Home Reversion – releasing further equity

Information on how to borrow more with us.

What do need to do?

  • You should contact your adviser first.
  • If you don’t have a financial adviser, unfortunately we can’t recommend one, however, Unbiased.co.uk is a good place to start your search
  • Your adviser will discuss all the options with you to make sure the decision is right for you
  • If you decide to go ahead, your adviser will let us know and they’ll need to send us a completed application form together with a valuation fee
  • You may have to pay to receive financial advice.

Do I need a solicitor? 

  • You’ll need to instruct a solicitor to act on your behalf. Your solicitor will prepare the transfer documents to change the % ownership of the property
  • You’ll be responsible for paying your solicitor
  • We’ll instruct a solicitor to act on our behalf. Our solicitors will approve the transfer documents and will need to be satisfied with all matters relating to the title of the property
  • We’ll pay for the cost of our solicitors.

Will I have to pay any fees

  • We’ll need a valuation of your property and you may need to pay a fee for this depending on the property value
  • You’ll need to pay for your legal costs,
  • You’ll need to pay your financial adviser for the cost of providing advice

Link to tariff fees/charges for valuation fees only

How long does the process take?

  • Once we receive the application form and valuation fee, it takes a few weeks to issue you with a mortgage offer. This depends on how quickly the valuer can access the property to conduct a survey
  • Once our solicitor receives our mortgage offer which instructs them to act, it takes up to 3 months to complete and for you to receive the your funds.

How do I start the process?

  • Your adviser will need to send us an application form, together with the valuation fee.

What happens next?

  • Once we’re happy with the application details, we’ll arrange for a valuer to visit the property and they’ll prepare a valuation report for us
  • We’ll review the valuation report to assess your property and its current value
  • If the valuation report is acceptable, we’ll issue a mortgage offer and will send this to you and to our solicitor to instruct them to act
  • Once our solicitor is happy to proceed to completion, they’ll let us know the date you want the additional borrowing funds to be released to your Solicitor.

Attach documents:

  • Shared Growth Further Borrowing Application Form
  • Tariff of Fees and Charges (to refer to valuation fees only)

If you have any other questions, please contact us using the details below or speak with your adviser.

Our Contact Details:

Tel: 0800 731 4076

Email: contractvariations@hodge.co.uk

 

Important Documents

Shared Growth Further Borrowing Application Form

Tariff of Fees and Charges (to refer to valuation fees only)