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Keep up to date with the latest equity release news including updates on new products, rate changes and any special offers we can pass on from time to time.

How does equity release work?

Equity release allows homeowners over the age of 55 to unlock the value of their property without the need to sell or downsize.

In principle, equity release schemes come in two formats:

Lifetime mortgages are a type of mortgage secured on your property which can be your main residence, second home or even a holiday home.

Homeowners continue to own their home and can choose either a single cash lump sum, income or take smaller chunks of money over time – known as drawdown. All the money released is tax-free and the homeowners get to stay in their property until they die or go into long-term care.

The money raised from any equity release scheme can be used for any legal purpose: from home improvements to clearing existing debts or mortgages.

And if it’s just some extra funds needed to buy a new car or a once-in-a-lifetime trip, that’s fine too – we never tell you what to do with your money.

Or

Home reversion plans allow you sell a percentage of the value of your property in return for a tax-free cash lump sum, or series of capital amounts. The home reversion provider offers a lifetime tenancy to the homeowners, enabling them to live rent free in their home for the rest of their lives.

Although home reversion has a minor role in today's equity release market, they still provide peace of mind as a way of releasing tax-free cash AND guaranteeing an inheritance for your beneficiaries.

What’s the equity release application process?

At Equity Release Supermarket, we provide a transparent and customised service which sees our experienced and friendly advisers guide you through the whole application process. From initial research to the successful release of funds at completion, you can rely on our team to explain everything in a language that’s easy to understand.

Here is a guide to explain the equity release application process:

1

1 Advice and recommendation

The first part in the equity release process is to have a free initial consultation with one of our advisers. They will provide you with a personalised suitability report based on your circumstances and products currently available in the market.


2

2 Application

Following acceptance of our recommendation, your equity release adviser will complete an application form, collecting supporting documentation and identification. Our new business team will then forward your file onto the equity release provider.


3

3 Valuation report

Upon receipt of your application, the lender will instruct a local independent surveyor to contact you and arrange a mutually convenient valuation of your property. The surveyor will conduct a market appraisal, advising its current value and condition for security purposes. The outcome of this report will determine how much equity can be released.


4

4 Conveyancing and legal

Your appointed equity release solicitor will be responsible for dealing with the legal process. They will liaise with the lenders’ solicitor and fill out an initial questionnaire about you and your property. You will then receive an offer from the lender, along with a Solicitor's Certificate.


5

5 Offer made

Once the lender deems the surveyor’s valuation report satisfactory, you will be sent an equity release offer. This confirms the terms and conditions of the mortgage, including the rate, charges and amount borrowed. The original offer is sent to your solicitor, requiring a signature in the presence of your solicitor during a face-to-face meeting.


6

6 Completion

Finally, when the lender’s solicitors have completed their final checks of all the legal paperwork, they will set a completion date. The funds released are sent to your solicitor initially with any charges deducted. Dependent upon your preferences, the net amount will then be forwarded to your nominated bank account or posted via cheque.


7

7 Enjoy the proceeds!

With the funds released, you are now free to spend the equity release proceeds in whatever way you wish. Equity Release Supermarket prides itself on service, so we will always try to check-in on an annual basis to make sure the plan remains competitive.



