Time to release equity

mspotter1

We are currently going through the motions we are buying a property but going to rent our current house out. To do this we need to realese equity. There's no chain either end. Thought it would be quite quick but been told we should be able to move in January. I'm assuming it's waiting on the money which is taking the longest time?
Has anyone with experience with this? How long did it take? We hoped to be out before Xmas.

AnotherJoe

Ask Onlooker
:rotfl:

kingstreet

"Releasing equity" is used in the sense of "borrowing money secured on property" without wanting to describe it as such; not that an actual Equity Release product is being used.

It typically takes four to eight weeks to do a "let to buy remortgage" which is the actual term used for this transaction and you may not be able to complete the remortgage until you are ready to complete the onward purchase. This is because lenders expect the property to be let on the day the LTB remortgage completes, not at the applicant's leisure.