Equity release can be expensive, complicated and time-consuming, especially if you do not have the 10 documents needed for smooth equity release transactions at the ready.

Without the correct information, you may find yourself facing unexpected fees and penalties when your mortgage ends.¹

Avoid unpleasant surprises and delays by ensuring you have all the necessary documents before you decide to take out an equity release mortgage.

What 10 Documents Do You Need for Smooth Equity Release Transactions?

You will need the following ten documents for a smooth equity release application process:

• Proof of identity
• Bank statements
• Title deeds
• Mortgage policy
• Council tax and utility bills
• Occupancy waivers
• Power of attorney
• Solar panel documentation (if applicable)
• Building insurance schedule
• Building specialists reports

More about each document:

Proof of Identity

You will need proof of your identity when applying for an equity release mortgage.

Equity release providers generally accept certified copies of these documents as proof of your identity:

• Your passport
• Your birth certificate
• Your driving license
• Your marriage certificate
• Decree of Separation or Decree Absolute if you and your spouse are separated or divorced

Bank Statements

You will need to provide copies of your bank statements for three months prior to your equity release application. 

Your bank statements must clearly indicate your name, account number, and address.

Title Deeds

Your title deeds must indicate your name and that of a joint owner who must be a co-applicant for an equity release mortgage.

The names of any former co-owners, whether your spouse or another person, must no longer appear on the title deeds. 

Mortgage Policy

You will need to provide your existing mortgage policy reference number and the details of your mortgage provider when applying for equity release. 

Council Tax and Utility Bills

You will need to provide copies of your council tax and utility bills as part of your equity release application.

More than one set of bills linked to your address may mean that there is an annex or separate accommodation on your property, which may impact your equity release application. 

Occupancy Waivers

Family members, long-term caregivers, or lodgers aged seventeen or older who reside on your property must sign occupancy waivers to confirm they will vacate the premises when your equity release mortgage ends. 

It is essential that each person signing an occupancy waiver consult an independent legal advisor so they understand their rights and obligations before your equity release mortgage can proceed. 

Power of Attorney

You will need to provide a certified power of attorney if your spouse or partner is a co-owner and joint applicant for an equity release mortgage but is in long-term care on a permanent basis.

A power of attorney must be stamped by the Court of Protection or registered by the Public Guardian Office.

In addition, your equity release advisor must certify the identity and address of the power of attorney and confirm that there is no conflict of interest. 

Solar Panel Documentation

If your property has solar panels or other non-standard utilities, the equity release provider needs to know if you have purchased the solar panel or entered into an airspace lease.

The financial services provider will review your lease to confirm that the solar panel firm meets the Council of Mortgage Lenders (CML)’s requirements.

The solar panel firm must also be Microgeneration Certification Scheme (MCS) certified.²

Building Insurance Schedule

You will need to provide a copy of your building insurance schedule as part of your equity release application.

If your property has flooded before, the equity release provider wants to ascertain premiums and excess to ensure your property meets the minimum risk requirements. 

Building Specialists Reports

Equity release providers generally require a building specialist's reports, such as 

• Flat roof guarantees
• Damp and timber
• Electricals
• Structural adequacy certification

The financial services provider may also request to see any planning permissions and quotes for any construction, improvements, or renovations you want to make to your property. 

Common Questions

In Conclusion

Now that you know what you will need to begin the application process for an equity release mortgage, speak to your family and beneficiaries, especially if they share your home.

It is vital that your are all in agreement on the impact of an equity release mortgage on your living conditions, particularly after your death or move into long-term care.

Consulting a qualified registered financial provider armed with the ten documents needed for smooth equity release transactions can avoid delays, debt, and drama.