Application Process

How do I apply

Whilst the process is relatively simple we have provided a comprehensive overview of the process to ensure you feel comfortable with the steps which will be taken.

Step 1 - Discuss your personal circumstances with your financial adviser. It is important to make sure equity release is the right option for you and that you consider all of the alternatives, including downsizing, using any existing savings and investments or seeking grants you may be eligible for.

A calculator is available for the plans we have available.  Should you be looking at our plans with rent, your adviser will need details of your retirement income and level of outgoings you incur so they can carry out an eligibility check.  This is used with your age(s) and property value to establish how much you could potentially receive from the plan.

If equity release is right for you and your adviser recommends a Home Reversion Plan they will provide you with a personalised illustration (KFI) from us, detailing everything you need to know. If you do not already have a financial adviser click here to find one who offer our products.

Step 2 - Once you have read through the documentation and are happy with everything, your financial adviser will help you complete the application form. At this point you will be required to provide us with evidence of your income and expenditure if you have chosen a product with rent.

 Step 3 - Upon receipt of your completed application form, we will undertake an affordability check and arrange for your home to be valued by a surveyor who is independent and a member of the Royal Institution of Chartered Surveyors (RICS) to establish its market value. A copy of the valuation report will be sent to your financial adviser.

Step 4 - Subject to a satisfactory valuation report we will make you an offer for your property in writing. If the valuation differs from your estimated amount, a new illustration will be produced so you can review any changes. Please consult your solicitor if you are happy to proceed, one copy of the offer letter must be signed and returned to us.

Our offer is valid for 3 months from the date it is signed by us.
Step 5 - Your solicitor and our solicitor will correspond regarding all the necessary legal documents that need to be agreed and signed (which will take approximately 6-8 weeks). As you are the seller of your property you will be asked by your solicitor for the following information:
  • Property Information Form
  • Proof of identity
  • As you are selling your property it is a legal requirement to provide an Energy Performance Certificate (EPC) – your solicitor can arrange for this to be provided
  • Details of any works that have been done to the property whilst you’ve lived there –e.g. new windows, boiler, extensions, conservatory etc
  • Copies of relevant FENSA certificates (new windows, doors, conservatory), guarantees and planning permissions (or confirmation that planning permission was not required) even if the works were done 30 years ago. If these cannot be supplied then please advise your solicitor to ensure that indemnity insurance can be arranged
  • Details of any service agreements for boiler, heating etc
Between receiving your offer and receiving your funds it is a good idea to keep in touch with your solicitor responding promptly to any requests for information.

Step 6 - Your money will be released to your solicitor on the day of completion. They will then forward it to you after deducting any fees due, such as their legal fees.

For further cash releases

If you have not sold 100% of your property and you have kept to the terms and conditions, future payments will be made if you apply to release further equity in the future.