Application Process

Application process

 

The final part of the equity release process is completion of the application stage.

 

Once a decision has been made to proceed, your thoughts will quickly turn to how
long it will take before you receive the tax free cash. The main factors influencing
this will be the lender, your solicitor & the type of equity release mortgage selected.

 

 

How long does an application take?

On average, the whole equity release process should take approximately 4-6 weeks. A home reversion plan
can take a week or two longer. If speed of the essence then certain steps can be taken to hasten matters.
By using an experienced solicitor, who knows each provider & their requirements, could save the most time.

 

 

What are the key stages in the equity release process?

Below are the stages involved in the application process explaining in more detail what happens at each step.
Assuming you have taken the right equity release advice, received a Key Facts Illustration, are happy to sign
an application and all documents requested have been provided, then the process can start as follows: -

 

Application Process

  • Application submitted to provider – who will then process & check your application to ensure no
    documents are outstanding. Some equity release lenders conduct a credit check & voters roll check.
  • Valuation is instructed - the lifetime mortgage or home reversion company will instruct a local surveyor
    to assess your property value & condition. They will call to arrange a mutually convenient appointment.
  • Solicitor instructed to start legal work - they will check title to the property & whether it's freehold
    or leasehold. They will also check any outstanding mortgage, as this must be repaid on completion.
  • Mortgage offer is made - upon receipt of a successful valuation, the equity release lenders will then
    make a mortgage offer detailing the conditions of the proposed lifetime mortgage. A copy is sent to you
    and the original documents including mortgage deed are sent to your solictor. These require signing.
  • Completion date is set - the solicitor will receive the money from the equity release company and settle
    any outstanding mortgages. Also any fees due to themselves & adviser are deducted before the balance
    is sent directly to your nominated bank account. The money is now yours to spend as you wish.

 

What are the next steps?

If you have decided equity release schemes are for you, then please contact us by any of the following means: -

 

Book an appointment | Request a quote | This e-mail address is being protected from spambots. You need JavaScript enabled to view it | Request a free guide | Call back

 

...or if you wish to speak to one of the Compare Equity Release team please call freephone 0800 678 5169

 

 


 

Equity release schemes include home reversion and lifetime mortgages.To understand the features and risks ask

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These are lifetime mortgage & home reversion plans. To understand the risk & features of these plans, request a personalised Key Facts Illustration.

CompareEquityRelease.com helps you to compare and arrange equity release schemes with the following equity release companies:

Aviva | Bridgewater | Hodge Lifetime | Just Retirement | LV= | more2life | One Family | Retirement Advantage | Pure Retirement