Closed until Thursday, Schedule a callback

Switching your equity release plan

  • Already taken out a lifetime mortgage plan?
  • Switch with Key and you could release more
  • Or switch to a plan that better suits your needs

Access more money

Recent house price increases mean you could release more cash from your home now that it is worth more.

We can check and see how much more you could release

Benefit from new features

There may be features that you’re missing out on such as downsizing protection.

We can check to see what features you could get by switching.

House price increases could allow you to release more tax-free cash

Whether you took out your plan a few, five or 15 years ago, you may be surprised at how much your property’s value has increased since. This could mean you have more available equity within your home, which could help ease any financial pressures, now or in the future.

Alternatively, now could be the right time to switch to a new plan with better features.

Take advantage of the latest features

Different equity release plans come with a variety of features that you may or may not wish to take advantage of. There may be features such as downsizing protection that may not be a feature of your current plan. If this is the case, you may be able to switch to unlock these additional benefits. You may also be able to qualify for an enhanced plan, if you have qualifying health conditions, giving you access to more cash at different rates.

Our plans have features that can protect you in the current climate.

  • Should house prices fall from their current highs, you’re protected as you can’t owe more than your home’s value
  • Your interest rate is fixed for life, meaning you’re unaffected by any future rate changes
  • You can’t pass on any equity release debt to your loved ones
  • You can continue to stay in your home for as long as you wish
  • Pay off up to 12% of the capital of the loan every year without an early repayment charge if you wish to manage the size of the loan

See if you could release more cash with your current plan or whether switching to a different plan may suit your needs better. Your adviser will look at any early repayment charges you may need to consider. 

Things to consider

  • All our equity release advice relates to Key lifetime mortgages only - a loan secured against your home
  • Equity release will reduce your estate’s value and may affect your entitlement to means-tested benefits
  • A lifetime mortgage may result in limited or no property equity remaining and will reduce your financial options in the future
  • 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

Next steps on switching your plan

You can find out if you can switch your plan without it costing you a penny by talking to one of our expert equity release advisers. All our equity release advice relates to our range of Key branded products only and our fixed advice fee of £1,299 is only payable on completion.

If you want to find out if switching your plan could benefit you, speak to one of our team today.

Call 0808 252 9768

Why choose Key?

Before you release equity, it's a regulatory requirement to get specialist advice. So why should you choose Key as your equity release company?

We're regulated experts

Key is regulated and a proud member of the Equity Release Council.

Trusted award-winners

We've won 80+ awards. 17,000+ excellent Trustpilot reviews makes us the UK's most trusted equity-release specialist.

Highly experienced

We have over 25 years' experience. We've helped more than a million customers with tailored equity release advice. Once we've taken the time to understand your needs, we’ll have a sound idea of what the right plan is for you.

Page last updated: Wednesday 25 October 2023