Step-By-Step Guide To Applying For Equity Release In The UK

It’s a familiar scenario: you’ve worked hard, paid off or significantly reduced your mortgage, and now you’re looking for a way to enjoy your retirement without selling your home. Maybe you want to fund home improvements, help your grandchildren, or simply create more breathing room for your retirement lifestyle. That’s where equity release can be a powerful tool, but it’s not a decision to rush into.

In this equity release guide, we’ll walk you through the application process step by step, explaining what you need to know, how Conran Mortgages can support you, and how to make informed choices. For expert help, you can call us on 020 8528 2251 or email hello@conranmortgages.co.uk. We’re here for a no-commitment conversation.

With Conran Mortgages, releasing equity doesn’t mean losing control. We guide you with clarity, care and independence.

What Is Equity Release?

Equity release typically refers to a lifetime mortgage. This specialist mortgage product lets homeowners (usually aged 55 or over) unlock tax-free cash from the value of their property, while continuing to live in it. There are two main routes:

A Lump Sum Lifetime Mortgage — you take out one large tax-free amount.

A Drawdown Lifetime Mortgage — you take a smaller initial sum and leave the rest available to draw later; you only pay interest on what you draw down.

Importantly, many equity release plans offer features like downsizing protection, inheritance protection, partial repayments, or enhanced terms (for health conditions).

Step 1: Check Eligibility

Before you begin the application process, check whether you and your property are likely eligible. At Conran Mortgages, here are the key criteria we typically see:

Age: usually 55-95 for lifetime mortgages.

Property: your home must be mortgageable and meet the lender’s criteria.

Ownership: You should own your property (with or without an existing mortgage) so that a new lifetime mortgage can be secured against it.

During your first no-obligation conversation, we’ll assess whether you meet the eligibility thresholds and, if not, explore alternatives, such as a retirement interest-only mortgage.

Step 2: Initial Advice and Fact-Finding Meeting

Once eligibility looks promising, our next step is to arrange a fact-finding meeting. This is purely exploratory; there’s no obligation to commit.

In this meeting:

• We’ll talk through your goals: Do you want a lump sum now? Or access money gradually?
• We’ll discuss how you intend to use the funds for home improvements, helping family, paying off debt, or anything else.
• We may encourage you to involve family or beneficiaries, because equity release decisions can have knock-on effects for inheritance.

Step 3: Market Research & Recommendation

Because Conran Mortgages is whole-of-market, we don’t stick to a limited panel of lenders. Instead, we search across multiple providers to find the most suitable equity release plan for you.

We will evaluate options based on:

• Interest rates
• Plan features (inheritance protection, downsizing, drawdown)
• Your health (if you have relevant medical conditions, you may qualify for enhanced terms)
• Your long-term goals and priorities

Then, in a second meeting, we’ll present our recommendation along with a personalised illustration that clearly shows projected costs, potential loan growth, and how it might impact your estate.

Step 4: Valuation And Legal Advice

1. Property Valuation

Next, an independent surveyor will value your property. This is essential because it affects how much equity you can release.

2. Legal Guidance

You must have independent legal advice to complete an equity release plan. At Conran Mortgages, we work with specialist solicitors who:

• Explain the contract in clear, plain terms
• Confirm you fully understand the commitments
• Ensure the plan is suitable and fair, and that you have not been coerced into making a decision

In some areas, the legal process can take 6–10 weeks, depending on the solicitor’s progress, property checks, and documentation.

Step 5: Formal Application & Underwriting

Once you’ve agreed to proceed:

• We help you apply to the chosen provider.
• The provider underwrites the plan, assessing your age, health, and property security.
• If the plan includes enhanced underwriting (based on health), we will carefully support you through that process.

Because we’re independent, we’ll guide you through any lender-specific requirements and ensure your application is robust.

Step 6: Offer, Completion & Release Of Funds

1. Mortgage Offer

If the lender approves, they issue a formal mortgage offer containing all terms and conditions.

2. Legal Completion

Your solicitor finalises the legal paperwork. Once everything is legally signed and in place, the plan is completed. For many, this process takes 8–12 weeks, though times may vary.

3. Receiving Funds

Upon completion, the agreed funds are released to your bank account, either as a lump sum or in drawdowns, depending on your chosen plan.

Step 7: Life After Equity Release

Once the money is in your hands, it’s entirely yours to use as you see fit, from paying off debt to funding holidays, gifting to family, or even safeguarding a legacy for loved ones.

But the journey doesn’t end there:

Partial or interest-only repayments: Many lenders allow you to make monthly interest payments or one-off partial repayments to slow compounding.

Inheritance protection: You can ring-fence a portion of your property, so your beneficiaries still benefit.

Downsizing protection: If you decide to move, some plans let you repay the loan early without penalty.

Why Use Conran Mortgages For Your Equity Release Journey?

Independent, whole-of-market advice — we’re not tied to a single lender, so we genuinely look for what is best for you.

Qualified later-life advisers — our team has the special expertise needed for equity release.

Transparent process — we guide you clearly through valuations, legal steps, and applications.

Tailored support — we can build in enhanced features, repayment flexibility, and legacy planning depending on your situation.

No-obligation conversation — call us on 020 8528 2251 or email hello@conranmortgages.co.uk to start a friendly, pressure-free discussion.

Conclusion

Applying for equity release doesn’t need to be confusing or stressful; with the proper guidance, it can be a powerful way to unlock your home’s value and enjoy retirement on your terms. Our equity release guide demystifies the process and helps you make an informed decision.

If you’d like personal, expert support from a team that cares, call us on 020 8528 2251 or email hello@conranmortgages.co.uk. Let’s explore your options together.