Equity loan time frame?

Dave0687

Hi. 

How long does a equity loan application take on average?

The wife and I are now in a position to start saving for our 1st home which we think will take us 12 months to have a deposit in place. 

We are looking at all options but we are very interested in the governments equity loan. 

At what point should we start the application for a equity loan (if we went down that route). 

-when we have 5% saved?
-in 6 months time ready for when we have 5%

Hope my Q makes sense. 

Thanks 

dimbo61

Hi Dave, are you both First Time Buyers ?
Are you saving into LISA ISA,s ?
You pay in £4,000 and you get a £1,000 bonus from the Government !
You can both have one each year but it needs to be open for 12+ months 

Dave0687

dimbo61 said:

Hi Dave, are you both First Time Buyers ?
Are you saving into LISA ISA,s ?
You pay in £4,000 and you get a £1,000 bonus from the Government !
You can both have one each year but it needs to be open for 12+ months 

Yep, we both have LISA’s with the 1k bonus for 4K saved. Both 1st time buyers also.