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This means that the loan plus accrued interest is repaid after you and your partner have both either passed away or moved into long-term care, using funds from the sale of your home. Any remaining proceeds from the property sale will form part of your estate. 

Since there are no monthly repayments, equity release can be less of a burden than other forms of loan – and some people choose to use it to repay off existing debt and therefore reduce their household’s monthly expenditure. 

With lifetime mortgages, there are plans available for people who would like to make either regular interest payments or voluntary partial repayments

  • Interest payment plans allow you to choose how much interest (subject to a minimum) you want to pay, and how long you want to pay the interest for. If for any reason you are unable to make payments, the plan can be converted to a standard lifetime mortage, allowing the interest to roll up - although charges may apply. 
  • One of the newer features is the option to make voluntary, ad hoc repayments of typically up to fifteen percent of the initial amount you've borrowed each year, without incurring an early repayment charge (subject to a minimum).  

Equity Release Mythbusters

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Want to know more?

Get all the facts about equity release by downloading our FREE guide to read straight away. Plus, we'll post one out for you to browse at your leisure. 
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Our independent, specialist advisers search the whole market to find the right equity release plan for you. They’ll explain all the options available and that taking a plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.

You have to get specialist advice before releasing equity; it’s the only way to do it. The initial consultation we give is free with no obligation to proceed. If you decide to go ahead with an equity release plan our advice fee, usually 1.99% of the amount released, subject to a minimum of £1,499, is payable only on completion.
 
With a lifetime mortgage, the most popular form of equity release, you’ll still own your home.  As with any kind of mortgage, it’s a loan secured against your home. All equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.

Lifetime mortgages typically have no monthly repayments, as the loan plus roll up interest, is repaid when the plan comes to an end.   You should always listen to advice and give full consideration before securing a loan against your home.