Equity Release -Process

How long does it take?

Once you have decided on equity release your thoughts will probably turn to how long does equity release take?  This will depend largely on which type of equity release scheme you choose.  Lifetime mortgages will normally take 6-8 weeks, where as home reversion plans can take anything up to 12 weeks to arrange.

We feel this is a small price to pay for ensuring the equity release plan you choose will not only be right for you now but will also remain suitable well into your future.

The different stages any enquiry goes through is outlined below along with the typical timescales for each step  after requesting the first appointment, assuming you do want to proceed.

Step One

We will offer you a free personal home consultation in order to discuss equity release fully with you and any family you want to be involved, answer any queries you have and evaluate whether it is right for you.

Step Two

We will research the best schemes for you.  (Week 1).

Step Three

We will re-visit you to discuss the best plans, make a recommendation and should you agree, do all the paperwork.  (Week 2)

Step Four

We will process your application and submit it to the chosen equity release provider.  (Week 2)

Step Five

The lender will appoint a local independent valuer to come and inspect your home to put an independent valuation on it.  (Week 2-3)

Step Six

You will receive an offer from the lender which will go to your chosen solicitor to check.  This offer will detail exactly how much the lender is prepared to lend, or in the case of a drawdown lifetime mortgage  how much they will set aside for you to draw on over a period of time, either being based on your age and the independent valuation established by the valuer.  (Week 3-4).

Step Seven

Once your solicitor has vetted the plan on your behalf, they will request you visit them to ensure you understand what you are entering into and that the impact of doing equity release have been explained to you.  Only once they are happy that you do indeed wish to proceed will they sign the necessary certificate which they need to send to the lender before the lender will release your requested money.  (Week 6-7) or (Week 9-10 for a home reversion plan).

Step Eight

Your solicitor will receive the money requested, and will forward this to you, after first paying off any loans or mortgages secured on your property and deducting their fees along with ours. This way you know what you receive is yours to enjoy.  (Week 6-8) or (Week 10-12 for a home reversion plan).

How to get started?

If you have already decided that equity release is something you would like to investigate further and would like to request your free initial consultation then please complete our online enquiry form and we will call you back to discuss it a little further with you and to make a suitable appointment with you.

"Equity release" includes home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.

Further information about equity release

Clicking on any of the following links will allow you to find out more about key information on releasing equity from your home.

What types of schemes are there | How much can I release | Benefits of equity release | | How to request a brochure | How to book an appointment