We use essential cookies to enable our website to function and non-essential cookies for marketing purposes. You can change your cookie settings here, otherwise we’ll assume you’re OK with the current settings.
Opening Hours
Open until 8:00pm Today
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 9170Equity release gives homeowners aged 55 and over the opportunity to enhance their finances by releasing some of the tax-free funds from their homes.
If you’re considering equity release, there are certain criteria that you must meet in order to qualify. It’s worth speaking to our team as our expert equity release advisers can provide advice and help find the product that’s right for you.
In addition to getting expert equity release advice from us, you’ll need to know the average fees for equity release. By finding out what the initial charges are, you’re in a good position to take your application forward.
Key Equity Release offer lifetime mortgages only. A lifetime mortgage is a loan secured against your home and may affect your entitlement to means tested benefits.
You may be wondering how much equity release costs. Like when you first took out your mortgage, there are services and processes that you’ll need to pay for, and these are an additional expense that you need to be aware of.
These services include advice and application fees. All of our equity release advice relates to our range of Key branded products and is completely free of charge. So, to give you added peace of mind, the expert support you receive from our team doesn’t factor into the costs you’ll need to account for.
Ultimately, the initial costs you pay in order to access your equity release will depend on the provider that is recommended to you and the product that you select.
If you're happy with the offer and want to go ahead, you'll need to instruct a solicitor. We can suggest a panel of expert independent equity release solicitors. They'll take care of all the legal work on your behalf and make sure everything is in order up until your money is released.
You are, of course, free to choose your own solicitor if you wish, but we always suggest that your case is handled by a solicitor who has experience in equity release transactions. For their service, you'll typically pay around £1,250, although that's subject to their criteria. Whatever the final amount, you’ll need to include this as part of the equity release set-up costs.
Again, like when taking out a regular mortgage, you may also be charged an "application" or "administration" fee by the lender.
These typically cover set up and legal costs. The lender decides how much they charge, but the cost usually ranges between free of charge to £695, depending on the plan that’s recommended to you.
The average fees for taking out equity release are estimated to be in the region of £1,850. But it's also worth noting that not every application will incur the same charges. For example, with some plans, you won’t pay a lender’s application or survey fee. It's important you speak to an expert equity release adviser to find out what you'll pay before you agree to release equity.
Even though the fees above cover the entire process, you may be expected to pay them at different times.
This is typically paid when you receive your tax-free funds on completion.
If applicable, this is usually paid when your plan begins, and you receive your tax-free funds.
We won’t charge you for our expert equity release advice or support. Read on to find out more about the advice we offer.
Before you take out equity release, it's crucial you seek expert equity release advice. It's a regulatory requirement. Your application won’t be accepted without it – and that's where we come in.
Our equity release advice is unique to you and your needs, delivered by qualified experts. We take the time to understand you, ensuring we find and recommend the right solution for you.
If equity release isn’t right for you, we’ll tell you. If it is, and you want to find out more, we’ll search the entire product range we have created to make sure we find the plan that suits your needs. Our expertise is guided by 20 years’ experience in the industry and unique insight from helping over one million people decide if equity release is right for them.
We're with you every step of the way on your equity release journey. You’ll have a dedicated case handler to support you throughout, answering any questions you have and overseeing your application right through to completion.
Whether you want to ask us how much equity release costs or you need to get an update on your application for equity release, we’re here to help.
And remember, all of our expert equity release advice is completely free of charge.
All of our equity release advice relates to our range of Key branded products and is completely free of charge. So you can find out if its right for you without it costing you a penny.
As well as the typical fees that you’ll need to cover, it’s important that you’re aware of how much interest you pay with a lifetime mortgage, the most popular form of equity release. Annual interest rates can be available from as low as 2.44% fixed for life with us. Most Key Equity Release customers have received a fixed annual interest rate of 3.67% or lower. The overall cost for comparison is 3.85% APR*.
*Lowest available rate correct as of 1 February 2021. All other stated rates correct as of 1 February 2021. Interest rate received and plan features are subject to eligibility. Ask for a personal illustration.
Equity release is when you release some of the tax-free cash from your home. This is because it’s classed as a loan, rather than a type of income. So, no matter which product you choose, you don’t have to pay tax on the amount you released and this is not a cost of equity release that you’ll need to factor in.
However, depending on how you invest the released equity, there may be tax implications. For instance, if you gift the equity release to family, Inheritance Tax might be applicable. Therefore, the potential for taxing the equity in the future should be a consideration before you do anything with it.
Your specialist equity release adviser will explain: