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Equity Release

Learn More About Equity Release Options

Equity Release mortgages are not like residential mortgages. They help you secure a loan against the value of your property. In these guides we outline what makes them different, the eligibility criteria and help you decide if it’s an avenue you would like to pursue. It’s a way to free up money in your later years, but with many factors influencing the loan, it’s good to learn as much as you can from qualified mortgage professionals.

Posted On: January 20, 2022

How Long Does Equity Release Take?

If you’re thinking of releasing equity from your home to fund a retirement project, lifelong dream, or to give a loved one’s finances a bit of a boost, you may want to know how quickly you can access the equity from your home. If you take out an equity release plan, you can access the cash in between 6 – 8 weeks. In this guide, we’re going to give a quick breakdown of the process so you can better visualise the timeline, from the moment you start searching for an equity release plan to the moment you sign up to one.

How long does it take to release equity?

The two main types of equity release are home reversion plans and lifetime mortgages. As with many types of mortgages, a conveyancer’s assistance will be required. Choosing a solicitor that you trust and know works efficiently can make all the difference. However, it is ultimately the equity release provider who sets the timescales.

  • Seek professional advice as to whether equity release is right for you.
  • If you wish to proceed, you will then need to apply to an equity release provider directly, or speak to a mortgage broker. You should also seek legal advice at this time.
  • Both the equity release provider and your conveyancer will ask for certain documentation and identification – this is standard practice for most mortgages to protect against identity fraud or money laundering.
  • The equity release provider may instruct a surveyor to complete a valuation of the property and discern if any repair or maintenance work is required.If an offer is made, a meeting will be arranged to discuss the offer and answer any questions you may have. Once all parties are happy, you can sign the documents.You will receive all the documents that you have signed to the provider, along with a certificate to declare that you received legal or financial advice. A request for the funds can now be sent.

As mentioned above, the process typically takes 6 – 8 weeks to complete, assuming there are no hiccups along the way. For a smoother process it’s best to make sure your finances are in good order. Simple checks and changes – such as gathering any paperwork together for any current mortgage you’re still paying off and giving your credit score a quick check – can all help move the process along that little bit quicker.

If you need help finding the right equity release plan and want a stress-free process, speak to the team at Agentis today.