Your Roadmap
How Equity Release Works
From your first conversation with us through to receiving your funds, this guide explains each stage of the equity release process clearly. Our Chorley-based advisers work with homeowners across Lancashire, Greater Manchester and nationwide.
Proud Member of the Equity Release Council
As members, every lifetime mortgage plan we recommend includes the No Negative Equity Guarantee and the Right to Remain in your home for life. Both protections are built into every ERC-approved plan as part of the Council's Code of Conduct.
01
Where to start?
If you're thinking about equity release, the first step is to get informed — and the best way to do that is by speaking with a qualified adviser. At Aspect Mortgages, we offer friendly, expert guidance to help you understand your options and decide what’s right for you. There's no pressure, no jargon: just clear advice tailored to your circumstances. We’re here to answer your questions and support you every step of the way.
You can also visit the Equity Release Council website, the UK’s leading body for consumer protection in later-life lending. It’s a great resource to learn more about how equity release works, what safeguards are in place, and what to expect from a responsible adviser. Whether you start with us or explore the Council’s information first, taking that first step puts you in control of your financial future.
Whether you start with us or explore the Council's information first, taking that first step puts you in control of your financial future. Our team covers the whole of the North West and is always happy to take that first call.
02
What happens during your advice appointment
Your equity release advice appointment is your opportunity to ask questions, explore your options, and get clear, personalised guidance. A qualified adviser will take the time to understand your circumstances - including your financial goals, property details, and future plans - to help you work out whether equity release is right for you. There’s no pressure or obligation; it’s simply a conversation to give you the information you need.
The adviser will also explain how much you could release, what type of plan might suit you, and how it could affect things like inheritance or means-tested benefits. If you choose to proceed, they’ll guide you through the next steps, including the application process, valuation, and legal advice. Every recommendation will be in your best interests and tailored to your needs.
Your equity release advice appointment with our Chorley-based team is your opportunity to ask questions, explore your options and get clear, personalised guidance.
03
How lenders calculate how much you can borrow
The amount you can borrow through equity release depends mainly on your age and the value of your home. In general, the older you are, the more you can release, because lenders know the loan will typically be repaid sooner. Most plans start from age 55, with borrowing amounts increasing steadily with age. Your property will also need to meet certain criteria, such as a minimum value (often £70,000) and being your main residence.
Some lenders may also consider your health and lifestyle through what’s known as an “enhanced” equity release plan. If you have certain medical conditions or lifestyle factors, you may be able to release more money. No matter the plan, a professional valuation of your home will be arranged as part of the process to confirm how much can be offered.
Your adviser will stay in touch throughout the process to keep things moving smoothly and make sure you're comfortable at every step, whether you're based in Chorley, Preston or anywhere across the North West.
04
What to expect after you apply
Once you decide to go ahead with an equity release plan, your adviser will submit a formal application to the lender on your behalf. The lender will then arrange for an independent valuation of your property to confirm its current market value. Based on this, you'll receive a personalised offer outlining how much you can release, the interest rate, and any features of the plan - such as drawdown options or inheritance protection.
After the offer is issued, you'll have time to review the details and ask any final questions. If you're happy to proceed, the lender and your solicitor will begin preparing for completion, and the funds are typically released within a few weeks. Your adviser will stay in touch throughout the process to keep things moving smoothly and make sure you're comfortable at every step.
05
The legal work involved
As part of the equity release process, it’s a legal requirement to have your own solicitor act independently on your behalf. Their role is to ensure you fully understand the terms of the plan, answer any legal questions, and protect your interests before anything is signed. They’ll also handle the necessary paperwork, liaise with the lender’s solicitor, and make sure the release of funds is handled securely and correctly.
If you don’t already have a solicitor, we can help by recommending experienced firms who regularly deal with equity release cases. These solicitors understand the process inside out and will make sure everything runs smoothly. It’s another way we help make the journey as simple and stress-free as possible. The lender will also appoint a solicitor to handle their side of the legal process, for example updating the Land Registry with the lender's interest and ensuring all lender requirements have been met.
06
How you receive your funds
Once your equity release plan completes, your initial lump sum is transferred directly to your bank account — usually within a few days of completion. You can use the money however you wish, whether that’s clearing an existing mortgage, helping family, or boosting your retirement income. Your adviser will confirm the final amount and ensure everything is in place before the funds are released.
If your plan includes a drawdown facility, any future withdrawals can be requested directly from the lender when you need them. There’s no need to reapply — you simply contact the provider, and the funds are usually transferred within 5 to 10 working days. You’ll only pay interest on the money you’ve actually released, which helps keep costs down over time.
Our equity release beginners guide is a good starting point if you are new to the subject. You can also explore whether equity release is right for you, read about the risks and safeguards, or see the full range of later life options. See our full equity release advice section for everything in one place.
For more detail on timescales, read our guide to how long equity release takes. If you are considering a drawdown plan rather than a lump sum, our guide to drawdown lifetime mortgages explains how that option works in practice. Ready to start? Speak to one of our advisers for a no-obligation conversation.
Why Choose Aspect Mortgages?
Independent and FCA regulated. We work for you, not for the lender
Proud member of the Equity Release Council, giving you the No Negative Equity Guarantee and the right to remain in your home for life
Whole of market access. We search all leading equity release lenders to find the right plan for you
Family run since 2004 with over 100 years of combined team experience
No pressure, no rush. Complex decisions explained clearly, at a pace that suits you
Family involvement welcome. We actively encourage family members to be part of the conversation
Rated 5 stars across 460+ Google reviews. One of the most reviewed brokers in the North West
Fixed, transparent fee. One flat fee, no surprises
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Find out what equity release could do for you.
We can meet at our Chorley office, at your home, or by video call, whichever suits you best. Call us on 01257 812345 or drop us a message and we'll get back to you.
Areas We Cover
Remote advice offered nationwide.
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £495 for a residential/buy to let mortgage or £1495 for an equity release/retirement mortgage.
Aspect Mortgages Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/s/) under FCA reference 305352. The FCA do not regulate Business Buy to Let Mortgages.
As independent advisers we have access to the whole market, except for deals that you can only obtain by going direct to a lender. Registered in England and Wales No: 051013801. 16 St Thomas' Road, Chorley, PR7 1HR.
A Lifetime Mortgage may reduce the value of your estate and could affect your entitlement to benefits. To understand the features and risks please ask us for a personalised illustration.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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