One of the biggest questions many prospective consumers have is how long the application process takes and what is involved in that process. There is also the Equity Release Solicitors Alliance to consider so that you have access to the advice of a solicitor and they can handle the valuation of your property. Using a solicitor whose speciality is that of enhanced lifetime mortgages and equity release will be worth its weight in gold as you enter in to what can be a time-consuming process and you will be met with some obstacles along the way.
The general rule of thumb is that you will begin by researching and gaining some quotes from the main providers and this is done by an initial contact with one or more providers. Once you’ve established a general overview and that you could qualify for an enhanced lifetime mortgage, then you can seek the services of a specialist financial advisor. He or she will then begin to gather information on your health conditions and how long you have suffered from one or more. Any required medical confirmation that needs to come directly from your doctor will now be set in motion by your provider and in the meantime, your advisor will begin to draw up with the provider the paperwork required for submission to the lender so that they can start the process.
All of this can take some time and there can appear an array of paperwork to complete. Your solicitor will handle the legal process and you will be sent a vast amount of paperwork with instructions from your solicitor to sign and return. Your financial advisor will also be in contact to answer any questions you may have during the application process.
The process involves the marrying up of any required medical confirmation from your GP with the information contained in your keyfacts illustration so that the lender can begin to finalise the application process. The other main factor at this point is that your solicitor will be instructed to handle the valuation of your home to confirm with the lender in order to receive the best interest rate based on your health and the value of your home. Your solicitor should be a member of the Equity Release Solicitors Alliance. Once the valuation is complete this is then sent to the lender. Your solicitor will then begin to draw up the legal paperwork in order to begin the final stage of the process. Using a solicitor from the Equity Release Solicitors Alliance will help to speed up the application process as they are more geared to the enhanced equity release market than non-members.
The whole application process can take between six to eight weeks. Due to strict anti-money laundering and anti-terrorism laws, you will also need to provide valid photographic evidence of your identity for the lender to issue you with the mortgage. The most common hold-ups during the process is that of awaiting for any medical confirmation from your doctor and the legal side of things and this is why it is recommended that you use an Equity Release Solicitors Alliance-registered member to ensure that you receive the fastest and most efficient service.
Six to eight weeks is a general time scale for the whole process to be completed from the first contact to signing and completing the application papers. The funds will then be released to you and your enhanced mortgage application is complete. You’re now free to begin to enjoy your retirement and make the most of the time you have left.
