The Equity Release Process Explained

Equity release is a great way to unlock money from your property to use in retirement, whether you’re looking to improve your home, supplement your retirement income or treat yourself to the holiday of a lifetime.

Do I Need a Financial Advisor When Looking for Equity Release?

You need to speak to a financial adviser to begin the equity release application process. Lenders won't deal with you unless you have taken on formal financial advice, otherwise, they could be seen as mis-selling a loan.

Read our detailed guide to get all the details

Looking for other information on Equity Release? This guide has info on 'How to i start with Equity Release?' We have also writen extensively about:

• - What are the alternatives to Equity Release?
• - Equity Release is perfect if you have retired recently
• - Equity Release is perfect if you need a cash lump sum
• - Equity Release is perfect if you need to help your family out financially

We update all our guides regularly. If you are researching Equity Release and we haven't got an exact guide that helps you, keep coming back as we update daily.

Equity Release: Speaking to a Financial Adviser

If you’re wondering how to start with equity release, then the first thing you should do is your own research – it’s important you’re clued up. Thankfully we’ve got a wealth of guides on the subject, including the pros and cons, how it can be repaid, the various options available and more.

We’re you’re one-stop-shop for equity release information!

Once you’ve done your research though and you’re feeling clued up, you’ll still need to speak to a financial adviser. You might be the most read-up person in the world, but without formal advice from a legitimate and experienced financial adviser, no lender worth their salt will come near you to offer an equity release loan. And if they do, this should be an immediate red flag.

Equity Release: Booking an Appointment With a Specialist Advisor

Once you’ve booked your appointment with the adviser, they’ll firstly go through your financial situation, including your history, your assets and your income and expenditure.

They’ll look at your pension fund and whether you’re making the most of it, and generally suggest ways that you can make the most of the money you already have available.

Only once they’ve done this, they’ll take you through the options for freeing up more money including equity release. At this stage, they’ll look at what you’d be likely to get and give you an idea of the costs involved and how much you’d have to repay.

Exact offers will depend on the lender, but your adviser will be able to give you a guide.

Equity Release: Financial Conduct Authority

What’s important here is that your financial adviser must present you with a few options for you to choose from. If they don’t, and they instead just push one provider on you, then you should walk away and consider reporting them to the Financial Conduct Authority.

That’s because in this role they’re acting as a broker rather than an adviser, and you can’t be sure they have your best interest in mind. It may just be the option that results in a commission payment for them.

Your financial adviser, having gone through your options, will then present them to you formally in a document that you should keep. This can be used as evidence for your chosen lender to show that you understand the agreement you’re entering into.

If you feel like equity release may be for you, then take that initial step by reading more of our guides.

How Can Money Savings Advice Help You With Releasing Equity?

Here at Money Savings Advice, we have partnered with some of the UK’s leading Equity Release brokers. They have already helped thousands of people get the best Equity Release deal and they can do the same for you.

Choosing an independent adviser means they won’t recommend a scheme unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.

If you would like to speak to one of these brokers who can provide you with a ‘whole market quote’ then click on the below and answer the very simple questions.