Equity Release & Later Life Lending Guide 2026
Your complete mortgage journey — every stage, every party, every document. Select your journey below and click any stage to learn more.
Written and reviewed by Sophie Harrison · Page last reviewed 8 April 2026
What are you doing?
Equity release / Later life lending
Click any stage to learn more
Sourcing & research
Review the market: rates, criteria, affordability.
You research lenders and products — rates, fees, LTV tiers, and criteria eligibility. Equity release is a specialist market. Products include lifetime mortgages and home reversion plans. Independent advice from a qualified equity release adviser is a regulatory requirement. An affordability sense-check at this stage sets realistic expectations before any formal approach. Mortgage Compare models this for you across 40+ lenders instantly.
Specialist advice
Qualified equity release adviser assesses your needs and recommends a suitable product.
Family discussion
Discuss the implications with family members, particularly those who may inherit.
Decision in principle (DIP)
High-level credit and affordability check with the lender.
Full mortgage application (FMA)
Complete application with full property and income detail, documents uploaded.
Underwriting assessment
Offer or declineLender assesses the application. Valuation and conveyancing proceed alongside.
Application review
Underwriters verify income, credit, documents, and policy compliance.
Valuation & survey
Surveyor visits your property and reports to the lender.
Conveyancing (pre-offer)
Solicitor begins searches and enquiries before the offer arrives.
Mortgage offer
Formal offer issued. References the ESIS. Can only be rescinded in limited circumstances.
Conveyancing (post-offer)
Solicitor reviews offer conditions, checks lender's handbook, prepares report on title.
Completion
Existing mortgage redeemed (if any). Equity release funds released to you.