Releasing equity from your home remotely

It's still possible to release equity from your home, even at this time of social distancing and self-isolation due to coronavirus.

We've been providing lifetime mortgage advice remotely since 2018. Here we've outlined the process, with particular attention to where it has changed.

Find out if a lifetime mortgage is right for you

Get a free initial consultation with OneFamily Advice.

We charge a simple fixed fee of £750 for our whole-of-market advice, only payable if you accept the recommendation of one of our advisers.

1. Consultation

Your free, initial consultation will take place over the phone, as is normal for us.

The initial consultation is an opportunity for your adviser to understand your situation. After this they can start researching and identifying the best solutions for you.

2. Recommendation

Your adviser will make a recommendation by post or email, depending on your preference. If you would like to proceed and make an application there is a £250 fee at this stage.

How much equity you can release will depend on several factors, such as your age, the value of your home and the size of your outstanding mortgage balance.

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3. Application

If you want to proceed, your adviser will put together your lifetime mortgage application on your behalf.

Some lenders still require a signed paper application document, so postal correspondence with you may be required. Other lenders are happy for digital signatures to be used.

Where lenders still rely on paper processes our advisers are in touch with the providers to ensure post is collected and your application is not delayed.

4. Valuation

Under normal circumstances the lender would physically inspect the property in order to value it.

Due to social distancing guidelines this is no longer possible, however the majority of lenders are now accepting desktop valuations that are completed without the need for a physical inspection.

5. Offer review & signing

Until now face-to-face legal advice was required at this stage to ensure you fully understand the offer when you sign it.

This is still possible under social distancing guidelines, through a window for example. The Equity Release Council has temporarily allowed this legal advice to be provided remotely, over the phone or video conference call for example.

6. Completion

Once your offer acceptance document has been signed and your solicitor has completed all the required legal work the lender will set a completion date for the funds to be released to your solicitor.

Once the funds have been released it is at this point that the final £500 of our advice fee becomes due.