Equity Release -How Long Does it Take?
The most popular type of equity release is a lifetime mortgage, which takes around four to six weeks to completion.
Book a FREE call back & Compare Lifetime Mortgages With Our Experts!
You may be considering releasing some of the wealth in your home to boost your finances, but how long does the process take, and what are the main steps to safely accessing your tax-free equity?
Later Life Finance provide our clients with a detailed lender & plan analysis to ensure your wealth can still be preserved whilst enjoying the benefits of accessing some of your home’s equity.
We carry out side-by-side Interest projections, and show you the effect of making voluntary payments. We show you how to setup your mortgage up the correct way.
Book a free call back in our diary below and discuss your plans with our qualified experts.
No call centres, just straight talking advice, with a full comparison of lifetime, retirement and mainstream mortgages, without any commitment.
We’re an FCA authorised broker for your peace of mind.
Take the uncertainty out of the process with genuine experts you can trust to put your best interests first.
advice@later-life-finance.co.uk
0800 2465228
I have known Paul for a number of years, and he is very professional & knowledgeable and always goes the extra mile for his client's. I would have no hesitation in recommending Paul to any potential clients requiring equity release. Mark Eastwood16/07/2024 Cant than Paul enough for his help. Totally proffecional all the way from our first conversation to our last. Thank you Paul for arranging our life time mortgage. Brian Bircham13/02/2024 Very good Michael Dilucia08/07/2023 My equity release application had been rejected 3 times when I was referred to Peter at Later Life. He was extremely thorough, patient, friendly, and knowledgeable. He helped us with every step of the application and explained everything clearly and patiently. We finally succeeded in getting the equity release we wanted. I cannot recommend them highly enough. Their service goes above and beyond. Very happy customers! Sherry Izadi08/07/2023 Paul has been a rock throughout the most traumatic time of my life. His patience has been endless as I was clueless about my financial complications after the death of my husband. I recommend his services to anyone out there needing his advice and guidance. Hazel Franklin20/10/2022 Paul Murphy was superb in sourcing and arranging my lifetime mortgage and his professionalism was second to none. I would recommend him without reservation. Tony Holloway31/03/2022 Paul did a first class job helping me secure a great rate for my equity release proposition. I like the idea of equity release but at the right rate Paul was competitive and at the expense of his own commission made it happen. I really felt I was the focus not him. The big firms with the fancy marketing were almost twice as much in terms of all- important compound interest. I highly recommend Paul, he works for you, not 'them'. I also felt safe with the solicitors he recommended, they too sent a first class guy who was a pleasure to work with. Equity release is not cheap, it's vital that people like Paul work for your best interest (pun intended). What price can you place on the latter peace of mind having financial security brings. Highly delighted. Mike Murray31/03/2022 We have used Paul's services twice in just over a year. Initially it was to change provider as better interes rates were available. On the annual review it transpired that no early repayment charges would be levied. Being a Yorkshire man l searched for best rates, providers and advisors and it was back to Paul. I have no loyalty where money is concerned but transparency, knowledge and reliability are paramount. That's exactly what we got. Good service, excellent communication, expedience and saved money. Second time around not even a direct fee to pay for the service. Another provider did come up with an option however their fees were somewhat prohibitive, when l brought this to their attention they offered to slash the fee. Not good practice. So after all the waffle. I have no reservations in recommending Paul's services. Anthony Grey08/09/2021 We had reservations about Equity Release plans and approached a number of leading companies. Glad we settled with Paul Murphy and Responsible Life. He was patient and personable and guided us through the process. We received a most professional service, never felt under pressure. The plan is now in place. Excellent communications throughout. No hesitation, would highly recommend Paul. Jw. Jeffrey Wade07/01/2021
Updated July 2024 -Author Paul Murphy
Later Life Finance Limited.
Equity Release Process Menu
Equity Release Application Process Menu
How long does it take to get equity release after you apply?
After submitting an equity release application, you can expect a timescale of around 6-8 weeks to arrange a lifetime mortgage and receive your funds.
Once you’ve received expert advice and established if you are ready to raise money from your home, an application can be made.
As a specialist broker, Later Life Finance can arrange the entire process.
We deal with the application forms and liaise with your lender and solicitor to make the journey as smooth as possible for you.
If you’re considering releasing some of the equity in your home, a dealing with a lifetime mortgage broker is one important factor, but understanding the most cost effective way to arrange the plan is equally important.
Arranging a lifetime mortgage is a big step, which takes careful research and planning to ensure the selected route is suitable both in the current the longer-term when calculating how much can you borrow with a lifetime mortgage.
