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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

Jane Dickinson was our adviser. We found her very friendly and helpful, even when confronted with our family.
Mr & Mrs J - Wakefield, Yorkshire
You could not be beaten on price and the £200 M&S voucher makes it even cheaper. Could not fault the service.
Mr G - Taunton, Somerset
Hi Anthony, I thought you would like to know the funds arrived in our account yesterday. Thank you so much for your kind... READ MORE
Mr & Mrs W - Bideford, Devon
Exteremely happy with Nigel Hall's advice. He always returns calls if unavailable. Always clear and concise.
Mr R - Stevenage, Hertfordshire
Simon Coyne offered a 1st class, efficient service. All documents received as promised on time & very well documented. Applied... READ MORE
Mr & Mrs C - Chester
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
I want to say thanks for the excellent service I received, Jo gave me help and advice with a smile.
Mrs F - Camberley, Surrey
Mike Lewis could not have been more helpful & interested in our case. He visited us at home which was so worthwhile & filled... READ MORE
Mr S - Westbury, Wiltshire
Andrew was an excellent adviser, extremely patient and willing to visit on more than one occasion.
Mrs B - Plymouth, Devon
Mike Sargeant, who was our adviser was excellent. In times of worry or problems, he was always on hand, calm & helpful. We... READ MORE
Mrs K - Tunbridge Wells, Kent
Would recommend to anyone. My adviser Will Massey made everything easy to understand and would recommend him.
Mr F - Bath, Somerset
‘John’s patience and clear explanations provided us with the reassurance that we had made the right decisions’
Mr & Mrs Barrett - East Sussex
Would certainly recommend you to anyone. You are probably one of the most trustworthy people we have ever met in business.... READ MORE
Mr & Mrs M - Broxbourne, Hertfordshire
The service was dealt with professionally and efficiently despite Covid-19 conditions!
Mrs P - Hove, East Sussex
Service was fast and efficient. Advice offered was fair and comprehensive and we never felt 'pressured', or that we were... READ MORE
Ms H - Pill, North Somerset
Darren King provided excellent service throughout - thank you. A very articulate, clear and timely communicator.
Mr & Mrs B - Boroughbridge, York
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
Ron was brilliant & personable. We were given all information & alternatives & allowed to make our own unpressurised decision.... READ MORE
Mr G - Wigston, Leicestershire
Equity Release Supermarket made no false promises or extravagant claims. They tailored their advice to my particular circumstances... READ MORE
Mrs W - Southport, Lancs
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
So much better agent & service than Key Retirement and Age Partnership who I had also contacted. Adviser immediately understood... READ MORE
Mr M - Telford, Shropshire
Your adviser, Hannah Boxshall, was the only one who actually visited me to discuss equity release details. She gave me outstanding... READ MORE
Mr L - High Halstow, Kent
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
Completely unbiased and well explained. Easy to understand.
Mr & Mrs L - Doncaster, Yorkshire
Phil Totty was very professional & is very knowledgeable in all areas of equity release. He kept us upto date regularly.
Mrs B - Durham,
I am very happy with the service provided by Equity Release Supermarket. Many thanks to Sue for all the work she did to find... READ MORE
Mr P - Failsworth, Manchester
Professional, with excellent customer service. The question and answer process was easy and simple to understand. Not pushy... READ MORE
Mr H - Exeter
David took his time going through the different scenarios that were open to my situation. Very professional and quick.
Ms Y - Haddington, East Lothian
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
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
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
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
A no hassle, professional service. Excellent communication.
Mr & Mrs G - Waterlooville, 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
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
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
I thought Helen Barnes did a very good job and made everything very clear to understand.
Mrs B - Westgate on Sea, Kent
Derek was very professional & efficient. He was able to sucessfully deal with our idiosyncrasies.
Mr & Mrs B - Fleet, Hampshire
I found Mark Rumney to be clear, concise and courteous. Highly satisfied with all aspects of the services.
Mr & Mrs J - Powys, Wales
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
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
Sara has recently helped us with an equity release on my mum’s property. Not only was she professional & thorough, but... READ MORE
Mrs K - Brentwood, 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
This was a very positive experience. The help and advice given were excellent.
Mrs D - Dagenham, Essex

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.