How Does Equity Release Work?
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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. Why not download our free factsheet?
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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
Mr F - Aberdeen, Scotland
"David McGirr was very professional and helpful throughout the process. He always replied to emails and phone calls."
Mrs M - Ashford, Kent
"I've intended to equity release for the last 5 years. It has added a sense of security, and taken awat the stress & concern..." Read More
Mr & Mrs W - Hollingwood, Chesterfield
"Don't know what is better than excellent."
Mr & Mrs W - High Wycombe, Buckinghamshire
"Gary Webster was amazing and kept us well informed every step of the way."
Mr W - Darwen, Lancashire
"Made to feel very comfortable and at ease with the advice given by Dan Pedder at a very difficult decision in our later stages..." Read More
Miss P - Billingshurst, West Sussex
"My experience was fantastic. Marc was so great, like having a dear friend at the end of the phone. Can never thank him enough...." Read More
Mr J - Leigh-on-Sea, Essex
"Very good all round performance. Clear communications & easy to complete the application. The adviser gives clear answers..." Read More
Mr & Mrs M - Sittingbourne, Kent
"Chris Hunt was professional, pleasant and very efficient and understood my need for speed. Excellent!"
Mr & Mrs L - Lockerbie, Dumfries and Galloway
"Fab service from Gareth. Couldn't have asked for more helpful adviser. 100% excellent service from your company."
Mr & Mrs H - Kidderminster, Worcestershire
"Whole procedure went very smoothly. Simon couldn't be more helpful. Excellent."
Mr M - Middleton, Manchester
"Sue went through all my options outlining both good & bad sides to all options. I felt I was in control of the situation..." Read More
Mr & Mrs K - Lincoln, East Midlands
"Paul took all the stress away & was very helpful & patient waiting for Lynn to reach 55. Lots of communication. Thanks Paul..." Read More
Miss R - Hatherleigh, Devon
"Andrew Ross was extremely patient & didn't pressure me becaus initially I was very hesitant & unsure as to whether this was..." Read More
Mr & Mrs M - Dunfermline, Scotland
"We found the whole experience very easy and very good and polite service from all those concerned."
Mr Q - Exeter, Devon
"Chris was very helpful and was always prepared to go the extra mile. We would most certainly recommend him. All our queries..." Read More
Mr & Mrs A - Bournemouth, Dorset
"We cannot let this go without saying a big thank you to you for all your help, guidance and assistance throughout the whole..." Read More
Mr S - West London
"She is patient, understanding, incredibly knowledgeable and will point you towards another direction if she feels that this..." Read More
Mr & Mrs F - Chingford, Essex
"I don't know if there are others like Derek, but the company is well represented by him. A job well done."
Mr & Mrs J - Cardiff, Wales
"‘In these uncertain times, John's support and extensive knowledge have been outstanding. My husband and I have previously..." Read More
Mr M - Wales
"The process was very easy and any questions answered promptly. Seamless."
Ms C - Guildford, Surrey
"The reason I chose this company was their clear & informative website. It was the only one I could find that gave examples..." Read More
Mrs F - Camberley, Surrey
"I want to say thanks for the excellent service I received, Jo gave me help and advice with a smile."
Mr & Mrs S - Hull
"A huge thank you to Paul and Collete for their hard work, patience, and regular contact during the process of obtaining equity..." Read More
Mr & Mrs M - York, Yorkshire
"I was very happy with all the information and advice given by Daniel Beatson."
Ms R - Bicester, Oxfordshire
"Very efficient polite and quick. Kept me informed every step of the way."
Ms O - London
"We had an exceptionally good experience. Our advisor, Guy Walker, was extremely knowledgeable, informative and guided us..." Read More
Mr & Mrs H - Ceredigion, Wales
"From 1st contact to completion the adviser responded quickley & efficiently, even advising us to change the initial recommendation..." Read More
Mr & Mrs B - Hailsham, East Sussex
"All options very well explained, and Adam was very patient."
Mr S - Hastings, East Sussex
"From first to last we were very impressed by your service & pleasantly surprised by how quick completion was, considering..." Read More
Mrs B - Woking, Surrey
"I don't know how to thank you all enough. Excellent solicitors and advisers throughout."
Mrs W - Clevedon, North Somerset
"A thoroughly pleasant, careful and professional service. Many thanks!"
Mr C - Leominster, Herefordshire
"The adviser, David Robinson was both pleasant & efficient & he made the whole process very easy to understand. When we felt..." Read More
Mr P - Edgeware, London
"Equity Release Supermarket has been an outstanding adviser. Susan Leggott was true to her word in every step of my application...." Read More
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.