How do I release equity on my home?

Releasing equity on your home doesn’t have to be a complex process, so long as you have the right support. Here’s a quick guide to help you through the equity release journey.

 

Before making an enquiry

  • The very first step should be to find out about the different types of equity release. It’s good to speak to family and friends at this stage, too – and they can also join you if you go ahead with a consultation.
  • Then, get an estimate of how much you could release by using our equity release calculator. Remember, this figure is a guideline, not an exact amount!

 

 

Making your enquiry

  • If you decide to go ahead, you need to arrange an appointment with a qualified expert equity release adviser. If you go ahead with our partner then you will be offered a free no-obligation appointment, at which point your adviser will be able to gather information about your needs.

 

  • During the initial appointment, ask as many questions as possible! You should also involve family members who may be affected by the decision that you make – or are simply interested in helping you weigh up your options.

 

  • Once you’ve had a full discussion with your adviser, if you decide to proceed, they will spend some time putting together a recommendation which considers your needs, wishes and circumstances. This recommendation will then be presented to you and discussed in full.

 

Application

  • If you like the recommendation that your adviser has made, your home will need to be independently valued. Once a satisfactory valuation has been received, the equity release provider may be able to make a formal offer which will state both the amount that you can release and all of the terms and conditions.

 

You don’t have to accept this offer, but if you do wish to then you’ll need to take independent legal advice. The whole process can take 8 to 12 weeks from submitting your application, although this timescale is not guaranteed.

 

 

Remember that equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits. The most popular type of equity release, a lifetime mortgage, is a loan secured against your property.

If you are thinking about releasing equity from your home, we recommend reading ‘is it right for you?‘.

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