each year you are older, you can release an extra 1%, up to 59.28% LTV.

Use the calculator below to find out up to date interest rates and release amounts tailored to you - with no personal details required.

Please note, if you have medical conditions, you may qualify for a medical enhancement, lowering your interest rate or increasing your release amount.

Is free equity release advice a good idea?

We believe having a free equity release advice consultation is essential, as there are many possible outcomes. These could include an equity release plan, an alternative financial solution, or doing nothing at all.

By only charging our fee on completion of the equity release, we ensure you are not left out of pocket by a single penny if your don't receive the equity release funds.

We provide whole market advice, meaning unrestricted access to lenders and available products. Many of the top firms in the country offering whole of market advice will have a higher fee than this.

However, some firms may offer a slightly lower fee; many of which will only provide restricted access to lenders and products. We refer to this as tied advice.

Let's look at what some of the top equity release advice firms charge for their advice and whether it is whole of market or tied advice.

Advice firm	Advice fee	Notes
Money Release	£840	Whole of market, fee paid on completion
Age Partnership	£1,895	Restricted panel, fee paid on completion
Key Advice	£899	Tied advice to Key branded products
The Equity Release Experts	1.99% of the amount released; minimum fee of £1,799	Whole of market, fee paid on completion
Equity Release Supermarket	£1,495	Whole of market, fee paid on completion
Bower	£1,495	Whole of market, fee paid on completion

Data correct as at July 2023.

What fees can I expect to pay for an equity release?

There are a few potential fees associated with equity release; however, some are not charged in every case.

The costs could include:

• Financial advice
• Legal advice
• Product fee
• Valuation fee
• Redemption fee

Financial advice

Advisers have no limit on what they can charge you. We do not charge for our initial advice, but we do charge a fixed fee of £840 if you take a plan out. Our advice fee is only payable on completion (when you receive your money), and our initial advice is free.

Many other advisors charge more than this, and some have upfront advice fees, as we have looked at above.

Legal advice

You will need a solicitor to act on your behalf to provide advice surrounding the legal implications of equity release.

Most firms will charge up to £1,000 for their equity release advice, but there could be other costs associated with the set-up of your plan if extra legal work is required.

We work closely with one of the UK's leading equity release specialist firms, Barton Law. They charge a fixed fee of £840, which is again only paid on completion, never before.

Remember, your solicitor works for you. No advisor, lender, or other party can force you to use any particular solicitor. It is your free choice which solicitor you use.

Similar to financial advice, it is an FCA requirement to receive independent legal advice from a solicitor.

You can find out exactly what your equity release solicitor will do for you and why they are needed in our guide here.

Similar to financial advice, it is an FCA requirement to receive independent legal advice from a solicitor.

Product fee

This is also known as the lender's or completion fee. Not all products have a fee; if they do, they can be as little as £5 or up to £995.

Valuation fee

A surveyor will visit your property as part of your equity release application, and it will be on this basis that the lender's offer is made.

The valuation fee is almost always free, except for specific products for properties valued at over £1,000,000. If your property is valued at over £1,000,000, don't worry, as there will be options for free valuations.

Redemption fee

When the plan ends, and you repay the money, the lender will charge a redemption fee.

A redemption fee is simply a "closing the book" cost to remove the lender's charge from the title deeds. Often, this will be £125. However, it could change in the future in line with inflation.

Overall cost

If, like many, you are concerned about spending up to £3,000 on set-up costs, don't panic. You will have the option to add these costs to the loan amount instead of using your savings.

While a qualified equity release advisor has written this guide, it is not intended to be used as financial nor legal advice and should not be relied upon.

To understand the full features and risks of an Equity Release plan, ask for a personalised illustration.