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How does equity release work?

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Checked for accuracy and updated on 21 September 2022

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

My experience with Equity Release Supermarket has been good. Jennie Gray was efficient, but very professional in a friendly... READ MORE

Mrs S - Northampton

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

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

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

Mrs F - Camberley, Surrey

Simon made me feel very comfortable & that I could trust his advice. Not pushy like sales people from competitors. The... READ MORE

Mr K - Reading Berkshire

Kelly shared enough knowledge to realise she is a 'trusted partner' for making decisions about moving house. In most cases,... READ MORE

Mr N - Nantwich Cheshire

Equity Release Supermarket made no false promises or extravagant claims. They tailored their advice to my particular circumstances... READ MORE

Mrs W - Southport, Lancs

The service was dealt with professionally and efficiently despite Covid-19 conditions!

Mrs P - Hove, East Sussex

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

Mr & Mrs S - Sheffield, South Yorkshire

I explained what I wanted as a product, he listened and came up with a plan fully suiting my needs!

Mrs C - Pontypridd, Wales

Hannah Boxshall was very friendly & approachable & more importantly very thorough & professional. Overall we were very satisfied... READ MORE

Mr & Mrs G - Bexley, Kent

Paul Newsome was extremely helpful & efficient & using Equity Release Supermarket enabled us to get the best deal & the benefit... READ MORE

Mr & Mrs T - Donaghadee, County Down, N Ireland

Equity Release Supermarket have been the best Company we have ever dealt with. Our adviser has been amazing and everything... READ MORE

Mrs E - Greater Manchester

Hazel took the time to explain everything about equity release in a thoroughly professional manner. She went into great depth... READ MORE

Mr & Mrs C - West Midlands

Will Massey was professional, helpful and immediately answered any queries I had.

Mrs I - Northampton

Adviser made the whole process easy to understand and gave good advice.

Mr D - Stockton-On-Tees, County Durham

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

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

‘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

Sara made me feel important and made what I thought would be a complicated application a smooth one.

Mr C - Teeside

Lauren Weir was very kind and understanding and explained everything very clearly to us. She gave us all the relevant information... READ MORE

Mr and Mrs S - Barnsley, South Yorkshire

Nothing is 100%, but boy this was close! This is a first class professional unit. They explained, outlined & covered all... READ MORE

Mr & Mrs C - Beckenham, Kent

A smooth episode all-round, which could have been so much more fraught, being a quite complex operation.

Mr & Mrs G - Lowestoft, Suffolk

Very clear & concise information provided which allowed me to make a fully informed choice of loan, which met with my current... READ MORE

Ms J - Southampton, Hampshire

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

Michael is a credit to your company. I would have no hesitation in recommending him if someone requires equity release.

Mr & Mrs M - Middlesbrough, North Yorkshire

I would like to thank Derek Wren for the very professional way he managed my case. His manner gave me great confidence.

Mrs M - London

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

Everything went through far more quickly than I anticipated, and with a lot less hassle than I had expected too! Everyone... READ MORE

Mr H - County Durham

I don't think you could make any improvements, I found the whole process excellent. I would certainly recommend Equity Release... READ MORE

Mrs H - Arnold, Nottinghamshire

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

Mr & Mrs G - London

Andrew was very friendly & professional. He provided a clear explanation of the process. His advice was succinct & considered.... READ MORE

Mr W - Dartmouth, Devon

Andy is approachable always available and explains things in language that is easy to understand. Nothing was too much trouble... READ MORE

Mr F - Hampshire

We were so confused with all the TV ads with so many ER companies, so by going to the 'Supermarket' we could digest all the... READ MORE

Mrs C - Malvern, Worcestershire

Sue was very clear and explanatory, considerate and understanding, friendly and reassuring.

Mr H - Bolton, Lancashire

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

The whole process was quick & much easier than doing a traditional mortgage. Excellent service & highly recommended.

Mr E - Stratford Upon Avon

Darren made me feel at ease right away and under no obligation whatsoever. My sister was with me and felt the same as me. Very... READ MORE

Mr H - Leicester

My Adviser offered me a range of products that could be suited to what I was specifically looking for. This enabled me to... READ MORE

Mr A - County Durham

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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