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.
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.
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.
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.
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.