The equity release process, step by step

Equity release follows a set, regulated path with several safeguards built in. From first enquiry to completion it usually takes around eight to twelve weeks. Knowing each step in advance takes most of the worry out of it. Nothing is committed until you sign, and there is time to change your mind even after that.

1. Initial research

You read, ask questions, and work out whether equity release is even the right area to look at. There is no cost and no obligation to this stage, and a calculator gives you a rough idea of what might be possible. This is the point to involve family and to consider the alternatives.

2. Qualified advice

Equity release can only be arranged through a qualified, FCA regulated adviser. The adviser looks at your full situation, your income, any benefits, your wishes for inheritance, and the alternatives. By law they must consider whether something other than equity release would suit you better.

3. The recommendation

If equity release is suitable, the adviser recommends a specific plan and explains why, in writing. If it is not suitable, they should tell you that plainly. You are under no obligation to proceed at this point.

4. Application

Once you decide to go ahead, the adviser submits the application to the chosen lender. You will need identification and details of the property and any existing mortgage.

5. Valuation

The lender arranges a surveyor to value your home, since the amount you can release depends on what it is worth. This confirms the figures used in the recommendation.

6. Independent legal advice from your own solicitor

You must take legal advice from a solicitor acting for you, not for the lender. Under Equity Release Council rules the solicitor meets you, checks you understand the plan, and confirms you are not under pressure. This is one of the strongest protections in the whole process, and it is your solicitor, on your side.

7. The offer

The lender issues a formal offer setting out the amount, the interest rate, and the terms. Your solicitor goes through it with you before anything is signed.

8. Completion

Once everyone has signed, the funds are released, usually to your solicitor and then to you. If you are clearing an existing mortgage, that is settled first.

9. The cooling off period

Even after completion you have time to reconsider. You are never locked in at the first conversation, and the regulated steps exist precisely so you can stop at any point that does not feel right.

For the warning signs that the process is not being run properly, see equity release red flags, and for the protections that should be in place throughout, see the Equity Release Council standards explained.