Home > What is Equity Release? > The Equity Release Process
HOW DO I APPLY FOR EQUITY RELEASE?
A guide to releasing equity from your home and some helpful tips
• Step-by-step guide to releasing equity from your home
• The advice and recommendation from the adviser
• After you’ve released the money
What to Expect When Applying for Equity Release
You’ve checked your eligibility and done your research, and equity release may feel like the right next step. Speaking with an expert could help you explore your options. An adviser will take time to understand your goals and personal situation, and help you explore whether equity release is the right option for you.
1. Your Initial Appointment
Your first conversation with an adviser is called a Fact Find appointment. During this meeting (over the telephone, in person or via a video call), they’ll ask questions about your personal and property details, financial situation, plans for the future (including why you want the money) and health. They’ll also discuss alternative options to equity release to make sure it’s the right choice for you.
Your adviser will also encourage you to speak with family and friends about your decision so they understand how it may affect them.
1. Your Initial Appointment
Your first conversation with an adviser is called a Fact Find appointment. During this meeting (over the telephone, in person or via a video call), they’ll ask questions about your personal and property details, financial situation, plans for the future (including why you want the money) and health. They’ll also discuss alternative options to equity release to make sure it’s the right choice for you.
Your adviser will also encourage you to speak with family and friends about your decision so they understand how it may affect them.
2. Your Personal Recommendation Pack
Once your adviser has all the details they need, if they feel equity release could be a good solution, they’ll search the market for the most suitable equity release plan for you. Our advisers are not restricted to a panel of lenders. They can search the whole of the equity release market – something you may not be able to do with every provider.
During a second meeting, your adviser will talk you through your recommendation pack, which will include:
- Confirmation of the details collected during the Fact Find appointment, on which their recommendation is based.
- The specific plan they recommend, including the amount being released and why it’s a good option for you.
- The features and risks of the plan.
- How much it will cost, including set up fees, interest and potential early repayment charges.
- A breakdown of how interest will build up over time.
- How your home’s equity could be affected in the future.
Your recommended plan is tailored to you, your circumstances and preferences.
2. Your Personal Recommendation Pack
Once your adviser has all the details they need, if they feel equity release could be a good solution, they’ll search the market for the most suitable equity release plan for you. Our advisers are not restricted to a panel of lenders. They can search the whole of the equity release market – something you may not be able to do with every provider.
During a second meeting, your adviser will talk you through your recommendation pack, which will include:
- Confirmation of the details collected during the Fact Find appointment, on which their recommendation is based.
- The specific plan they recommend, including the amount being released and why it’s a good option for you.
- The features and risks of the plan.
- How much it will cost, including set up fees, interest and potential early repayment charges.
- A breakdown of how interest will build up over time.
- How your home’s equity could be affected in the future.
Your recommended plan is tailored to you, your circumstances and preferences.
3. Submitting Your Application
If you’re happy with the recommendation and ready to move forward, you’ll sign a document confirming your decision. Your adviser will help complete the application for you, though there will be some sections you’ll need to fill in yourself. Simply return the completed form and customer declaration to us, and we’ll take care of the rest.
Your adviser and our admin team will handle most communications with lenders, solicitors, and other parties, meaning there’s little for you to do until your funds are released.
3. Submitting Your Application
If you’re happy with the recommendation and ready to move forward, you’ll sign a document confirming your decision. Your adviser will help complete the application for you, though there will be some sections you’ll need to fill in yourself. Simply return the completed form and customer declaration to us, and we’ll take care of the rest.
Your adviser and our admin team will handle most communications with lenders, solicitors, and other parties, meaning there’s little for you to do until your funds are released.
4. Property Valuation
The lender will arrange for an independent surveyor to value your home. This valuation is important because:
- It confirms the current market value of your home, which affects how much you can borrow.
- It ensures your property meets the lender’s criteria.
- It helps the lender assess any potential risks before making an offer.
The results of the valuation will determine how much the lender can offer you and if any conditions apply.
