Blog > Equity release documents: what will you need?

Equity release documents: what will you need?

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By Richard Groom • 19th May 2023 • 5.5 min read

What documents are involved in an equity release application?

Applying for equity release will involve supplying documents to support your application. Much of them are what you’d expect to provide with a standard residential mortgage. But there are some differences.

You’ll be making a long-term commitment and releasing a considerable amount of money from your property. Equity release providers will understandably have rigorous requirements when checking each application. But the equity release documents and information you’ll need will mostly be easy to get hold of.

In this guide to equity release documents, we’ll look at:

If you are thinking of applying for an equity release plan, we hope this information will help you prepare the documents you’ll need. But please don’t worry if you can’t get it all together right now. Our selected equity release advisers will be happy to help you gather the necessary documents as part of the application process.

Just call us on 0808 178 3055 or request a call back and we’ll arrange a no-obligation appointment with an adviser for you. Alternatively, check your eligibility and get an initial indication of how much tax-free cash you could unlock.

The documents and information you will need.

It is likely that you will need to provide the following documents to the provider at some point during your application process. This list may not cover everything you’ll need, as additional documents may be required depending on your individual circumstances.

Photo I.D.

A valid photo I.D. such as driving licence or passport for each applicant serves two purposes. First, it’s simply a way to confirm your identity, which is a standard part of many financial transactions including mortgage applications. Second, the lender will check that the I.D. matches the name/s on the property title deeds.

It will make things go smoother if the address on your I.D. matches your current address. So if you have moved and your driving licence still shows your old address, you may wish to get a new one. 

Don’t worry if you don’t have a valid photo I.D. There may be other ways that lenders will be able to verify your identity. For example, they may accept signed verification of your identity from a professional who has known you for over two years.

Bills and bank statements

Lenders may ask for council tax bills, utility bills and bank statements going back for three months. These are further evidence of your identity and that the property you are releasing equity from is yours. 

Title deeds

The equity release provider will want to see the title deeds for your property. They will check that the name/s listed on the deeds tally with the name/s on the equity release application. 

If these names differ, for example if your house is jointly owned and you have divorced but haven’t updated the deeds, this may be something that needs addressing. 

You may have the title deeds for your property, or they may be held in electronic form at the Land Registry. Alternatively, they could be with a solicitor who acted on your behalf when you bought the property, or with your mortgage company if you still have an outstanding mortgage.

Leasehold documents

If you live in a leasehold property, the equity release provider will require information about the management company and the remaining term on the lease. Please note that if the remaining term doesn’t meet the provider’s criteria, you will need to arrange an extension of your lease. Our selected advisers can discuss this with you.

Mortgage documents

If you have an existing mortgage on your property, the equity release provider will need information about this. For example, they may ask for the mortgage reference number and details of your existing lender. Providing a copy of your latest mortgage statement may be the easiest way to provide this information.

Buildings insurance policy

A typical condition of equity release is that you have up-to-date buildings insurance on your property. Lenders will therefore want to see your buildings insurance policy or schedule. 

They will expect the sum insured to match or exceed their valuation of your property. This is so that if your property is severely damaged or destroyed, the insurance will be sufficient to repay the outstanding loan plus interest.

Documents that will come from the equity release provider.

Your equity release provider will of course generate a number of different documents as part of the application process. These may include the following:

Application form. Equity Release Wise’s selected advisers will talk you through the application form and can arrange a free courier to collect the form and other documents from your home. 

Property survey/valuation report. Your equity release provider will carry out a survey and/or valuation of your property, since the amount they release will be based on a percentage of the property value.

Key facts illustration. This includes information about the product you have chosen, and all of the costs involved in taking out the product.

Offer letter. This is formal confirmation that the provider has accepted your application and includes all the terms of the offer.

Mortgage deed. By signing the mortgage deed, you confirm your acceptance of the offer.

Who can help you with your equity release documents?

We quite understand if the amount of documentation involved in equity release seems daunting at first. But please be reassured that help is at hand. Our selected advisers have helped thousands of people with their equity release applications, and they can support you through the process also.

You will also have the support of an equity release solicitor, because you will need independent legal advice before taking out a plan. Your solicitors will provide a vital service for you once you receive your offer from your chosen provider. This includes making sure that you have read and understand all of the relevant documentation.

Find out more about equity release documents and the application process.

If you are yet to receive advice about equity release, then speaking to a specialist is the ideal next step. Equity Release Wise can arrange an appointment with one of our selected advisers. 

They can advise you on your eligibility, the application process and the documentation you will need, and get personalised quotes from leading equity providers. Call us today on 0808 178 3055 or arrange a free call back by clicking here to arrange an initial appointment.

About Richard Groom. A writer with 20+ years’ experience across several sectors including financial services, Richard has a passion for writing clear and simple content on even the most complex of subjects. In his spare time, Richard loves exploring the hills and mountains of the UK on long walks with his faithful cocker spaniel. Follow Richard on LinkedIn

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