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Mythbuster: "I won't be able to move home"

Taking out equity release doesn’t have to mean you can’t move home in the future. With our plans, you can, subject to certain criteria

Portable plans

A common misconception about equity release is that you won’t be able to move home once you’ve unlocked your tax-free cash from it. In fact, with our plans, you can, subject to certain criteria.

Our customers often take out equity release so they can stay in their family home rather than move to a smaller one. Then 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.

However, we never know what’s around the corner. You may find in the future that you need to move to a more accessible home, or a less expensive one, or just want to move to a new area. That’s why plans that meet the Equity Release Council standards will guarantee you the right to move your plan to a new property.

This means you have the freedom to sell your house and transfer the debt to your new one, providing the new property meets the lenders criteria at that time.

If the new property is worth less than your old one, then you may still be able to move and take your plan with you - providing you repay some of the equity release debt.

Downsizing protection

By choosing a plan with downsizing protection, you can pay off the outstanding debt before the end of its term without paying an early repayment charge.

So if, for whatever reason, you want or need to move into another home that isn't acceptable to the lender, typically after five years of taking out a lifetime mortgage, you can pay the loan back early without incurring an early repayment charge. Without downsizing protection you may still be able to move, however, it's important to note you may incur an early repayment charge if you choose to repay your loan early.

Peace of mind

Talking through all of the options available with your equity release adviser before going ahead will give you peace of mind that if your circumstances were to change for health or family reasons, you’ll be able to adjust your home arrangements accordingly.

Key have helped more than 1 million people decide if equity release is right for them, and we’ll always do what’s right for you.

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