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How long does equity release take?

Are you wondering how long it will take to release the cash tied up in your home?

The equity release market has grown steadily in the past 5 years. A greater variety of products on the market and increased competition from many different lenders has driven interest rates down. Many over 55’s who need a tax-free lump sum are considering releasing equity from their homes to fund large purchases, pay off the remainder of their mortgage or gift a loved one. All without having to downsize and sell their property. With the market booming, it’s a great time to find out how much you could release.

What does the application process look like?

When applying to be considered for equity release, you will need to give information about your age and the age of your partner, the amount still payable on your mortgage (if any) and an estimate of your house price, along with your contact details for a financial advisor to get in touch. The advisor will then fill in an application form and run through all the key facts with you. They will also give you an exact indication of how much you could release, the interest that will be accrued, along with the fees for the service.
The next step is for an estate agent to carry out a valuation to ascertain the current market value of the property. Then a surveyor will also need to carry out a detailed survey to advise of any maintenance issues that may affect the resale.
At this point you will need to access a solicitor and instruct them to arrange the legalities of the sale, along with the interest that will be accrued to give an indication of the completion amount upon sale.
The lender will then request your ID, marriage certificates if applicable and may conduct credit checks.

How long does equity release take?

The speed of the application process depends on what type of loan you have opted for and how long your solicitor needs to carry out the necessary legal arrangements. This can take anywhere between 6 – 12 weeks.

How do I find out more?

Why not get in touch and speak to one of our partners to discuss your equity release options. Or use our quick calculator to see how much equity you could release.

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