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.

Freephone

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

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

The adviser put us at ease, explained things in an easy, understandable way & answered any questions we had, fully. He advised... READ MORE

Mr & Mrs M - Middlewich, Cheshire

Would recommend to anyone. My adviser Will Massey made everything easy to understand and would recommend him.

Mr F - Bath, Somerset

The advice was far more than others I tried. Quick & efficient with a hint of fun aswell. You cant go wrong if you need... READ MORE

Mr B - Gateshead, Tyne & Wear

All very helpful. What I really like is that they always respond quickly to any question you may have and nothing is too... READ MORE

Miss K - Liskeard, Cornwall

Before actually ringing, I was very concerned about how stressful the whole procedure would be. Marc made it clear from... READ MORE

Mrs C - Exmouth, Devon

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

Ron was brilliant & personable. We were given all information & alternatives & allowed to make our own unpressurised decision.... READ MORE

Mr G - Wigston, Leicestershire

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

All the people with have dealt with were professional and explained everything clearly.

Mr & Mrs S - Bedford, Bedfordshire

Excellent, friendly & not pushy at all. Service from my local representative couldn't be bettered. Whole process was surprisingly... READ MORE

Mrs P - Paignton, Devon

Given the coronovirus lockdown I was amazed & very pleased everything went so quickly & to plan. Thank you all.

Mr & Mrs E - Tonbridge, Kent

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

Everything was explained clearly. We took some time to make our minds up and never felt under any pressure.

Mr M - Bangor, County Down

Glen Pike is an excellent ambassador for your company. He was extremely helpful & took his time to explain everything. I... READ MORE

Mr M - Shaftsbury, Dorset

Derek Wren was professional and gave sound good advice without any pressure or hassle.

Mr & Mrs G - Godalming, Surrey,

Excellent communication, fast reply and very polite which makes a nice change. Ellis was extremely knowledgeable about the... READ MORE

Mr F - Carlisle

The website was easy to use. Adviser was knowledgeable and efficient.

Mrs Y - Dawlish, Devon

Gary Webster, my adviser, was there every step of the way, taking the stress from me, acting more like a friend than an adviser.... READ MORE

Mr W - Wokingham, Berkshire

Very good and knowledgeable adviser. Very easy to reach and quick to act.

Mr G - Girvan, South Ayrshire

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

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

Jane Dickinson was very clear, concise & helpful. We had done some research ourselves & found this backed up all her advice... READ MORE

Mr & Mrs S - Baguley, Manchester

The whole process was fully explained to me & any risks explained. Once I decided to go ahead everything ran smoothly & I... READ MORE

Mr L - Wirral, Merseyside

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

Mrs P - Hove, East Sussex

Compared to Age Partnership who we spoke to first re equity release, Simon's advice turned out much better. I feel Simon... READ MORE

Mr H - Stafford, West Midlands

Graham Evans was friendly & professional throughout the process fully explaining all the options open to me. I wouldn't hesitate... READ MORE

Mr M - Stockton, County Durham

Equity Release Supermarket did a great job for us, no problems, it all went smoothly to completion.

Mr & Mrs L - Poole, Dorset

Mike the adviser was very good, never putting us under pressure & making us aware of all options available to us. The whole... READ MORE

Mr R - Gillingham, Kent

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

We greatly valued the help & support from Phil Totty. Nothing was too much trouble. He was reassuring & efficient. He always... READ MORE

Mr C - Whitby, Yorkshire

The whole process was very easy and I felt informed all through the purchase of a new-build house.

Mrs D - Camberley, Surrey

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

Mr H - Bolton, Lancashire

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

Mrs F - Camberley, Surrey

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

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

Brian Rees was professional and friendly and made every step painless.

Mr T - Barry, Vale of Glamorgan

From the first meeting to the finalisation, everything went very well. Would definately recommend David McGirr.

Mrs E - Kelty, Fife

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

You have a brilliant financial advisor in Hannah, I wouldn't hesitate to recommend her and Equity Release Supermarket.

Mr D - Rochester, Kent

We would be very happy to use your company again. Dealing with Brian Cranswick was a pleaseure, he was so helpful all the... READ MORE

Mr & Mrs H - Boston, Lincolnshire

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.

Ask a question

Full Name

Email Address

Your Question