1. Decide what it is for, and how much
Write it down: clear the mortgage £42,000, new kitchen £15,000, help Sarah with a deposit £20,000, a cushion £10,000. The number you need is not the number you can have. Get a redemption figure from your current lender if there is a mortgage.
2. Do the homework
Read the options so you know what a lifetime mortgage is competing with. Do the questionnaire. Run the calculators. Tell the family. Get a free benefits check from Age UK if you receive or might receive Pension Credit.
3. First appointment with an adviser
By phone, video or at home; free. A fact-find: your ages, health, property, income, debts, what the money is for, what matters to you about inheritance, whether you might move. Take photo ID and the mortgage statement. Ask the twenty questions. A good adviser will spend as long on whether you should do it as on which plan.
4. Research and recommendation
The adviser searches the market and comes back, usually within a week, with a recommendation and a personalised illustration (a key facts illustration, or KFI). This is the one document that matters: the rate, the fees, the early repayment charge, and a table of what you would owe in 5, 10, 15 and 20 years. Read it twice. Ask why this lender, and what the second choice was.
5. Application and valuation
You sign the application; the adviser submits it. The lender instructs a surveyor to value the home, usually within a week or two, sometimes by automated valuation. If the value comes in lower than expected the maximum loan changes and the adviser will tell you.
6. The offer
A formal mortgage offer from the lender, valid for a set period, sent to you and your solicitor. Check it matches the illustration.
7. Your solicitor
You must have your own, independent solicitor, and you must meet them in person. They check the title, go through the offer, make sure you understand the debt, the interest and the protections, and sign a certificate saying so. Choose one who does equity release regularly; the adviser will suggest some. Fixed fee, £600 to £1,200. This is the stage that varies most in speed.
8. Completion
The lender sends the money to your solicitor, who repays any existing mortgage, deducts fees and sends the balance to your bank account, usually the same day. You will get a completion statement: keep it, it is the proof of where the money came from if you gift any of it.
Afterwards
The lender sends an annual statement showing the balance. You can make voluntary payments, draw more from a drawdown facility, or move house with the plan. Tell the DWP or council if you receive means-tested benefits. Keep the family in the loop.
The free Fast Track, Step by Step PDF is this page as a tick-list with the paperwork checklist.
A note on the numbers. Rates, loan-to-value limits, fees and timescales are typical figures at the time of writing (2026) and vary between lenders and with your age, health and property. This is information, not advice. Equity release must be arranged through an FCA-authorised adviser, who will give you a personalised illustration before you commit to anything.
Quick answers
Do I have to meet the solicitor in person?
Yes, for plans meeting Equity Release Council standards. It is a safeguard against pressure and fraud. Many specialist firms will come to you.
Can I pull out?
At any point before completion, yes, though you may owe the solicitor for work done and occasionally a valuation fee. After completion you can repay, subject to any early repayment charge.
Ready to talk to someone who can actually do it?
We introduce you to a qualified, FCA-authorised equity release adviser who will look at every option, tell you how much you could release and how fast, and never charge you for the first conversation. No obligation.