Text size
a a a
Freephone
0800 028 3142

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?

Company logo
Compare Equity Release
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:

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 equity release advisers

Would recommend to anyone. My adviser Will Massey made everything easy to understand and would recommend him.
Mr F - Bath, Somerset
Mark was very upfront with our questions and answered honestly and in a friendly manner.
Mr & Mrs G - Ashford, Kent
Your website is the best I could find on the web. With an abundance of useful information, most of which was absent on other... READ MORE
Mr N - Cranbrook, Kent
Gary was very clear with his explanations and helped us understand all our options. Everyone involved was very helpful and... READ MORE
Mr and Mrs R - Canterbury
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
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
Adam is very knowledgeable on the matter we raised, and his explanations were very clear and easy to understand.
Mr & Mrs G - London
Excellent service. Derek Wren explained everything we needed to know in a friendly manner.
Mr & Mrs C - Isle of Grain, Kent
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
Andrew was very friendly & professional. He provided a clear explanation of the process. His advice was succinct & considered.... READ MORE
Mr W - Dartmouth, Devon
The service provided & information available was excellent which allied to a very informed & personable advisor made the... READ MORE
Mr S - Moreton In Marsh
We were very happy with Marc's advice. He rang us when he said he would and kept us informed of the progress all the way... READ MORE
Mr & Mrs W - Castleford, West 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
Would put anybody in touch with Sue Eastham, a highly professional & lovely lady who really cares about offering the best... READ MORE
Mr & Mrs R - Bollington, Cheshire
Very happy with service and face to face contact with Michael Filewood and being informed through process with Michael &... READ MORE
Mr W - York
I want to say thanks for the excellent service I received, Jo gave me help and advice with a smile.
Mrs F - Camberley, Surrey
I had an excellent experience using Gareth as he explained everything in easy to understand manner. Gareth & his online... READ MORE
Mrs P - Merseyside
Very helpful, efficient & all went smoothly. Rob was very professional & helpful at all stages of the process.
Mr & Mrs P - Southampton, Hampshire
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
My wife & I were very concerned that we would not be able to understand all that came with this equity release & had to rely... READ MORE
Mr & Mrs P - Braintree, Essex
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
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
Daniel, thank you so much for making this whole journey a pleasure. You were so understanding and thoughtful throughout and... READ MORE
Mr & Mrs N - Rhyl, North Wales
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
‘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
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

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.

Expert advice, whenever you need it

expert adviser
add-adviser
Connect with your local adviser