4. Property Valuation
The lender will arrange for an independent surveyor to value your home. This valuation is important because:
- It confirms the current market value of your home, which affects how much you can borrow.
- It ensures your property meets the lender’s criteria.
- It helps the lender assess any potential risks before making an offer.
The results of the valuation will determine how much the lender can offer you and if any conditions apply.
5. Speaking to a Solicitor
Equity release involves signing a legal contract, so you’ll need to consult a solicitor before accepting any offer. Your adviser can recommend our specialist equity release solicitors or you can instruct your own.
The time this process takes may vary, especially if any legal questions arise about your property. You’ll be responsible for paying your own legal fees.
5. Speaking to a Solicitor
Equity release involves signing a legal contract, so you’ll need to consult a solicitor before accepting any offer. Your adviser can recommend our specialist equity release solicitors or you can instruct your own.
The time this process takes may vary, especially if any legal questions arise about your property. You’ll be responsible for paying your own legal fees.
6. Receiving Your Money
It will likely take between 4-8 weeks from submitting your application to receiving your money, however this does depend on the complexity of the case. When the case is complete, the funds are sent to your solicitor. Where applicable, they will use these to repay any existing mortgage or other loans being cleared as part of the application, as well as any fees you have chosen to pay from the release. Any remaining funds will then be transferred to your bank account.
6. Receiving Your Money
It will likely take between 4-8 weeks from submitting your application to receiving your money, however this does depend on the complexity of the case. When the case is complete, the funds are sent to your solicitor. Where applicable, they will use these to repay any existing mortgage or other loans being cleared as part of the application, as well as any fees you have chosen to pay from the release. Any remaining funds will then be transferred to your bank account.
Important information you’ll need to know before you start
Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care.
How is the money repaid?
With a lifetime mortgage, the loan is usually repaid when the last borrower dies or moves into long‑term care. The property is then typically sold to repay the amount borrowed, plus any accrued interest. Any remaining money forms part of your estate and goes to your beneficiaries.
The estate is usually given time to repay the amount owed, often up to 12 months, although this depends on the lender. Interest continues to be added until the loan is repaid.
With a home reversion plan, you sell all or part of your home for less than market value, to a provider in return for a tax‑free lump sum, while continuing to live in your home. When the last homeowner dies or moves into long‑term care, the property is usually sold. The provider receives their share, and anything left goes to your estate.
Need to borrow more money later?
If your circumstances change, you may be able to release more money from your home, if needed in the future. Your adviser will take the time to understand your new circumstances and explore whether any further options are available.
Can you change your plan in the future?
Yes, you may be able to change your plan to a different one if your adviser believes there’s a better option available. However, switching may come with early repayment charges or other restrictions. Your adviser will review whether you qualify for the latest plan developments, the amount outstanding on your equity release plan including any interest that has accrued and any potential early repayments charges that may be applicable, before letting you know if a better plan is available for you.
Making the right choice
Equity release is a long-term financial commitment, so it’s important to fully understand how it works and explore all your options. Your adviser is there to guide you through the process, ensuring you make an informed decision that suits your needs now and in the future.
We provide initial advice for free and without obligation. Only if your case completes would our advice fee of £1,695 be payable. Other lender and solicitor fees may apply.
Equity release requires repaying any existing mortgage.
Advice is required to proceed with equity release and there may be other options which better suit your circumstances
HOW MUCH COULD YOU RELEASE?
Use our online calculator to get an estimate of how much equity you might be able to release.
It’s quick, easy, and gives you an idea of what’s possible – no obligation, just a helpful starting point for your decision.
Looking for more information?
Am I Eligible for Equity Release?
Find out if you’ll be eligible for equity release. Learn about the criteria which you and your property may have to meet and alternative options.
Understand the many reasons why people release equity from their homes to help you decide if it’s right option for you and your circumstances.
We’ve compiled some of the most frequently asked questions, to help you understand if equity release is right for you.