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Mythbuster: "My home will be owned by somebody else"

With a lifetime mortgage you remain the owner of your property, so you can stay in your home for as long as you wish

Who will own my home?

At Key, we offer lifetime mortgages, which is a type of equity release where you always remain the owner of your property.

Your property remains your own

A lifetime mortgage is a loan secured against your home and doesn’t involve giving up home ownership.

This means you’ll still have the freedom to decorate and carry out home improvements as you usually would, including adding extensions such as a conservatory (subject to the usual planning permissions and lender agreement). In fact, many of our customers take out equity release to pay for home improvements.

However, it does also mean you remain responsible for the upkeep of the property.

Spend your funds in a variety of ways

When it comes to spending the tax-free cash you’ve unlocked from your home, it can be spent in a wide variety of ways. It could be for supporting someone close to you, taking a trip of a lifetime or as already mentioned, some long-awaited or much-wanted home improvements. The choice is always yours.


Stay in your home for life

No matter which type of equity release plan you choose, as long as it’s one that meets the Equity Release Council standards, you’ll be guaranteed the right to stay in your home until the plan comes to an end. This is usually when you, or the last remaining applicant either passes away or enters long-term care.

All of our plans meet the Equity Release Council standards and come with the guarantee you can remain in your home. If you are considering equity release we recommend that you read through is it right for me?

Back to Mythbusters

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 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


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

Want to know more?

Get all the facts about equity release by downloading our free guide to read straight away.

Explore how Key could help you put the life in later life.

Things to consider

  • All our equity release advice relates to Key lifetime mortgages only - 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 £1,299 is only payable on completion

Here to help when you're ready

Use our free calculator

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

Speak to an adviser

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

Assess your options

Our later life mortgage finder helps you consider your options

Page last updated: Friday 15 December 2023