Equity top ups - how much effort?

I've gotten equity releases before but not a top up. Assuming it comes close off the back of the initial equity release or the last top up (6-12 months) and your situation hasn't changed, is it a big undertaking? Or is it just providing a few latest statements and you're good to go?

Reason I'm asking is because I'm wondering whether I'll be a PIA for the broker coming back every 6 months.

 

Most brokers receive Trail Commission to ensure you're getting what you need from your finances so you definitely won't be considered a PIA - they'd be crazy to not WANT to help you.

As for process, each lender is a little different in requirements. Some require full verification of your position again whereas some are happy to rely on your existing position placed forth in your application (depending how long ago you applied). Most I would say it will be a shortened application form confirming your financial position hasn't changed along with an updated payslip or 2.

My advice: chat to your broker - I'm sure they won't mind looking after you.

 

Yeah but with only 6 months passing, the most I'll be able to get will probably be like 30-50k on each property. I want to get them as often as possible because I'm a contractor and I never know if it'll get extended. Anyway good to know most brokers won't find me annoying

 

If you have enough properties to warrant 6 monthly visits then I'm sure your broker will love you.

There isn't very much commission, but you'll likely be using the topup to buy more properties so the broker will likely see the bigger picture.

Ensure they know what your strategy is and circumstances are so they can help you navigate down the right path.

 

Yeah cumulatively it's a lot. Just split over so many I can imagine it's annoying as hell.

 

A top up and equity release - are basically the same thing. Same amount of work for the broker. But they would have all your personal details already and it is less work than the first application.

 

Thanks for clarifying.

 

Its what we do

Its part of retaining our customers - Good Service.

 

Process generally involves a full application process - so usually a fair bit of work.

Brokers need to protect their trail - so looking after clients is imperative.

Cheers

Jamie