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John

69, Retired

"The best thing about all of this is I can have the holidays I want, the grandkids are over the moon, their pockets are never empty now. It’s just nice to wake up in the morning and not worry about anything."

Freedom to enjoy life

John left school at 15, and spent most of his life working in the mines. He wanted the peace of mind of not having to worry about money while still enjoying his holidays. But he was concerned how his family would feel about equity release.

John telling his experience of equity release with Key


“I sat down with the adviser and he went through every single detail and concerns, plus a lot more which I didn’t know about. They took care of everything.”

He is now going on three holidays a year, enjoying time away with loved ones. And his family’s reaction? “Dad, why haven’t you done it sooner?

Lifetime mortgage benefits

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 lifetime mortgage we recommend
  • 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 lifetime mortgage we recommend
  • 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

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

Things to consider

  • All our equity release advice relates to lifetime mortgages - 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 £1,699 is only payable on completion

Use our free calculator

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

Use our calculator

Speak to an adviser

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

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Assess your options

Our later life mortgage finder helps you consider your options

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Page last updated: Monday 16 December 2024

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