Learn the equity release terminology

Definitive Equity Release Glossary

Equity release is a big decision and for you to fully understand what process you're entering, it's important that you have the big picture. Like many specialist industries, equity release has a list of jargon that can be overwhelming if you're new to it. We recommend discussing terms you're unsure of with your independent equity release adviser.

In the meantime, this equity release glossary can help you gain a better understanding.

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Additional borrowing - A person applying to borrow more money from their lender. This depends on the type of lifetime mortgage they have and is referred to as a “Further Advance”.
Advice fee - A broker may charge you a fee for the financial advice and support you receive through the equity release process. This can vary significantly.
APR (Annual percentage rate) - The annual rate charged for borrowing. Usually expressed as the actual yearly percentage.
Application fee - An upfront fee paid to process an application. As lenders, Pure does not charge an application fee, however, your broker will charge an advice fee.
Arrangement fee - An agreed fee that is paid upon completion of your equity release plan.

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We always recommend researching equity release with your adviser and in your own time. If you'd like to find out what the process of a lifetime mortgage can be like, view our typical journey of a lifetime mortgage applicant.