Discover the best way to release equity from your home.
Members of the Equity Release Council
The Equity Release process
Find a good, reliable Equity Release Broker
Read reviews from Brokers previous clients from Google, or sites like VouchedFor or Unbiased.co.uk where you can find many independently verified reviews.
Make contact with your chosen broker
Make contact via email or telephone to ask initial questions and determine if you feel this is the right broker for you. Do you consider them to be efficient, friendly and client focused?
Once you have chosen which Advisor you would like to meet, they will offer you a Phone or Video appointment to speak with you to discuss your circumstances about your circumstances in further detail.
The process with Ocean
Having considered all the available options, if Equity Release is a recommendation and you decide that you would like to complete an application then the process with Ocean is:
Establish if you need Equity Release
The best place to start is ’do we actually need to take Equity from our property, or are there alternatives that we have not yet considered?’ We will discuss at least five alternative ways to raise funds with you.
Discuss your circumstances
To give you the best possible advice, we ask you a series of questions to find out about you, your current circumstances and your financial aims from releasing property wealth. This then means that our advice is tailored to your specific needs.
Complete an application
Once our Whole of Market research has been completed and we have found a lender with a product that best suits your needs, we will complete an application on your behalf.
Find a solicitor
We work with a panel of solicitors across the country who we have selected based upon their high service levels and fair costs.
Instruct a survey
Upon completion of the application and provision of the necessary paperwork, the lender will then instruct a survey of your home. This is to ascertain the condition and value of your property.
Mortgage offer and completion
Once the lender has agreed your loan, a copy of your mortgage offer is issued. Your solicitor then liaises with you to complete the legal paperwork and arrange completion of the mortgage and the release of funds.
A lifetime mortgage may impact your entitlement to means-tested benefits and the inheritance you may leave.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Ocean Equity Release is a trading style of Ocean Mortgages Ltd. Ocean Mortgages Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 841683.
Only if you choose to proceed and your case completes will Ocean Mortgages Ltd charge a fee. Our adviser will talk you through this and the setting up costs before you make any decision to proceed. A lifetime mortgage may affect the value of your estate and your entitlement to means-tested state benefits.