Purchasing a property using Equity Release

If you’re at the stage in your life where you are unable to get a standard mortgage but what to move to a nicer area or closer to family then you should consider using equity release to purchase a property. You should be able to enjoy your retirement or later life in the home you want to.

What's on this page

Our Process
What to look out for when viewing properties
Other associated costs to consider
Contact us

Our Process

The first step of our process is to book in for an initial chat, where you and one of our brokers can have a chat about your circumstances and what you are hoping to do. From here, the broker will book you in for the first meeting which can either be face to face or via Zoom. If you are local you are welcome to come to our offices or our adviser will come to your home.

Before this meeting, you will be sent a list of documents to have available as we will need the information in these documents to complete our fact-find, and enable us to advise you further

All of our first meetings are free of charge. You can find the pricing for all of the services we offer on the fees page.

What to look out for when viewing properties

  • Properties must meet Lenders’ criteria. Things to look out for:
  • Flat roofs of a large percentage.
  • Too close to commercial premises or pubs.
  • Flood risk areas.
  • Non-traditional construction, single skin walls.
  • Estate charges on freehold properties.
  • Escalating service charges on flats and apartments.

Other associated costs to consider:

Deposit – The larger the deposit, the lower the interest rate, but we know that this isn’t always possible. Do what you can within your budget.

Emergency funds – These aren’t factored in nearly enough when people talk about buying a house. We will explain all the costs and fees associated with purchasing a property. We will also recommend that you have an “emergency fund” for when you move in and notice that some of the things you really thought you could live with, you definitely can’t!

Specialist Mortgage Broker – For equity release mortgages we charge £995. All meetings and research are free of charge, once you decide that you want to go ahead, we will then take an application fee of £195 after we have submitted your application. You will then pay the outstanding balance of £800 on completion of your mortgage – this can come directly from the funds you have released, if easier for you.

Valuation – You will need to pay for a standard valuation for the lenders purposes but depending on the age of the property we may recommend you get a Home Buyers Report, so you know if there are any major issues affecting the property.

Solicitors Fees – We can get you a couple of quotes with some recommended solicitors.

Removal Costs – If you can’t get any help or do this yourself then you will need to pay a removal company or hire a van. Be careful though, as hiring your own vehicle may invalidate your contents insurance, and any items damaged in transit may not be covered.

Use our contact form  and choose when you would like a call back, one of our award-winning advisers can then book in your initial meeting with us from here.

Call us today to discuss your needs or send us your enquiry