How do I apply for Equity Release?
Before you can decide whether or not to apply for equity release, you’ll need to speak to a specialist, qualified adviser, by phone, video or face to face in the comfort of your home – it’s up to you. From that point on, your adviser and their team will be with you every step of the way until your case completes.
Once you’ve called our head office team on 0800 0155 142, you’ll be booked an appointment with your personal, specialist adviser. They’ll get to know you, your circumstances and what you’re hoping to achieve once you’ve release equity from your home.
This should take around an hour, and can be either over the phone, via a video link, or your adviser can visit you at home. We definitely encourage family or friends to be present during your appointments, to ensure all questions are asked and they can offer you support.
This appointment, as well as the recommendation pack, is free, and you’re never under any obligation to proceed.
Your adviser will go away and complete their research and determine if they can advise that equity release is your best option. You will then receive a full, written recommendation showing you all of the costs and benefits should you wish to proceed.
If you decided to go ahead, you submit your application and we take care of the rest. Your adviser and their support team will be in regular contact, updating you on the case progress and helping things go smoothly.
You will need to use a solicitor who will offer legal advise, via a local representative, and manage the conveyancing work.. We have a panel of solicitors, who specialise in equity release, who we can put you in touch with.
The lender will arrange for an independent valuer to contact you to arrange a convenient valuation appointment. Once the lender is happy with your home valuation and application, they will send an offer through to your solicitor.
Most equity release applications take up to 8 weeks to complete. However, we will do all we can to keep this process to a minimum and make sure funds clear in your bank account as quickly as possible.
Only when your case completes, and you receive your money, will a fixed advice fee of £1,695 be payable. This can be paid separately, or taken from your equity release loan.