Opening Hours

Open at 9:00am today

Opening Hours

  • Monday - Thursday

    9:00am - 8:00pm

  • Friday

    9:00am - 5:30pm

  • Saturday

    9:00am - 5:00pm

  • Sunday

    Closed All Day

Our Address

Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH

UK FREEPHONE

0808 252 9170

How equity release works

Watch our short video below, for a full explaination of how equity release works

There are two types of equity release plan available: lifetime mortgages and home reversion schemes. The most common type of equity release is a lifetime mortgage - this is a loan secured against your home.

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Instead of monthly repayments the interest is usually added to the loan - what's known as compound interest. Then, the loan plus roll up interest is repaid when the plan comes to an end, usually when you (and any other applicant) either pass away or move into long-term care.

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When thinking of releasing equity Remember good advice is Key

When thinking of releasing equity Remember good advice is Key

Independent advice on Equity Release

Independent advice on Equity Release

Covering the whole of the market

Covering the whole of the market

Face-to-face in your home

Face-to-face in your home

Why Equity Release?

You can use the money released from your home however you wish to, but most people take out an equity release plan to boost their retirement finances and make life more rewarding...

Improved quality of life

Gifting to loved ones

Easing financial worries

Staying where you love

Did you know?

Did you know?

You have to take advice before taking out equity release – there is no other way to do it. The equity release market is very varied and the decision to release equity from your home is a big one, so this is something that the FCA insist on and we agree!

Is equity release right for me?

Is it right for me?

It’s important to think carefully before you make any financial decisions, and our advisers are here to help you decide if equity release is right for you.

That includes considering the alternatives, making sure you have all the facts, and encouraging you to involve your family.

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Mythbuster

We debunk commonly held myths and concerns that some people have towards equity release and our answers explain why they should be a thing of the past

Once done, test your knowledge with our quick fire quiz.

Try our mythbuster

Your Journey

Here's what to expect if you decide to go ahead with equity release. Remember, there's no obligation at any point - so you can take advice from an expert without committing to a plan.

Fact Find

  • Meet with an independent equity release adviser. You can also choose to speak to an adviser over the phone
  • Identify what you're trying to achieve
  • Find out if equity release is right for you
  • Consider alternative options

Recommendation

  • Your adviser will present the recommended plan
  • They'll explain the costs in more detail, and provide details on how the recommended plan works
  • If you wish to go ahead, they'll help complete your application

Already have an equity release plan?

Our rebroke team may be able to get you a better deal, or help you to release some extra cash.

You can also share your experience of equity release, to help others who want to learn more about the product.

Learn more

Frequently asked questions

Can I guarantee an inheritance for my loved ones?

Yes, this is possible. There are plans available that allow you to protect a percentage of your home’s future value so that you can guarantee an inheritance. If this is important to you, make sure you tell your adviser that you would like a plan with this feature.

Can I move house in the future if I've taken out equity release? Is equity release portable?

You are able to move house in the future if you wish. You can either repay the amount owed plus any early repayment charges, or transfer the plan to your new home. Each provider has specific criteria that applies concerning moving home, so you should check this when you take out a plan.

Can I pay back equity release early?

You have the option to repay your equity release plan early, but you may incur an early repayment charge. There are some plans available which offer downsizing protection, protecting you from the early repayment charge if you choose to move into a property that is not suitable for your lender. This is typically available after five years of having taken out the plan. Please speak to your adviser about this before going ahead, if it is something that you are interested in.

Can I release equity from my home?

The basic eligibility criteria for releasing equity are that all applicants are aged between 55 and 95, and that the property is worth at least £70,000. However, lenders all have their own additional criteria, and not all property types will be suitable. Call our team on 0800 531 6027 for a qualification check if you would like to know more.

Can I remain in my home for the rest of my life?

We recommend plans which have this guarantee, so you can stay in your home as long as you wish. This feature applies to both lifetime mortgages and home reversion plans, but is also subject to your adherence to the terms and conditions of the plan.

How safe is equity release?

All advisers at Key follow strict rules and guidelines, ensuring each customer receives the correct recommended plan type and the plan meets their needs, making equity release plans both accessible and safe. As an equity release advisory service, we are also authorised and regulated by the Financial Conduct Authority (FCA). In order to take out an equity release plan you have to take specialist advice - and you will only be advised to continue if equity release is right for you.

With Equity Release Council (ERC) approved plans a number of guarantees are available. These include a no negative equity guarantee, the right to remain in your property for life and the right to move to another property (subject to criteria).

We are also dedicated to making sure that our customers receive all of the facts about equity release - including that equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.

Can I take out equity release if I've not finished paying off my mortgage?

Yes, but it will be a condition of the plan provider that the equity release is first used to repay the outstanding mortgage amount.

Should I discuss my plans with my family?

It is important to involve your family in any financial decision which will reduce the value of the inheritance left to them. We find that most families are incredibly supportive of their loved ones’ decision to take out an equity release plan to boost their retirement finances.

We actively encourage each of our customers to invite as many family members or friends as they wish to their equity release consultation, enabling everyone to get a full picture of equity release before any decisions are made.

What happens if I move into long-term care?

If your equity release plan was taken out jointly with your partner, they would be able to continue living in the home.

If your equity release plan is solely in your name, your home would be sold and the equity release provider would receive the money owing to them from the proceeds. The remainder will go to you.

What will equity release cost me to arrange?

You have to get specialist advice before releasing equity; it’s the only way to do it. The initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan our fee, usually 1.99% of the amount released, subject to a minimum of £1,499, is payable only on completion.  Other fees may be payable such as provider and legal fees.

What will happen when I pass away?

If you have a joint plan and your partner survives you, then your equity release will not be affected and they will be able to remain in their home for as long as they choose.

If your equity release plan is in your name only, your house will be sold and the equity release provider will take their money from the sale proceeds. The remainder will go to your estate.

Who owns my home if I take out a plan?

You will remain the owner of your home if you take out a lifetime mortgage.
With a home reversion plan you are selling all or part of your home to the reversion provider in exchange for cash.

With either type of plan you will be guaranteed the right to stay in your home until you and your partner pass away or move into long term care.

How much equity can I release?

The amount of money you are able to release from your home will depend upon a number of factors, including 

  • Your age, and that of your partner
  • Your property value
  • Your health and lifestyle

Our free equity release calculator, will give you an instant online quote.

How long does equity release take?

From application to completion, arranging an equity release plan will typically take 8-12 weeks. This timescale is not guaranteed, and in some circumstances it may take longer.

Will I have to make monthly repayments?

Unless you choose to take out an interest payment plan, there are typically no monthly repayments to make. This is because the loan, plus roll up interest, is repaid when the plan comes to an end. The total amount owing to the provider will usually be paid from the sale of your home.

Will my family end up in debt because of my equity release?

The Equity Release Council approved plans we recommend come with a no negative equity guarantee. This means you can never owe more than the value of your home, and therefore will not risk leaving your loved ones with additional debt to repay.

Things to consider

Our independent, specialist advisers search the whole market to find the right equity release plan for you. They’ll explain all the options available and that taking a plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.

You have to get specialist advice before releasing equity; it’s the only way to do it. The initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan our advice fee, usually 1.99% of the amount released, subject to a minimum of £1,499, is payable only on completion.

With a lifetime mortgage, the most popular form of equity release, you’ll still own your home. As with any kind of mortgage, it’s a loan secured against your home. All equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.

If you are considering equity release we recommend that you read through is equity release right for you?