With a Key Equity Release lifetime mortgage, you don’t have to make any monthly repayments. Instead, the interest with your lifetime mortgage is added to the loan - this is known as roll-up or compound interest. The loan plus interest is then repaid when the plan comes to an end, which is usually when you, or the last remaining borrower, either passes away or enters long-term care. Typically, your house will then be sold and the equity release provider will take their money from the sale proceeds. The remainder goes to you or your estate.
Equity release is regulated by the Financial Conduct Authority (FCA) whose primary role is to protect customers and enhance the financial market’s integrity. We're authorised and regulated by the FCA, ensuring all our processes and recommendations are clear, fair and not misleading to customers.
All of our plans come with several assurances, including the no negative equity guarantee. With it, you’ll never owe more than your home’s worth. So, any debt you accrue through equity release can’t be passed on to your loved ones after you’ve gone.
With some of our plans, you can also choose to guarantee an inheritance for your loved ones through inheritance protection. And for your own peace of mind, your adviser can personalise your plan to include downsizing protection, so you can move home in the future if you need to, subject to criteria. It means that should your new home not meet our criteria, you can repay your plan without any early repayment charges.
It’s important you think about what features you’d like your adviser to include in your lifetime mortgage plan. You can see the features here. If, for example, you’d like our lowest interest rate available, or to release the highest amount of tax-free cash we can offer from your home, there may be some trade-offs you will have to discuss with your Key Equity Release adviser.
They can guide you through your options, and it’s crucial to note that this won’t affect your entitlement to make no monthly repayments or the no negative equity guarantee – which both come as standard with all of our plans.
The amount you can release is based on your age, general health and lifestyle and the value of your property. In H1 2019, Key customers had access to an average of £90,298. Our calculator will give you an idea of how much you can borrow.
Key Equity Release is the UK’s trusted equity release expert. Our equity release advice is unique to you, delivered by qualified experts, who will take the time to understand your needs. They’ll search our product range to ensure they recommend the right plan for you and support you every step of the way.
We’ll ensure you consider your options, including downsizing or using other forms of borrowing, and if equity release isn’t right for you, we’ll tell you. And there’s no pressure to go ahead. Your adviser will give you all the information you need about equity release for you to make an informed decision in your own time.
While other advisers may charge a fee, all of our expert equity release advice is completely free, so you can find out if it’s right for you without it costing you a penny.
* Now you could access annual interest rates from as low as 2.70%, fixed for life with us. All stated rates are correct as of 6 February 2020. Interest rate received and plan features are subject to eligibility. Ask for a personal illustration.
Your specialist equity release adviser will explain: