Products & costs
Costs
When taking out a Stonehaven Lifetime Mortgage, there are some charges that you will need to pay. Below are the main costs, however please refer to ‘Our Charges’ which provides more detail on the costs involved.
Valuation Fee
This covers the cost of valuing your property and is payable by cheque when you submit the application.
The cost of the valuation will depend on the estimated value of your home. The table below shows the different costs:
| Property value | Valuation cost |
|---|---|
| £70,000-£100,000 | £130 |
| £100,001-£150,000 | £165 |
| £150,001-£200,000 | £210 |
| £200,001-£250,000 | £250 |
| £250,001-£300,000 | £280 |
| £300,001-£350,000 | £310 |
| £350,001-£400,000 | £340 |
| £400,001-£450,000 | £375 |
| £450,001-£500,000 | £400 |
| £500,001-£600,000 | £510 |
| £600,001-£700,000 | £610 |
| £700,001-£800,000 | £720 |
| £800,001-£900,000 | £830 |
| £900,001-£1,000,000 | £930 |
| £1,000,001 or over | Available on request |
If you are purchasing a property and would like a Homebuyer’s report on your new property, please make sure that you tick the appropriate box in the application form. The valuer will contact you directly to arrange payment and they will send you the report once the valuation has been done.
Completion Fee
This is paid on completion and will be added to your loan. This fee covers our processing and legal fees. This fee is currently £650.
Your solicitor’s fees
These will be paid by yourself, and are generally deducted from the money that is advanced to you when the loan completes. If you do not have a solicitor then you can contact Equilaw who are legal specialists operating the equity release market. Their telephone number is 01242 285252 or you can email your enquiry to equityrelease@equilaw.uk.com. Stonehaven do not make any commission from recommending this firm. Stonehaven’s legal fees are covered within the Completion Fee.
Advice Fee
All SHIP providers require you to use a financial adviser and they may charge a fee for their service.
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