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What to expect from your equity release appointment

  • Find out more about your initial appointment
  • Available face-to-face, by telephone, or video call
  • We'll explain the benefits and drawbacks of equity release

How your first equity release appointment works

If you’re considering equity release as a later life finance option, you may have already done some research. If you're ready to take the next step, it may be time to book an appointment with a specialist equity release adviser.

We will explain to you how equity release works and how you could decide whether it’s the right option for you. Here’s how it works:

Face-to-face appointments

A face-to-face appointment means you can meet with your adviser in the comfort of your own home at a time that suits you. You can also invite any friends or family members along to your apppointment, so they can find out more and ask any questions.

The appointment will last around an hour and a half.

Telephone appointment

Should a telephone appointment suit you better, we'll arrange a convenient time for you to speak to a specialist equity release adviser. You can invite any friends or family members on to the call as well in case they have questions too. Please note these calls are recorded.

The appointment will last around an hour and a half.

Video appointments

If you want that same face-to-face experience, one of our zoom video appointments with an equity release adviser might be right for you. We encourage friends or family members to join these appointments too, so they can find out more and ask any questions.

The appointment will last around an hour and a half.

ⓘ Equity release is a complex product and may not be right for everybody. Make sure you check the benefits and drawbacks before going ahead with booking your first appointment.



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What do you need to prepare for the initial appointment?

For your initial appointment, you will need to provide your full income and expenditure. It would also be great if you could have a think before you speak to your adviser about:

  • How much money you would like to potentially release from your home and what you would use it for
  • If you’re looking to pay off existing debt with the money released, how much you owe and if there are any early repayment charges
  • A list of any questions you may have so you don’t forget them on the day

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What happens at the initial appointment?

Your initial appointment is to help you understand how equity release works, ask questions you may have and for your adviser to find out a little more about your circumstances to see if equity release is right for you. There’s no obligation to proceed at all.

First of all, your adviser will take you through a presentation to give you all the information you need, such as:

  • Who Key Later Life Finance is and what we do, explaining the stages of the lifetime mortgage process should it be right for you

  • What equity release is and how it could help your retirement finances 

  • Your other later life options which may be more suitable

  • What the additional features of lifetime mortgages are and any costs involved in the process should it be right for you

All of our equity release advice is based on your needs and circumstances. Your adviser will ask you some questions, including:

Some basic personal information:

Your age, health and lifestyle could all play a part in how much money you could release from your home. So it’s important your adviser knows a little bit about you.

Details about your financial situation: 

Do you have an existing mortgage, or a loan secured against your home, that you'll need to pay off? Your equity release adviser will need to know how much is owed on the secured loans plus any early repayment charges, as they will need to be repaid.

Details about your property:

Details about your property, including your estimated property value, will be taken to establish whether your property could be acceptable for equity release.

Discussing additional features:

Finding a plan to suit your needs starts with knowing your needs.

Your equity release adviser is there to answer any questions you may have. If you have a family member attending the appointment, they can also find out what they need to know too and ask any questions they may have.

It might be a good idea to write down anything you want to know before the appointment, so you don’t forget anything.

Once your adviser has this information, they can look at the plans available from our range of Key branded lifetime mortgage products, finding the one that most suits your needs. If equity release isn't right for you, your adviser will explore alternative ways you could release funds from your property.


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What happens after the appointment?

Once your adviser knows more about what you need, they’ll search the product range that we have created using 25 years’ experience and our unique insight in helping over 1 million people decide if equity release is right for them.

You’ll be invited to attend a second appointment where your equity release adviser will provide their advice and recommendation to you.

You will receive a written recommendation report and personalised illustration, explaining the plan, either in the post for telephone and zoom appointments or in person if you had a face to face appointment.

It’s then up to you to decide whether you’d like to go ahead or not. If you do decide you wish to proceed, your adviser will talk through the next steps and help you continue with the process.

Don’t worry if you have any questions in the meantime – your adviser will leave their details so you can contact them at any time.


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Benefits and drawbacks of equity release

It's important you have all the facts available to make the right decision for you.

Equity release 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 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:

  • 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.
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Next steps to release equity from your home

To help you understand the process, we’ve put together these simple steps. They highlight what your journey to equity release could be like:

Use our free calculator

Check your eligibility and how much cash you could release tax-free from your home. Try our equity release calculator.

Use our calculator

Speak to an adviser

Book an appointment with a qualified equity release adviser at a time that's good for you. Find out what to expect from your equity release advice appointment.

Book now

Assess your options

If you want to learn more, your adviser will recommend the most suitable product. They'll provide a personalised illustration and answer your questions.

Take me there

Your other options

Before deciding on equity release, it's important you're aware of your other options.

Here are some more alternatives that may be more suitable for you:

Equity release costs

Knowing the costs associated with equity release and how to manage them is important.

Here are some helpful guides to give you a better understanding:

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Why choose Key as your equity release adviser?

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.

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Things to consider

  • All our equity release advice relates to Key lifetime mortgages only - a loan secured against your home

  • You should always think carefully before securing a loan against your home to repay existing debt

  • 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

  • £899 advice fee only payable on completion


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Page last updated: Tuesday 24 October 2023