The main steps of the equity release process are as follows:

• After you have taken independent financial advice, we will take your instructions including how you came to the decision that an Equity Release mortgage is the right choice for you
• After receiving the offer from your Lender, we will advise you on the terms and effect of taking out the mortgage
• We will deal with your Lender’s legal representatives, addressing any issues that may arise
• When it is clear that you are certain you wish to proceed and, when the Lender’s requirements are met, we will arrange for completion to take place
• We will receive the funds from your Lender and then pay those to you
• We will keep you updated throughout the matter and, with your consent, we will also keep your financial adviser fully appraised of progress

In the future you are able to increase the share you own in the property by a process called staircasing. Staircasing allows you to purchase up to 75% of the property and in some cases you are able to purchase 100% of the property however not all associations allow you to purchase a 100% share so you will need to check this with the association beforehand.

Each time you staircase there is a legal cost that you will incur so you will need to bear this in mind when deciding how much of a share you wish to purchase, there may also be stamp duty implications each time you buy a further share in the property. Some associations may also limit the amount of times you can staircase so this is a question that should be asked if you are considering buying a shared ownership property.