Despite ups and downs in property prices, there is every chance that your home is still your biggest asset, and is worth considerably more than you paid for it.
UK house prices have risen by 57% in the last decade (to end of June 2023). As a result, millions of Britons who may have reached or are approaching retirement age, may now find themselves with a wealth of equity that far outweighs their savings and income.
You can use tools such as Zoopla and Nethouse prices to check how much similar house in your area have sold for recently. That will give you a good indication of how much your home could be worth.
As part of your equity release application, the lender will organise for a full property valuation, which will tell you exactly what your house is worth in the eyes of the property surveyor.