The process

What is the process?

The process described here is an example. Advisers may differ their approach, or if a different provider's product is recommended they may follow a slightly different process.

1. Research

Before taking out any equity release product, it’s important to research all of the options and choices that you have. In fact, an equity release product may not be the best option for you. The Money Advice Service has issued a brochure which you may find helpful.

2. Discuss with your family

Before taking out any equity release plan, we encourage you to discuss the plan with anyone who may be impacted in the future, including your family.

3. Discuss with a financial adviser

The next step should then be to talk to an independent financial adviser. As part of the advice process they will carry out a detailed ‘fact-find’, covering all your circumstances including your income and outgoings, as well as your short-term and long-term expenditure plans. Once they have gathered this information they will consider your options, and if appropriate, they will recommend a product from the range of Stonehaven Lifetime Mortgages. As part of the recommendation they will provide you with a Key Facts Illustration. This document summarises all the important details you will need to help you understand the product and will be personalised to you and your circumstances. It will also give you a clear picture of the costs involved. They will also provide you with a Letter of Recommendation which provides you with an explanation of why they have recommended this product.

4. Complete the application form

Having received the recommendation we encourage you to consider it carefully. Once you are happy with the product being recommended, you will need to complete an application form. Our financial adviser will assist you with this and will be responsible for sending in the form to the Stonehaven processing team, along with your cheque for the valuation fee.

5. Have your home valued

Stonehaven will appoint an independent valuer who will contact you to arrange a convenient time to visit your home in order to carry out the valuation.

6. Appoint your solicitor

In order to ensure that you understand fully the implications of your decision, all SHIP members require that you discuss it with your own solicitor before committing yourself to a Lifetime Mortgage product. If you do not have a solicitor then you can contact Equilaw who are legal specialist operating in the equity release market. Their telephone number is 01242 285252 or you can email your enquiry to equityrelease@equilaw.uk.com. Stonehaven do not make any commission from recommending this firm. Whichever solicitor you appoint, they will make sure you have understood all the Terms and Conditions of the product and will provide impartial advice.

7. Offer Letter

Once the valuation has been carried out on your property and Stonehaven has confirmed the amount you can borrow, you will receive an Offer Letter. A copy of the Offer Letter will also be sent to your solicitor and your Stonehaven Solutions financial adviser which enables both of them to discuss any features with you.

8. Legal process

Once your solicitor receives a copy of the Offer Letter, your solicitor will talk you through the Offer. Once you are happy with it, you will be asked to sign a Mortgage Deed and your solicitor will sign a certificate to confirm that he has explained the essential features and implications of the plan.

Our solicitors also require certain documents from your solicitors. Once they have received all this documentation, they will carry out the necessary checks in relation to the title of your property.

9. Cash released

Once the legal process is complete, in the majority of cases the cash is released to your solicitor who will arrange for the funds to be transferred to you.