Your specialist equity release adviser will explain:
You can unlock cash from your home, tax-free, to help meet your needs in later life
You’ll always retain full ownership of your home and can stay in it for as long as you wish with a Key lifetime mortgage
You can choose to make reduced or no monthly repayments to suit your circumstances
You’ll never owe more than your home’s worth with a Key lifetime mortgage
You may be able to remortgage your plan in the future to release further funds or secure a better interest rate, although this isn’t guaranteed and may be subject to early repayment charges
Equity release drawbacks
Your equity release adviser will also outline the following important things to think about:
A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
Equity release may leave you with limited or no property equity remaining
Equity release will reduce your financial options in the future
A lifetime mortgage is a long-term financial product and is not designed to be fully repaid until the death or entry into long-term care of the last remaining borrower, otherwise early repayment charges may apply
Your other options
Here are some alternatives that may be more suitable for you:
ⓘ If another product is more suitable, we'll refer you to a different adviser within Key Group who can help. If you go ahead, you'll only be charged the same £1,299 advice fee you'd pay with us, even if their fee is usually higher.
All our equity release advice relates to Key lifetime mortgages only - a loan secured against your home
The loan, plus compound interest, is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care
Our fixed advice fee of £1,299 is only payable on completion
Page last updated: Friday 22 September 2023
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