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Equity Release Guide
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Mortgages made simple is a marketing website and not a lender or a broker. It does not sell or recommend mortgages.
Before you embark on this please read this carefully prepared list, we at Mortgages Made Simple.net like to ensure that our clients are fully aware of all the facts.
Your home may be repossessed if you do not keep up repayments on your mortgage.
1. |
Do your homework - use specialist press and the internet to do some background research. |
2. |
Speak to an independent financial adviser - talk through all of the financial implications of equity release. |
3. |
Consult a legal expert - make sure you understand all the legal connotations of your position. |
4. |
Talk to your family - it may well be their inheritance you are spending, so make sure they are happy with your arrangements. |
5. |
Choose a provider - shop around and make sure you are happy and that the provider is a member of Safe Home Income Plans (SHIP).Free Mortgage Quote |
6. |
Put in an application - you will need proof of identification, marriage certificates where appropriate and details of your home buildings insurance. |
7. |
Valuation - the provider will usually arrange for your home to be valued, to determine how much they will give you. |
8. |
The legal process - the solicitor is there to protect your interests and those of the provider. |
9. |
Offer and completion - it usually takes about 10 weeks to get your money after your application has been received.Free Mortgage Quote |
10. |
Spend it - the money is yours to spend as you like. Many equity release users spend the money on home improvements, but plenty also splash out on a car or a holiday. The choice is yours. Enjoy after all you have worked for it. |