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 & Mrs J - Stafford
"The process was very efficient and the advice received was first class."
Mr & Mrs G - London
"Adam is very knowledgeable on the matter we raised, and his explanations were very clear and easy to understand. "
Mrs M - Somerset
"I would highly recommend Mr Neil Morris as he was exceptional in dealing with my circumstances. He was highly professional..." Read More
Mr M - Worthing, Sussex
"Mark,Thank you so much for arranging the Just Retirement Lifetime Mortgage for me. When you see yourself running out of..." Read More
Mr & Mrs K - Harrogate, North Yorkshire
"What was a major decision for us to proceed was made much easier by the professionalism & quality advice provided by everyone..." Read More
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 & Mrs P - Wakefield, Yorkshire
"My wife and I were very impressed by his advice and he was excellent. He kept us upto date which is most rare nowadays. Please..." Read More
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
Mrs F - Camberley, Surrey
"I want to say thanks for the excellent service I received, Jo gave me help and advice with a smile."
Mrs D - Dagenham, Essex
"This was a very positive experience. The help and advice given were excellent."
Mr P - Telford, Shropshire
"We were very pleased with the service your company supplied. Mr Sykes was a great help guiding us through the paperwork."
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
Mr C - Snodland, Kent
"Everything was straightforward from start to completion. Very friendly service, answered all questions quickly & efficiently...." Read More
Mr H - Richmond, Surrey
"From first meeting to cash in the bank took just 28 days. Much faster than I could have expected."
Mr E - Ebbw Vale, Blaenau Gwent
"The representative was professional, thorough and knowledgeable with a very friendly demeanour."
Mr & Mrs E - Chelmsford, Essex
"The whole process was carried out very efficiently and all steps thoroughly explained. The advisor Chris Bowles was very..." Read More
Ms B - Fife
"My telephone call with my advisor Rebecca was very informative. She was friendly, professional and laid everything out to..." Read More
Mr & Mrs S - Chessington, Gt London
"The whole process went like clockwork, from initial meeting to completion took 3 weeks. The procedure was explained fully..." Read More
Ms O - London
"We had an exceptionally good experience. Our advisor, Guy Walker, was extremely knowledgeable, informative and guided us..." Read More
Mr P - Tywyn, Merionethshire
"Our adviser Marc Cookson did a wonderful job. We could not have done this without him. Equity Release website offered good..." Read More
Mr and Mrs R - Canterbury
"Gary was very clear with his explanations and helped us understand all our options. Everyone involved was very helpful and..." Read More
Mr D - Sheffield, South Yorkshire
"Excellent service. Thorough. Informative. Comprehensive. Re-assuring. 5 Stars."
Mrs M - Exeter, Devon
"A very transparent adviser who made the process clear to understand & efficient from start to finish. Thank you so much Andrew...." Read More
Mr H - Bolton, Lancashire
"Sue was very clear and explanatory, considerate and understanding, friendly and reassuring."
Mrs S - Willenhall, West Midlands
"I was Googling for equity release that allowed partial repayments & read the details on the site as I had been considering..." Read More
Mr & Mrs J - Burgess Hill, West Sussex
"The whole process was dealt with very professionally & everything explained as it went along. Pleased with whole process...." Read More
Mr & Mrs S - Southampton
"We were very pleased with the professional and friendly approach from Allen and all the people involved in getting us on..." Read More
Mr E - Sheffield, Yorkshire
"I found the adviser, Mark Rumney, to be friendly, very efficient and extremely helpful. Every question was dealt with in..." Read More
Mr & Mrs S - Sheffield, South Yorkshire
"Daniel was really informative and didn’t put any pressure on us to make a decision"
Mr & Mrs G - Crossgates, Fife
"An excellent way to release a lump sum in later life to complete your bucket list."
Mr N - Suffolk
"Anna was superb in helping us through the minefield of equity release. I would seriously recommend her to anyone who wants..." Read More
Mr S - Bromley, London
"John took on board my requirements, advised clearly and found a suitable product. I’m very grateful to him and to Equity..." 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.