Applying for equity release isn’t always a smooth process. There are a lot of options out there from multiple lenders, don’t limit yourself by not doing your research.
Use a broker:
When it comes to equity release we would always recommend using a broker.
There is such a wide variety of products available that it can be quite over whelming and often leave you feeling confused and unenthusiastic.
Check your broker:
It is also vital to make sure that your advisor is a member of the Equity Release Council, you can check that here: https://www.equityreleasecouncil.com/home/.
Getting a loan typically takes around 4 weeks for a straightforward case, with more complex cases 2-6 weeks.
Don’t expect things to happen immediately.
The more information you can give your broker about what you need the equity release loan for the better. This helps to prevent against fraud. Giving information about your current status also helps your broker decide whether Equity Release is actually the best option for you.
If you would like to speak with us about taking out an Equity Release loan or you have any questions about loans in general please don’t hesitate to contact us.