How long does equity release take?

How long does it take to get equity release?

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Deciding to take out an equity release plan isn’t an overnight decision. But once you choose to go ahead, you’ll naturally want things to complete quickly. So just how long does it take to release equity from your home?

Everyone’s equity release timescale is different. The plan and provider you choose will have an effect on when you’ll receive your tax-free cash, as well as your personal circumstances. Even so, we can give you some indication of how long it can take from application to completion.

Find out more in this guide to how long equity release takes:

• What is the average equity release timescale?
• What affects how long it takes to get equity release?
• Is it possible to speed up the equity release process?
• What is the typical equity release process when applying for a plan?

If you are interested in equity release, we hope this guide will help you understand the equity release process and timescales. Our selected advisers can offer further information and advice. They can also give you an idea of how long it takes to get equity release based on your circumstances. 

Just call us on 0808 178 3055 or request a call back and we’ll arrange a no-obligation appointment for you. Alternatively, check your eligibility and get an initial indication of how much tax-free cash you could unlock.

What is the average equity release timescale?

At the start of the equity release process, you’ll probably want to know how long your plan will take to set up.

How long equity release takes can vary. It depends on the type of plan you choose, the provider you work with, and certain specific aspects of your application.

For a straightforward application, with no issues or delays, the average turnaround time is about 6-8 weeks. This is from submitting your information to the clearance of funds in your bank account. Some applications may take longer, so we’ll now look at what might cause that.

What affects how long it takes to get equity release?

If you apply for equity release, hopefully your case will proceed smoothly and complete within the 6-8 weeks average. But as with any financial product, the speed at which your equity release lifetime mortgage or home reversion plan completes can be affected by a number of factors.

For example, dealing with issues around properties held in trust and the valuation of your property can impact the time it takes to get equity release. How long does it take to process the application if one of these issues should arise? Well, this will vary depending on the circumstances and how quickly your chosen provider can address the situation.

Other issues which may slow down the process include:

• Failure to disclose information to your equity release adviser.
• Delays in completing identity checks. 
• The need for a lease extension before your application goes through.
• Separation agreements between you and a former spouse/partner. 
• CCJs, cautions or restrictions concerning your home’s title deeds.

None of these issues mean that your equity release application will automatically be rejected. But they could all cause a delay in the process.

If you plan on using some of your equity release cash to pay back a creditor, it may be worth explaining to them that you are in the process of applying for equity release, timescales you are working to etc. This may reassure them that you are being proactive about clearing your debt.

Is it possible to speed up the equity release process?

If you apply through our selected advisers, they will of course do what they can to ensure you receive your funds as quickly as possible, if your application goes through successfully. 

There are some things you can do to help you achieve your preferred equity release timescales and keep everything running smoothly. For example, it will help if you get together relevant paperwork. These include identity documents, mortgage statements and home insurance information. Providers may request certified copies of these, so it will help if you know where the originals are. 

But please don’t worry if you don’t have all the paperwork to hand right now. Our selected advisers are happy to talk to you about your circumstances and assess your eligibility for equity release in the meantime. Even so, it is a good idea to start looking for the paperwork you’ll need.

What is the typical equity release process when applying for a plan?

If you decide to go ahead and take out an equity release plan, you’ll need to choose an equity release provider. There are many providers who offer a large number of plans and features, and that’s where we come in. We can help you find the best deals and minimise your equity release time scales.

When you make an initial enquiry with Equity Release Wise, we can arrange an appointment with one of our carefully selected advisers. They’ll check your eligibility based on your individual circumstances, explain the equity release process and discuss any alternatives that may better suit your needs.

Your adviser will tell you how much money you could release from your property and the costs involved. They’ll also discuss how equity release could affect your tax position and entitlement to benefits should you choose to proceed. 

Applying for equity release

Next, with the help of your adviser, you’ll fill out an application form to send to your chosen equity release provider. How long it takes to release equity can depend on how long it takes your provider to process your application.

From this point on, the equity release application process is not too dissimilar from that of a conventional mortgage. At this stage you’ll need to appoint a solicitor: our selected advisers can recommend specialist equity release solicitors to you.

Your chosen provider will typically arrange a valuation of your home. If this meets their requirements, along with your personal circumstances, you will receive an offer from them.

If you choose to accept the offer, your solicitor will arrange the transfer of funds into your bank account. If you have a mortgage or other secured loans on your home, you’ll be able to settle these using the funds released.

Talk to an equity release specialist

We hope that we have answered ‘how long does it take to release equity?’ as far as possible. If you want to look into equity release further, you may wish to speak to a qualified specialist adviser and we can arrange this for you.

To discuss your need for equity release, time scales involved and the application process, speak to one of our friendly consultants by calling 0808 178 3055 or request a call back. They can connect you to one of our carefully selected advisers who can answer all your questions and check your eligibility for a plan.

About Richard Groom. A writer with 20+ years’ experience across several sectors including financial services, Richard has a passion for writing clear and simple content on even the most complex of subjects. In his spare time, Richard loves exploring the hills and mountains of the UK on long walks with his faithful cocker spaniel. Follow Richard on LinkedIn