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Published: May 17, 2021

A specialist mortgage broker with you every step of the way

Are you considering taking the next steps to apply for equity release, then you have come to the right place.

Amber mortgage solutions specialise in equity release and we have written this article to help you understand the following:

Application process: Skip to steps

Our team are here to guide you through the whole process, keeping everything jargon free and clear as possible. We can advise you on the best equity release option for your personal circumstances, ensuring you have financial peace of mind in later life.

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Equity release application process explained

5 easy steps

Step 1: Getting to know you: the initial meeting

Understanding your personal circumstances is vital in finding the right equity release plan for you. All of our clients will receive the best service and you will always be speaking with a real person. We can arrange a face to face meeting at our office in Southend on Sea, or if that is not convenient we can arrange a call at a time that suits you.

One of the first questions our advisors will ask is what are the reasons and needs for releasing equity, this is to determine the best plan. People want to release equity for so many different reasons, which can be simply to release extra cash, to pay off a mortgage, help a family member or buy a second property, it all comes down to personal circumstances.

Read more about: Financial planning for retirement

Next our advisors will ask and speak to you about

  • What is your current situation?
  • Discuss how Amber can help you with the right plan
  • Ask personal details about your age, lifestyle, debts and income
  • How much your property is worth and discuss any outstanding loans you may have
  • Answer any questions you may have and give an estimate to the amount you may be able to release
  • Answer any questions you may have

Releasing equity from your home is a big decision and we strive to make sure our clients understand the whole process, Amber will make sure all your questions have been answered.

We understand you may need some time to take in all of the information and also speak with your family. We can book in another meeting to answer any further questions you may have with your advisor or arrange a call back at a time that suits you to continue the mortgage application if you wish to proceed.

Step 2: Finding the right equity release plan for you

More about you

Once we know you wish to continue with your application, we will go over in greater detail the information you have provided about your income, debts, & health and lifestyle. Plus, if you have any particular requirements and priorities you want to get out of an equity release mortgage and also what your budget & timescale are.

Finding the right equity release scheme for you

The next stage is to determine which plan is right for you, this is worked out by knowing how you wish to spend the cash in your later years and whether a lump sum or draw down mortgage is best for you. Once your mortgage advisor has all the required information, they will undertake a whole of market search to find the right plan, making sure you get the correct product terms & conditions, interest rates and incentives.

Discussing the options

Once the right equity release plan has been found for you, we will discuss why that product has been chosen and all the relevant product features to ensure that it is the right product for your requirements now and also for you in the future.

We will answer any outstanding questions you may have.

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Step 3: You will need a solicitor

A solicitor is needed to handle all of the legal paperwork and also deal with cash transactions.

If you do not already have a solicitor, we can recommend a solicitor who specialises in equity release in the local area.

Step 4: Submitting your application

Nearly there

Now we know you are happy with all the equity release terms & conditions that apply to your plan we will send you a full report that details all our recommendations. The report will cover all the benefits and risks involved with the plan, a summary of your personal & financial situation, terms and conditions and the costs associated with your equity release mortgage.

We can now complete the application and send this to the equity release lender. Once they have received this and accessed the application they will then perform a credit check and also arrange for your home to be valuated.

Step 5: Offer confirmation and receiving the money

Upon approval of your mortgage the lender will then send out details to you, your solicitor and also ourselves.

If all parties are happy with the offer and all required information has been provided your solicitor will then finalise the paper work and all legal documents.

Once the lender has received all of the paper work and legal documents from your solicitor, they will then finalise the applicaion and transfer the tax free money to your solicitor to deposit into your account.

Congratulations

Once your have received the money you can then spend the cash how you wish.

How long does the equity release application take?

We get asked this question alot, there isnt an exact timescale and it depends on how long your solicitor takes to complete the legal documents. From our experience the process usually takes between 4-7 weeks from the submission of the application to the cash being deposited into your account.

Equity release application timescale

Breakdown of the equity release timescale and stages involved (step by step)

Please note the below table is an approximation based on a standard lifetime mortgage application.

Stage Timescale
Initial equity release advice from mortgage broker and submission of your application 1 week
Home valuation 1 week
Receiving formal offer from lender 1 week
Receiving legal advice from your solicitor 2 weeks
Approval of equity release application 1 week
Total: 6 weeks

Frequently asked questions

There is alot of information to cover when it comes to equity release and we ensure our clients have all the knowledge they need to make the decision to release equity.

Read our frequently asked articles below to find out more