Services

Thinking about Applying for a Lifetime Mortgage?

Here's what Happens Next

If you're considering a lifetime mortgage, you may be wondering what happens next.

This step-by-step guide explains the process from our first conversation through to completion, helping you understand what to expect at each stage.

Step 1 - Are You Eligible?

You must be aged 55 or over to be eligible for equity release.

You need to own the property that you wish to release equity from. This could be your current main residence or a property you're planning to purchase as your new main residence.

Eligibility will also depend on factors such as the property itself and the lender's criteria.

Step 2 - What Information will I Need?

Create a list of what you want to do with the money and how much each thing will cost. It's important to plan ahead to avoid any financial shortfalls or releasing too much and paying unnecessary interest.

Collect recent bank statements, identification documents, mortgage statement (if applicable), and information about any benefits you receive. Having these details ready will help me find the best plan for you.

Jot down any questions you have about equity release. You can also involve your family members in our discussions to ensure any concerns are addressed.

If you have questions about lifetime mortgages, you may also find the answers in my Frequently Asked Questions section.

Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding for long-term care. We advise on lifetime mortgages only.

Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care

Step 3 – What Happens during the Advice Process?

First, I’ll explain my service to ensure that it's right for you. Throughout our meeting I'll listen carefully to understand what you need and want, so I can offer you the best advice possible.

With my extensive knowledge of lifetime mortgages, I'll answer any questions you have and explain things simply and clearly. I want you to feel confident and informed about your choices.

During our initial meeting I will complete a questionnaire so that I can fully understand your circumstances, needs and what you're hoping to achieve.

After our meeting, I will consider the available options, including alternatives to equity release, before deciding whether a lifetime mortgage may be appropriate for your circumstances.

Where a lifetime mortgage is suitable, I will provide a personalised recommendation and a detailed illustration explaining how the proposed plan works.

I'm here to answer your questions and explain everything along the way, so that you have the information you need to make an informed decision.

If you'd like to understand more about how a lifetime mortgage works before we meet, take a look at my guide.

Step 4 – How do I Decide whether to Proceed?

We'll go through the illustration together, making sure you fully understand the plan and how it works. Feel free to ask any questions. It's helpful to involve your beneficiaries too, as they'll be affected by the decision.

If you feel confident and want to proceed, we'll move forward by completing the application form. However, if you'd like more time to think things over before deciding if you want to proceed, that's perfectly okay.

You can be assured that I'm here to support you every step of the way. I'll provide you with all the necessary information and guidance to help you make a well-informed decision that's best for you and your loved ones.

You may also find it helpful to explore some of the alternatives to equity release before making a decision.

Step 5 – What Happens if I Decide to Proceed?

Once your application is submitted, the provider will arrange for a valuation of your property, this is typically done at no cost to you. The surveyor will contact you to arrange a mutually convenient time for the valuation.

A solicitor who specialises in equity release will need to be appointed. Don't worry, if you don’t have one in mind, I can recommend reputable firms with the expertise needed to help you. They will guide you through the legal process.

Step 6 – How Long does a Lifetime Mortgage take?

It typically takes around 6-8 weeks to complete the process of obtaining a lifetime mortgage against a property that you already own. You can trust that I will be on hand throughout the whole process to guide and assist you and to answer any questions you may have.

Call me to see if Equity Release is right for you