0808 189 0463


        0808 189 0463

        Updated: April 19, 2024

        Equity Release Mortgage Brokers

        Considering equity release? Trying to understand the fees & if it's right for you? Find an equity release broker tailored to your needs today & get all the answers!

        Ask A Quick Question

        We can help! We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Equity Release Mortgages Ask us a question and we'll get the best expert to help.

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        No impact on your credit score

        An equity release mortgage can be a fantastic way to improve your financial independence in later life, however, it should not be entered into lightly, and won’t suit everyone. Seeking expert advice from a specialist equity release broker before making any major decisions is, therefore, strongly recommended.

        In this article, we’ll look at how these specialists can help you, how they differ from typical mortgage brokers, and why choosing someone with relevant qualifications and experience is essential to safely arranging equity release, with due consideration for your future estate plans.

        How to find an equity release broker

        As equity release is a niche area of lending, it’s not something that every mortgage broker will be able to advise on. The industry is highly regulated by the Financial Conduct Authority (FCA), a regulatory body created to keep equity release customers, their estate, and their beneficiaries, safe.

        Any reputable equity release broker will have additional qualifications that are specific to this niche and will have agreed to abide by the rules and Statement of Principles of the Equity Release Council.

        What to look for in an equity release broker

        • Regulation – All mortgage brokers should be registered with the FCA, but brokers advising you about equity release should also be qualified members of the Equity Release Council (ERC). You can search here to check that your broker is directly registered with the ERC.
        • Impartiality – Some equity release brokers work directly for a lender. As well as limiting your choice, such brokers won’t be fully impartial, as they’re obliged to recommend their employer’s product. An independent whole-of-market broker is able to provide true impartiality, as well as maximising your access to lenders and products.
        • Clarity – Equity release products can be fairly complex, and it’s important that you choose a broker who can explain all of the options available to you both concisely, and without the use of jargon.

        We work with a panel of trusted equity release brokers, that we’ve hand-selected based on their reputation and credentials. Our free broker matching service will immediately put you in touch with one of these equity release experts, simply call 0808 189 0463 or complete this form.

        Get Started with a Broker

        Maximise your chance of approval with specialist advice from an expert in Equity Release.

        What a broker will do for you

        There are two major equity release products, lifetime mortgages, and home reversion plans. Within each product, there are a plethora of potential options and terms available to suit your needs.

        A policy to fit your needs

        An experienced equity release broker will look closely at your circumstances, and future financial plans, before they advise you which product is best suited to your needs, or indeed if there are options outside of the equity release market that would be more suitable.

        Many of the lenders within the equity release market will only liaise via an intermediary (or broker) due to the complexity of the product, and the strict industry regulations. Using a broker will therefore allow you access to lenders who won’t deal with you directly, but may have more competitive or more suitable deals available.

        What you will need to provide

        In order to achieve the most from your initial equity release advice, it’s recommended that you prepare the following information for the broker:

        • An initial idea of how much you’d like to release, and what the purpose of the money is (i.e. renovation, debt consolidation, to supplement retirement income, etc.)
        • A full breakdown of your current income and expenditure
        • Whether you plan to leave an inheritance and if so, how much that would ideally be
        • Information about any pension or means-tested state benefits you receive or will be entitled to in the future
        • A copy of your buildings insurance policy
        • Information about your current lifestyle (life-limiting habits such as smoking) and your state of health

        This knowledge will help the broker to best understand your individual circumstances, and tailor their advice to your specific needs and preferences.

        Ensure you fully understand the risks

        Equity release is a flexible way to utilise the equity in your home, and enjoy your money whilst you’re still here to do so. That said, it’s also a major financial commitment that can put your estate and your entitlement to certain means-tested state benefits at risk.

        A reputable broker is duty-bound to ensure that you fully understand every implication of taking out equity release, and will not recommend it if they don’t feel it’s the best option for you.

        Help with the application process

        The equity release process is quite different from a traditional mortgage application, so even if you’ve purchased or remortgaged a house fairly recently, you may not feel confident to take on the application process alone.

        Brokers can either complete the application on your behalf, or check your completed application to ensure that all is sound, and any required supporting documents are in place. They will also provide a single point of contact throughout the process, managing the updates from and correspondence between solicitors, surveyors, and the lender, which can save you considerable time and stress.

        How much will it cost?

        Equity release brokers tend to charge for their services in one of the following ways:

        • A fixed fee – This should be outlined to you at the beginning of your application, and should not increase for any reason. Typical fees are £599 – £2000*
        • A percentage (usually 1-2%) of your equity release amount – This fee will depend on how much you release, and therefore those releasing larger amounts of equity will incur higher fees. Typical fees when releasing £25,000 would be £250-£500*

        *for demonstration only*

        The type and amount of the fee varies between brokers. All of the brokers we work with charge on a success-only fee basis, which means you’ll only pay if they successfully arrange an equity release product for you. Any fees paid in advance will be refunded, if unsuccessful.

        Product costs

        Like any form of finance, there are a number of costs related to equity release mortgages, ranging from arrangement fees to interest charges. A broker will ensure you’re fully aware of all of the charges involved and give you a more specific idea of the costs you can expect, based on your individual circumstances.

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        Benefits of using a broker

        Releasing equity from a property is something that should never be done lightly, so professional advice is highly recommended. The main benefits of using a broker who specialises in this type of finance are as follows…

        Keep you safe

        Equity Release Council-approved advisers will only recommend lenders who are also ERC members and therefore operate within their strict guidelines. This means your equity release plan will be protected by the ‘no negative equity guarantee’ so your family/estate will never owe money to the lender, even if the sale of your home does not cover the full loan repayment.

        Find the most competitive deal

        If you opt for a whole-of-market broker, like the ones that we work with, they’ll ensure you obtain the most competitive equity release deal for your circumstances by searching every lender in the market. This could potentially save you thousands of pounds.

        Explain interest and fees

        There are a number of interest options available with equity release products, and a broker

        will also ensure that you are fully informed about the interest charges within your specific plan, whether they’re liable to change, and when any payments are due. They will also advise of any fees you may be liable for, should you choose to repay the mortgage early.

        Explore all the potential plan features

        The best equity release plans will be tailored to your precise needs, and specialist brokers will be able to recommend any flexible options that may be available that could vastly improve the suitability of your plan, such as:

        • The ability to make interest payments, and/or repay elements of the capital
        • Your potential entitlement to enhanced products, that may provide higher borrowing and/or lower interest rates
        • Significant life event exemption clauses – which can be beneficial to couples taking equity release together
        • The ability to ring-fence some of the equity released for inheritance purposes

        Get matched with a fully qualified equity release broker

        Equity release is fairly niche, and it’s not always easy to find a broker with the knowledge, qualifications and unbiased advice you need to make a well-informed decision about its suitability for you. The good news is, our 5-star-rated broker matching service will put you in touch with a whole-of-market equity release specialist who ticks all the boxes.

        Every broker we work with is accredited by our official LIBF (London Institute of Banking and Finance) programme. To be introduced to the expert most suited to your needs, contact us now on 0808 189 0463 or via this form and we’ll begin the search immediately. Initial consultations are free, and you’re under absolutely no obligation.

        Ask A Quick Question

        We can help! We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Equity Release Mortgages Ask us a question and we'll get the best expert to help.

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        Pete Mugleston

        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.