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Equity release

You can find out if equity release is right for you without it costing you a penny

To safeguard your health, our expert equity release advice is now available over the phone, via video appointment or face-to-face, whichever is right for you. If you're interested in finding out more about equity release, please get in touch either online or by calling us on 0808 252 9170. Click here for more info.

What is equity release?

Equity release is a way for homeowners over 55 to release tax-free funds from their homes, without having to move. It is an increasingly popular way for people in, or approaching, retirement to boost their finances.

  • Available to homeowners aged 55 and over
  • Release tax-free cash tied up in your home
  • You can't release equity without taking expert advice

Find out how much you could release from your property.

Calculate now

Equity release explained

Equity release explained video

Transcript

When it comes to equity release, we all have questions.

What, for instance, is it exactly?
Equity release is a way for homeowners over 55, whose property is worth at least £70,000, to release tax-free cash from their homes. It is an increasingly popular way for people in, or approaching, retirement to boost their finances.

And will we still own our home?
Yes – and with Key’s plans you can stay in it for as long as you like.

Will we have to make monthly repayments?
No, not unless you want to. The loan, plus rolled-up interest, will be paid back when your plan comes to an end.

Could our family inherit the debt?
No – all of Key plans come with a ‘no negative equity’ guarantee, so you’ll never owe more than your home is worth and there’ll never be a debt for your family to take on.

How much can we release?
This depends on your age, how much your house is worth and your general health. On average, Key customers have had access to £90,000.

What do people usually use the money for?
Key customers spend the tax-free cash on many different things, such as repaying existing debts, travel and home improvements.

Is equity release safe?
Yes. You need to receive qualified advice before committing to equity release, which is exactly what you get from Key. We are members of the Equity Release Council and authorised and regulated by, the Financial Conduct Authority.

So, what’s different about Key?
Because Key takes a personal and honest approach to equity release, we can answer all your questions. We have helped more than a million people decide if equity release is right for them and if it’s not right for you, we’ll tell you. And if it is, then we’ll take the time to understand your needs so we can recommend the right solution for you. And, what’s more, all of our advice is free of charge.

OK, how do we find out more?
Try our free online calculator or order your free myth-busting guide, both of which you can find online at keyadvice.co.uk.

Key - equity release that’s right for you.

How does equity release work?

You can release tax-free cash from your home through Key Equity Release with a lifetime mortgage, the most popular form of equity release.

Lump sum life mortgage

A lump sum lifetime mortgage is a loan secured against your home, giving you access to a one-off pot of cash and you’ll still own your own property.

Drawdown lifetime mortgage

A drawdown lifetime mortgage lets you draw down cash in stages after an initial lump sum, and you only pay interest on the money released.

No monthly repayments

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.

Is equity release safe?

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.

No negative equity guarantee

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.

Protection for the future

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.

Consider what’s important to you

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.

How much can I release?

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.

Why Key Equity Release?

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.

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.

How much does equity release cost?

Free of charge with Key Equity Release

All of our equity release advice relates to our range of Key branded products and is completely free of charge. So, you can find out if it's right for you without it costing you a penny.

Low interest rates

Most Key Equity Release customers have received a fixed annual interest rate of 3.75% or lower. The overall cost for comparison is 3.93% APR.*

* Now you could access annual interest rates from as low as 2.28%, fixed for life with us. Lowest available rate correct as of 4 September 2020. All other stated rates are correct as of 4 September 2020. Interest rate received and plan features are subject to eligibility. Ask for a personal illustration.

Is it right for me?

With more than 20 years’ experience, Key has helped over 1 million people decide if equity release is right for them. So, you can be confident we’ll find and recommend the most suitable plan for you.

Advice that’s personal to you

All of our equity release advice is unique to you and your needs, delivered by qualified experts. If equity release isn't right for you, we'll tell you. It's important you understand all aspects of equity release and we're here to answer your questions. There's no pressure to go ahead and you’ll never pay a penny for our tailored, expert equity release advice.

The right plan for you

Our fully qualified, specialist equity release advisers take the time to understand your needs, ensuring they find and recommend the right solution for you. Our products offer competitive rates and allow you to release up to 55% of the value of your home, as well as features to suit you, such as inheritance protection.

Available in a number of ways

From your appointment to your tax-free cash being released, we’re with you every step of the way. All our advice and support is available over the phone, via video appointment or face-2-face whichever is right for you. And, if you decide to go ahead, you’ll have a dedicated case handler to support you throughout the rest of your equity release journey.

We're here to help

At Key, we’ve helped over 1 million people decide if equity release is right for them.

Ready to get started?

Use our free calculator

Find out how much tax-free cash you could release from your home now with our equity release calculator
 

Speak to an adviser

Book an appointment with a specialist equity release adviser at a time that's good for you

Request a guide

Request your free, comprehensive guide to equity release and find out if it's right for you
 

The commonly asked questions about equity release


Will I still own my home?

Yes, with our plans, you’ll still own your home and can stay in it for as long as you like.

Will I ever fall into negative equity?

No. All of our plans meet the Equity Release Council standards and come with the no-negative equity guarantee, meaning you’ll never owe more than your home’s worth.

Can I move home?

Yes. Equity Release Council plans can be transferred to a new home, subject to criteria.

Who handles the legal side of the process?

You'll need to appoint an independent solicitor to handle the legal side of the process to give you peace of mind.

Are there any restrictions on what I can do with the money released?

You can use it in a wide variety of ways – but think carefully about how much you need to borrow.

Can I still leave an inheritance for my family?

Yes, you can. Some of our plans guarantee a set percentage of your home’s value, at the time your plan ends, will be retained.

Can I do equity release if I still have a mortgage?

Yes, however, you will need to repay the mortgage using the money released. Any funds left over belong to you.

What happens when I pass away?

Your home will be sold once you and your partner have died. The sale proceeds will be used to repay the amount you owe and any money left will go to your estate.

How is my home's value assessed?

Your property will be valued by an independent RICS registered surveyor so you can be confident of an unbiased opinion of your property’s worth.

What do people spend the money on?

The money you release is tax free, and Key customers use it for a variety of things, such as travel, home improvements, and paying off their existing mortgage.

Are there other ways to release money from your home?

Aside from lifetime mortgages – the most popular form of equity release – there are other ways to unlock money from your home. Home reversion plans include you selling all or part of your property to a reversion company for less than market value to receive a cash lump sum.

You won’t retain legal ownership of your home, but you can remain there rent-free for the rest of your life.
There are other ways you can release money from your home, such as standard or retirement interest-only mortgages. Take a look at your options.

Things to consider

Your specialist equity release adviser will explain:

  • You have to get advice before releasing tax-free cash from your home - please read all our information and make sure it’s right for you
  • Key Equity Release offer lifetime mortgages only, which is a loan secured against your home. It will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • All of our plans meet the Equity Release Council standards and come with several protections, including the no negative equity guarantee, which means you’ll never owe more than your home’s value
Page last updated: Tuesday 08 September 2020