What our happy customers have to say about our advisers

Although you & Age Partnership were promoting similar Pure products, we found that Brian explained more clearly all the small... READ MORE
Mr A - Montgomery, Powys
I cannot recommend Sara highly enough – dealt with her for the last 10 years. She is not only a fantastic person to partner... READ MORE
Mr and Mrs M - London
Lauren has been highly informative and has made sure that I have understood the process throughout. She has been able to... READ MORE
Mrs L - Sheffield, South Yorkshire
Our equity release was all done without any pressure & we were made aware that if not completely satisfied we could terminate... READ MORE
Mr & Mrs N - Bishop's Stortford
Jennie was very helpful & pleasant in explaining & dealing with our application & in advising on our specific needs.
Mr & Mrs M - Llandudno, North Wales
I thought this process would be quite complex & a little invasive, but the adviser was very clear & explained things very... READ MORE
Mr W - Stone, Staffordshire
This was a very positive experience. The help and advice given were excellent.
Mrs D - Dagenham, Essex
Gary was very persistent and helped us get the best rate where others had failed. The case had a few obstacles and the service... READ MORE
Mr and Mrs M - Kings Lynn
I have found your services very helpful. Allen explained every detail with patience & made sure I understood the whole process... READ MORE
Mrs S - Southampton, Hampshire
Barry Wilderoder is a star performer! He was thoroughly supporting. A very pleasant, experienced person to meet & deal with.... READ MORE
Mr & Mrs N - Leiston, Suffolk
Ellis knew my situation and was very sympathetic and understanding. I felt confident that she had my best interests at heart.... READ MORE
Mrs R - Peterborough
Alice was very helpful and explained everything in a simple way that was easy to understand. She was very patient with all... READ MORE
Mrs P - Norwich, Norfolk
Given the coronovirus lockdown I was amazed & very pleased everything went so quickly & to plan. Thank you all.
Mr & Mrs E - Tonbridge, Kent
Steve Sykes was very professional about giving us advice in a way we understood, patiently and step-by-step.
Mr O - Lound, Suffolk
Great website, adviser, advice, office team, dashboard, keeping to the timeline, home visit & always available. We now have... READ MORE
Mr & Mrs F - Potters Bar, Hertfordshire
From start to finish I couldn't fault anything. Everyone I dealt with was exceptionally professional, courteous & helpful. The... READ MORE
Mrs M - Guisborough, North Yorks
Phil was brilliant and kept us well informed.
Mr P - Kippen, Stirlingshire
I cannot praise Simon enough. He was brilliant all the way through the process, answering our questions, keeping us upto... READ MORE
Mr P - Llansantffraid, Powys
The information given at the meeting, which included the pitfalls of taking Equity Release were well explained. Also a speedy... READ MORE
Mr G - Lancaster, Cumbria
Eileen’s understanding of the marketplace is exceptional and patience when dealing with clients is really something that... READ MORE
Mrs W - Vale of Glamorgan
Once again, may I thank you for all your help in sorting out the Equity Release - it was a very professional service that... READ MORE
Mr T - Croydon, Surrey
Very helpful, efficient & all went smoothly. Rob was very professional & helpful at all stages of the process.
Mr & Mrs P - Southampton, Hampshire
I would highly recommend. Lokesh worked hard to get us our mortgage and to find the right one for us. Our situation hasn’t... READ MORE
Mr & Mrs W - Coventry, West Midlands
Mike took time to go through the process and how everything works. Very efficient, speedy and reliable.
Mr B - Worcester, West Midlands
The whole process was pleasant & very professional. We were kept informed at every stage & we knew we could phone to clarify... READ MORE
Mr & Mrs T - Wisbech, Cambridgeshire
I would recommend this company if you are thinking about equity release. No pressure, good sound advice all the way to completion. Unlike... READ MORE
Mrs H - Fareham, Hampshire
Stephen, thanks again for looking after dad! Your help and guidance made a complicated decision and transaction so much easier... READ MORE
Mr RJ - Essex
Ron was brilliant & personable. We were given all information & alternatives & allowed to make our own unpressurised decision.... READ MORE
Mr G - Wigston, Leicestershire
Andrew was an excellent adviser, extremely patient and willing to visit on more than one occasion.
Mrs B - Plymouth, Devon
From the start of our enquiry to its fulfilment, we had great confidence in Marc, our adviser. He had obviously done a lot... READ MORE
Mr & Mrs D - Liverpool
‘John’s patience and clear explanations provided us with the reassurance that we had made the right decisions’
Mr & Mrs Barrett - East Sussex
Hannah Boxshall was professional and informative, answering all of my questions and provided an excellent service. I liked... READ MORE
Mr P - London
Would recommend to anyone. My adviser Will Massey made everything easy to understand and would recommend him.
Mr F - Bath, Somerset
Anyone thinking of using equity release from their home, I could not recommend ERSupermarket highly enough. From the initial... READ MORE
Mr & Mrs P - London
Superb advice right from the start. Our wishes & concerns were taken fully into account when selecting the best product.... READ MORE
Mr & Mrs P - Fareham, Hampshire
It's nice to be able to say that Gareth Humphreys, besides being very knowledgable & most patient, became a friend.
Mr W - Potters Bar, Hertfordshire
David was excellent with his advice & knowledge. We were kept well informed by David & Boyd Legal were 1st class.
Mr & Mrs F - Broxburn, West Lothian
We were very happy with the whole procedure. Darren could not have been more helpful, even in suggesting a reasonably priced... READ MORE
Mr & Mrs S - Derby
Everything went smoothly. Good clear explanations from Graham Evans. I would be happy to recommend Equity Release Supermarket.... READ MORE
Mr P - Billingham, County Durham
Completely unbiased and well explained. Easy to understand.
Mr & Mrs L - Doncaster, Yorkshire
Our adviser - Sue Eastham was fantastic. Always available and nothing was too much trouble.
Mr & Mrs F - Bredbury, Gtr Manchester
Andy was always available to answer my questions throughout the process making everything very easy and straightforward.
Mr M - Hampshire
Mike was somebody I could talk things over comfortably. Good at his job.
Miss T - Banbury, Oxfordshire
I invited 3 companies to consider my application & had meetings with 2 of them. I found Mark explained the details & answered... READ MORE
Mr M - Stockport, Cheshire
I want to say thanks for the excellent service I received, Jo gave me help and advice with a smile.
Mrs F - Camberley, Surrey

How long does the equity release application process take?

A lifetime mortgage scheme usually takes somewhere between 4 to 6 weeks to complete, while a home reversion plan is more like 8 to 10 weeks, assuming the title on the house is clear. How long this takes will also depend largely on how efficient and experienced your solicitor is.

Applying for equity release involves legal work, which should be handled by a solicitor with expertise in equity release. This can help to avoid any potential delays in your application.

Equity Release Supermarket can provide a panel of qualified equity release solicitors to choose from, who can handle your application. All these solicitors offer a home visit if required and a competitive pricing structure, backed up by a 'no completion, no fee' guarantee.