The Equity Guide

Equity Release is regulated by the Financial Conduct Authority (FCA), so you can rest assured that there are proper processes in place that must be undertaken before any arrangements are made. For example, as part of the process to protect consumers, it is a legal requirement that you receive independent advice.

As a first step, you'll speak with a financial adviser who's qualified to advise on equity release products. Your adviser will check your eligibility and take the time to understand whether equity release is right for you. Based on your personal wants, needs and financial position, your advisor will give you their recommendation and identify an appropriate lender for your needs.

If you're happy to go ahead, you'll be required to appoint a solicitor to act on your behalf and offer independent legal advice. It's advisable to appoint a solicitor who specialises in equity release.

Your equity release provider will help you submit your application to a lender. Your lender will then contact you to arrange a valuation of your home. Once your lender has approved your application and completed your valuation, they'll send the offer and terms directly to your solicitor.

Once the valuation of your property has been completed, your application will be passed to the lender's underwriters. The underwriter will need to assess that your property provides adequate security for the funders of the loan.

Once the underwriter is satisfied, a formal mortgage offer will be issued. You and your solicitor will both receive a copy of the mortgage offer. It doesn't usually take long (a few days) after the surveyor submits their valuation report for the lender to issue the formal mortgage offer.

Once your solicitor receives their copy of the mortgage offer, they will contact you to arrange a meeting to provide you with appropriate legal advice. You'll also need the solicitor to witness the signing of the mortgage-deed.

Once the documents have been signed, your solicitor will then return the completed mortgage pack to the lender's solicitor and request a completion date.

Once a completion date has been agreed, your lender will release the money to your solicitor, who will in turn release it to you.