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How does equity release work?

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Checked for accuracy and updated on 27 June 2023

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:

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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.

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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.

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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.

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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.

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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.

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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.

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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 equity release advisers

She is patient, understanding, incredibly knowledgeable and will point you towards another direction if she feels that this... READ MORE

Mr S - West London

Mr Young was very polite, informative and gave very clear information. He explained why he was asking various questions,... READ MORE

Mr and Mrs S - Bath, Somerset

A very caring & professional service. Always helpful & professional. Kind caring & considerate to all issues. Easy to contact... READ MORE

Mr M - Southampton, Hampshire

Deciding who to trust with such an important financial decision is daunting. Rebecca looked after us from our first enquiry... READ MORE

Mr & Mrs M - Leeds

Full & comprehensive information provided together with close contact throughout the process. Very prompt turnaround following... READ MORE

Mr & Mrs T - Carnforth, Lancashire

We were very pleased with the service your company supplied. Mr Sykes was a great help guiding us through the paperwork.

Mr P - Telford, Shropshire

Adam is very knowledgeable on the matter we raised, and his explanations were very clear and easy to understand.

Mr & Mrs G - London

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

A clear straightforward and quick process knowing exactly what costs were involved through set fees rather than %. Our thanks... READ MORE

Ms W - Irvine, North Ayrshire

‘In these uncertain times, John's support and extensive knowledge have been outstanding. My husband and I have previously... READ MORE

Mr & Mrs J - Cardiff, Wales

Mark was very upfront with our questions and answered honestly and in a friendly manner.

Mr & Mrs G - Ashford, Kent

Paul was friendly & efficient. He made a house call at my request even though it was his day off.

Mr & Mrs A - Doncaster, Yorkshire

Equity Release Supermarket really got things moving with my application and business was concluded within two weeks of contacting... READ MORE

Mr H - Didsbury, Manchester

Contact with Marc Cookson was always very easy. He handled all my questions very clearly and very soon made me realise that... READ MORE

Mr & Mrs C - Market Harborough, Leicestershire

I want to thank Haydn for my excellent guidance throughout the process. I felt heard and supported all the way through and... READ MORE

Mr H - Leeds

Excellent service from Liam Jenkins and team Thorough, responsive and very efficient. Everything moved at a good pace, much... READ MORE

Mr & Mrs M - Bedford

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

Dave was a great guy. He put me at ease straight away and was very patient and understanding, explaining everything very... READ MORE

Miss G - Ellesmere Port, Cheshire

I cannot recommend Paul highly enough and would have no problem recommending him if someone is considering equity release.... READ MORE

Mr J - Ely, Cambridgeshire

It was a pleasure to deal with someone who tells you what will happen, and it actually happened and was so quick and straightforward.... READ MORE

Mrs C - Colchester

This is my 2nd equity release programme & so I was basically familiar with the procedure. UYour adviser Andrew Ross was excellent... READ MORE

Mr R - Plymouth, Devon

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

We both found the experience straight forward thanks to the detailed advice given by Gareth and the rest of the people assigned... READ MORE

Mr & Mrs T - Hull, Humberside

We were extremely happy with our adviser Hannah Boxshall. She explained things to us, we told her what type of scheme we... READ MORE

Mr M - Woodensborough, Kent

Tara was fantastic! Extremely helpful and understanding of our situation.

Mr & Mrs B - Essex

Daniel was really informative and didn’t put any pressure on us to make a decision

Mr & Mrs S - Sheffield, South Yorkshire

Despite the limitations imposed by Coronovirus, I was extremely pleased by the highly professional approach adopted by all.... READ MORE

Mr W - Knebworth, Hertfordshire

I want to say thanks for the excellent service I received, Jo gave me help and advice with a smile.

Mrs F - Camberley, Surrey

A total pleasure to deal with, thank you so much for finding us the perfect product! Nothing but complete professionalism... READ MORE

Mr & Mrs T - London

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.

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