What’s the equity release application process?
If you’re thinking about unlocking some of your property wealth then you may be wondering what to expect as you progress through the equity release process. The process is not too dissimilar to that of a conventional mortgage. For example, during the equity release application process your adviser will recommend a lifetime mortgage product, you will appoint a solicitor and your home will be valued before receiving your offer.
Here is a summary of the equity release process, so you know what to expect:
Step 1 – Initial enquiry. You can use our free equity release calculator to get an initial estimate of what you could release, or contact us to request a free*, no-obligation initial appointment with one of our carefully selected equity release advisers.
Step 2 – First appointment. During your first appointment with an adviser, they will check your eligibility for a plan, explain the equity release process, understand your needs and circumstances and discuss any alternatives that might be financially better for you.
Step 3 – Second appointment. You will be provided with a full report recommending the best option for your personal circumstances. Your adviser will also explain which plans suit your needs most, how much you could release from your home and the costs involved. They will also provide information on how your tax position and entitlement to state benefits may be affected where applicable. If you wish to proceed, your adviser will take you through the application form before submitting it to your chosen provider.
Step 4 – Choose a solicitor. At this stage in the equity release application process, you will need to appoint a solicitor who specialises in equity release. Our selected advisers can recommend specialist equity release solicitors to you, to save you time having to search for yourself.
Step 5 – Surveyor report. Your chosen provider will instruct a surveyor to attend and value your home. This valuation will confirm that your property is eligible and determine exactly how much you can release.
Step 6 – Offer made. You will next receive an offer from your provider as confirmation that everything has been approved. This will be sent to your solicitor who will then take you through the process of accepting the offer.
Step 7 – Completion. Your provider will release the money to your solicitor, who will arrange for the funds to be transferred into your bank account. Completion is typically 6–8 weeks after you submit your application with your adviser. If you have a mortgage or other secured loans on your home, these will be settled from your initial lump sum.
Find out what’s possible for you: get a free quote or talk to one of our friendly consultants by calling 0808 178 3055 or request a call back.