How Equity Release Works

Equity Release is a complex product and it can be difficult to understand. However, at Simple Fast Mortgage we take the time to ensure you understand  how Equity Release works. That’s why we have written this guide. To help you understand the steps involved in releasing equity from your home.

Additionally, will also talk about how much equity release costs and compare our fee to other advisors. In this guide you will see how much you could pay for advice elsewhere.

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What Does Equity Release Mean?

Equity Release means to release some of the value of your home into cash. Popularly, Equity Release is a Lifetime Mortgage. A Lifetime Mortgage is a mortgage secured on your property. However, you do not have to make regular mortgage payments with a Lifetime Mortgage. 

Some people release equity by using a Home Reversion Plan. Although, this is much less popular due to the stigma attached to home reversion schemes from the 1980’s. A Home Reversion Plan involves selling part of your home. However, you retain the right to live in it for your lifetime, rent-free. 

Contact Us if you would like to discuss Equity Release with a qualified advisor.

Read our beginners guide to Equity Release here: Guide to Equity Release

Read more about Alternatives to Equity Release here: Alternatives to Equity Release

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Birds Eye view of couple holding hands on a table with coffee How Equity Release Works

Quick Equity Release

You may require a quick Equity Release. However, releasing equity from your home is generally not a quick process. Expect at least 4-6 weeks. This is due to the safeguards that are in place to keep Equity Release safe. Specifically, a solicitor discussing the advice with you to ensure you understand.

Simple Fast Mortgage can help you release equity fast. To explain, we do this by streamlining the process. We also take care of all the paperwork on your behalf. We submit the mortgage application to the lender. Indeed, we can also find you a suitable solicitor and keep you informed about their progress. 

Contact Us to start your Equity Release enquiry today.

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Equity Release Advice Fee

Here is a list of how much some high profile Equity Release firms charge:

Equity Release Supermarket, charge a fixed fee of £995

Age Partnership, charge a whopping 2.25% of the amount released. so £2,250 per £100,000 of loan taken.

TERE – Key Group, charge a substantial 1.99% of the amount released. That’s £1,999 per £100,000 of loan taken. The minimum fee charged is £1,499.

Key Advice do not charge a fee. However, they only provide advice on their own Equity Release products. Overall, this means they won’t be able to consider products which may be cheaper.

Importantly, you may have to pay other fees. For example a Valuation Fee, Lender Product Fee, or Legal Fee. 

Contact Us to find a fee free Equity Release product for you.

Read more about Equity Release Fees here: Equity Release Fees & Costs

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What Is The Equity Release Process?


Firstly, speak to an advisor to understand how Equity Release works and the alternative options. Indeed, you can’t take Equity Release without receiving advice. You will need to provide supporting documents and identification. You will receive a written recommendation from your advisor with personalised advice. Accordingly, take the time to think about the advice before going ahead.

Following on, your advisor will send the mortgage application to the Equity Release provider. You will pay any application fee to the advisor at this point.


The lender will instruct a valuation of your property. This is to assess the property value and suitability for loan security. This could be a physical valuation. Or alternatively an automated valuation done at a distance. The outcome of the valuation will determine how much equity you can release.

Legal Work

Your solicitor will complete the legal work. They will also ensure you know how Equity Release works before you go ahead. Subsequently, you will receive a mortgage offer from the lender together with a Solicitor’s Certificate. 


Receive your Equity Release Offer. Your solicitor and mortgage advisor will also receive a copy. The Mortgage Offer will confirm the details of the loan. Specifically, the details will include the amount borrowed and the term. Fees or charges, and the interest rate will also be noted. Ask questions. Make sure you understand how the Equity Release works.


Completion. Once everything is in place the solicitor will set a completion date. On this date the lender will provide the Equity Release money to the solicitor. Generally, the solicitor will send this to you by bank transfer or cheque. All that is left is to spend your money as you wish!

Start your Equity Release journey here: Contact Us

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Equity Release Council

Simple Fast Mortgage is a member of the Equity Release Council. Additionally, we only recommend Equity Release products approved by the council. The Equity Release Council was created to promote safe Equity Release products and to protect consumers.

The Equity Release Council has minimum product standards to protect you. As such, any Equity Release product we recommend will conform to the following:

Products will have a “no negative equity guarantee”.  This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more.

For lifetime mortgages, interest rates must be fixed. Or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan

You must have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.

Contact Us to work with an approved advisor.

Equity Release Under 55

Equity Release is only available to those aged 55 or over. Therefore, if the Equity Release is in joint names, the youngest must be age 55 or over. There are other options available to those under age 55.

Contact Us to discuss your options.

If one applicant is under age 55, it may be possible for them to transfer their share of the property to the older applicant. Therefore, this could allow an Equity Release product to be taken. This process is called a Transfer of Equity. There may be legal fees and Stamp Duty to pay. Depending on your circumstances. As such, it’s important to take legal advice before making a decision. Our specialist legals advisors can help.

Contact Us if you require a Transfer of Equity.

Remortgage To Release Equity

You do not necessarily need Equity Release to release equity from your property. It depends on your age and other circumstances. You may be able to obtain a standard mortgage and release cash from your property. Alternatively, if you are age 55 or older a Retirement Interest Only (RIO) mortgage could be right for you.

There is one primary difference between a RIO mortgage and Equity Release. A RIO mortgage requires regular payments of interest, whilst Equity Release payments are optional. Therefore, mortgage interest will not accumulate in a Retirement Interest Only mortgage. Also, RIO is more flexible should your circumstances change in the future.

Contact Us to discuss your options with a specialist advisor.


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