Can I Apply For Equity Release On A House I Want To Buy?
Indeed as long as the qualifying criteria of the equity release scheme can be met which is a minimum age of 55 & the loan can be raised based on this property value and the age of the youngest applicant. In such circumstances, equity release can be used in the same way as any conventional mortgage is used towards a house purchase. The process of application is the same as valuation, solicitor and lender are all required.
Effectively, a mortgage being used towards a house purchase bridges the deficit between the purchase price & the deposit being put down. Equity release can be used in exactly the same way. By knowing the shortfall required, the equity release scheme can be applied for & set to complete on the date the ownership of the property is transferred to the new homeowner. This is the same principle as any standard mortgage either before or in retirement.