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I have known Paul for a number of years, and he is very professional & knowledgeable and always goes the extra mile for his client's. I would have no hesitation in recommending Paul to any potential clients requiring equity release. Mark Eastwood16/07/2024 Cant than Paul enough for his help. Totally proffecional all the way from our first conversation to our last. Thank you Paul for arranging our life time mortgage. Brian Bircham13/02/2024 Very good Michael Dilucia08/07/2023 My equity release application had been rejected 3 times when I was referred to Peter at Later Life. He was extremely thorough, patient, friendly, and knowledgeable. He helped us with every step of the application and explained everything clearly and patiently. We finally succeeded in getting the equity release we wanted. I cannot recommend them highly enough. Their service goes above and beyond. Very happy customers! Sherry Izadi08/07/2023 Paul has been a rock throughout the most traumatic time of my life. His patience has been endless as I was clueless about my financial complications after the death of my husband. I recommend his services to anyone out there needing his advice and guidance. Hazel Franklin20/10/2022 Paul Murphy was superb in sourcing and arranging my lifetime mortgage and his professionalism was second to none. I would recommend him without reservation. Tony Holloway31/03/2022 Paul did a first class job helping me secure a great rate for my equity release proposition. I like the idea of equity release but at the right rate Paul was competitive and at the expense of his own commission made it happen. I really felt I was the focus not him. The big firms with the fancy marketing were almost twice as much in terms of all- important compound interest. I highly recommend Paul, he works for you, not 'them'. I also felt safe with the solicitors he recommended, they too sent a first class guy who was a pleasure to work with. Equity release is not cheap, it's vital that people like Paul work for your best interest (pun intended). What price can you place on the latter peace of mind having financial security brings. Highly delighted. Mike Murray31/03/2022 We have used Paul's services twice in just over a year. Initially it was to change provider as better interes rates were available. On the annual review it transpired that no early repayment charges would be levied. Being a Yorkshire man l searched for best rates, providers and advisors and it was back to Paul. I have no loyalty where money is concerned but transparency, knowledge and reliability are paramount. That's exactly what we got. Good service, excellent communication, expedience and saved money. Second time around not even a direct fee to pay for the service. Another provider did come up with an option however their fees were somewhat prohibitive, when l brought this to their attention they offered to slash the fee. Not good practice. So after all the waffle. I have no reservations in recommending Paul's services. Anthony Grey08/09/2021 We had reservations about Equity Release plans and approached a number of leading companies. Glad we settled with Paul Murphy and Responsible Life. He was patient and personable and guided us through the process. We received a most professional service, never felt under pressure. The plan is now in place. Excellent communications throughout. No hesitation, would highly recommend Paul. Jw. Jeffrey Wade07/01/2021
Get started with our free lifetime mortgage calculator...
- Lifetime mortgages allow homeowners over 55 to borrow against your home with the option to make voluntary repayments to preserve more of your equity. We are often asked, what are the best lifetime mortgage rates? (Payments are optional) and we have access to the best deals, get in touch for a quotation.
- No income or affordability checks to qualify, and takes around 8 weeks to arrange a lifetime mortgage. We have access to the best lifetime mortgage providers to help the process run smoothly with expertise and service.
- The money is repaid at the end of your lifetime from the sale of your home.
- To check your eligibility and how much equity you can release, try our free equity release calculator
- Borrow between 20% and 50% of your home’s value, depending on age; enhanced mortgages available for those health problems.
- Negative equity guarantee for Equity Release Council members, which ensures you and your estate are fully protected.
- Possible to move home and take the lifetime mortgage if moving to a suitable property
- Drawdown plans available to stage the borrowing over the coming years, providing more flexibility
- Get professional advice to understand if a lifetime mortgage is suitable.
How long does the equity release advice process take?
The equity release advice process consists of an initial telephone, video call or face to face meeting depending on your preferences.
This appointment typically lasts around an hour, and ensures your adviser can help establish suitability and answer any questions you may wish to discuss.
You may be wondering if lifetime mortgages are a good idea and if they are suitable for your needs.
We are often asked, what is the difference between a lifetime mortgage and equity release? The answer is simple: They are technically the same concept; a lifetime mortgage is the most popular form of equity release.
There are many equity release myths which thankfully don’t apply to modern lifetime mortgages. We explain the pros and cons of each option in detail for complete transparency.
Our experts will help you navigate your options and explain the pros and cons of each equity release plan.
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Speak to our experts on
0800 2465228
Or email:
advice@later-life-finance.co.uk
How long does equity release take after valuation?
The equity release application process takes around 6 weeks following the valuation of your home.
We’ve seen applications complete in much shorter timescales, so it really depends on how quickly the solicitor and lender process the application.
One of the most important aspects is ensuring your adviser is efficient and will keep your application moving forward.
To get started with a free quotation service contact us today for a full market review with a qualified equity release adviser.
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What does the solicitors appointment involve?
Under regulated mortgage rules you need to use a solicitor when setting up a lifetime mortgage.
The solicitor will ensure you are comfortable with the legal aspect of the mortgage and they also check you’re not under any financial duress from a third party.
They also deal with the lenders solicitor and receive the funds prior to completion and your receipt of funds.
As a specialist broker Later Life Finance have access to a full range of equity release solicitors you can use for your lifetime mortgage.
How much does a lifetime mortgage cost?
Lifetime mortgage costs can be broken down into two categories, setup costs and overall interest costs.
Setup costs consist of broker and solicitors costs, which are around £1,490 and £800 respectively.
Interest costs depend on how much you borrow and whether you choose to pay the interest back.
We provide free initial advice to help you understand all your options, and we supply you with detailed interest projections and quotations to understand the true costs of equity release.
Speak to our experts on
0800 2465228
Get Started With A FREE Adviser Call Back & Compare The Whole Market.
Get free illustrations, projections & advice, without any obligation.
I have known Paul for a number of years, and he is very professional & knowledgeable and always goes the extra mile for his client's. I would have no hesitation in recommending Paul to any potential clients requiring equity release. Mark Eastwood16/07/2024 Cant than Paul enough for his help. Totally proffecional all the way from our first conversation to our last. Thank you Paul for arranging our life time mortgage. Brian Bircham13/02/2024 Very good Michael Dilucia08/07/2023 My equity release application had been rejected 3 times when I was referred to Peter at Later Life. He was extremely thorough, patient, friendly, and knowledgeable. He helped us with every step of the application and explained everything clearly and patiently. We finally succeeded in getting the equity release we wanted. I cannot recommend them highly enough. Their service goes above and beyond. Very happy customers! Sherry Izadi08/07/2023 Paul has been a rock throughout the most traumatic time of my life. His patience has been endless as I was clueless about my financial complications after the death of my husband. I recommend his services to anyone out there needing his advice and guidance. Hazel Franklin20/10/2022 Paul Murphy was superb in sourcing and arranging my lifetime mortgage and his professionalism was second to none. I would recommend him without reservation. Tony Holloway31/03/2022 Paul did a first class job helping me secure a great rate for my equity release proposition. I like the idea of equity release but at the right rate Paul was competitive and at the expense of his own commission made it happen. I really felt I was the focus not him. The big firms with the fancy marketing were almost twice as much in terms of all- important compound interest. I highly recommend Paul, he works for you, not 'them'. I also felt safe with the solicitors he recommended, they too sent a first class guy who was a pleasure to work with. Equity release is not cheap, it's vital that people like Paul work for your best interest (pun intended). What price can you place on the latter peace of mind having financial security brings. Highly delighted. Mike Murray31/03/2022 We have used Paul's services twice in just over a year. Initially it was to change provider as better interes rates were available. On the annual review it transpired that no early repayment charges would be levied. Being a Yorkshire man l searched for best rates, providers and advisors and it was back to Paul. I have no loyalty where money is concerned but transparency, knowledge and reliability are paramount. That's exactly what we got. Good service, excellent communication, expedience and saved money. Second time around not even a direct fee to pay for the service. Another provider did come up with an option however their fees were somewhat prohibitive, when l brought this to their attention they offered to slash the fee. Not good practice. So after all the waffle. I have no reservations in recommending Paul's services. Anthony Grey08/09/2021 We had reservations about Equity Release plans and approached a number of leading companies. Glad we settled with Paul Murphy and Responsible Life. He was patient and personable and guided us through the process. We received a most professional service, never felt under pressure. The plan is now in place. Excellent communications throughout. No hesitation, would highly recommend Paul. Jw. Jeffrey Wade07/01/2021
Applying for a lifetime mortgage can seem daunting at first.
Securing the best possible solution for your needs is our prime focus as an FCA authorised lifetime mortgage broker.
Dealing with genuine experts will help avoid pitfalls later down the line.
The expert advisers at Later Life Finance can help you safely navigate your options and provide a complete start to finish service, with total confidence.
Summary
How long it takes to arrange equity release is dependent on your requirements, the broker you choose to arrange your plan, and the legal process.
Later Life Finance are experts in arranging equity release plans. We understand the process in great depth and can provide guidance and expertise at all stages of the application process.
To find out how much equity you can borrow with a lifetime mortgage, request a call back for a detailed illustration.